Depository Risk Analyst

At the Federal Home Loan Bank of Chicago, employees come first - that’s why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• Collaborative, in-office operating model
• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Competitive PTO plan
• 11 paid holidays per year

Our mission at FHLBank Chicago:
To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities. Simply said, we re a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas.

Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us.

Our collaborative, in-office operating model brings teams together to foster innovation, connection, and shared success. To support balance and flexibility, employees are provided an allocation of remote days to use as needed throughout the year.

The FHLB is a leading provider of credit solutions, committed to delivering exceptional service and innovative products to our Members. As part of our dynamic team, you will have the opportunity to contribute to the development of risk rating models and play a vital role in shaping our strategies for managing credit risk.

We are seeking a quantitatively strong Risk Analyst to build and maintain credit risk models and perform credit analysis for depository members (banks and credit unions), with additional exposure to insurance counter parties. The candidate brings rigorous statistical training (e.g., econometrics, probability, time-series) applied to credit risk, strong R programming, and hands-on financial statement analysis. You will use Databricks and SQL to work with larger datasets, and collaborate with Sales Directors to recommend credit structures and terms aligned with our risk appetite.

This is a hands-on role for someone who enjoys model development, statistical analysis, and underwriting judgment.

• In this role, you will strengthen the Bank’s risk management framework by developing robust credit risk models and delivering actionable insights that drive sound decision-making.
• Your quantitative expertise and credit analysis skills will directly influence underwriting standards, portfolio quality, and the Bank’s ability to manage risk in a dynamic regulatory and economic environment.

• Develop and maintain advanced credit risk models using statistical and econometric techniques to assess member risk profiles, including banks, credit unions, and insurance companies.
• Design, implement, and enhance models in R (and/or Python) for credit risk measurement, stress testing, benchmarking, and scenario analysis, ensuring compliance with regulatory and internal standards.
• Leverage Databricks and other cloud-based platforms to process and analyze large-scale financial datasets efficiently, integrating structured and unstructured data sources.
• Perform data mining, statistical analysis, and predictive modeling to identify trends, correlations, and emerging risks within member portfolios.
• Automate recurring analytics and controls (e.g., score recalcs, risk rating refreshes, sensitivity checks) using R, SQL, and VBA where appropriate.
• Conduct statistical analysis and portfolio diagnostics (trend analysis, correlations, concentration, PD inputs where applicable).
• Develop clear visualizations and dashboards to communicate model insights and portfolio risk to senior stakeholders.
• Monitor model performance and drift; propose recalibration or redevelopment based on statistical evidence and business need.
• Stay current on credit risk modeling practices and regulatory expectations relevant to depository institutions.
• Perform credit analysis and risk ratings for depository members, including quarterly reviews and ongoing monitoring of financial condition and liquidity/funding profiles.
• Analyze and recommend approval for new and/or continuing borrowers, aligned with credit policy and risk appetite.
• Recommend credit and collateral terms for banks and credit unions, incorporating appropriate structures and risk mitigants.
• Partner with Relationship Managers and borrowers to structure…