Model 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

Who we areOur 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.

What it’s like to work here

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 with an allocation of remote days to use as needed throughout the year.

What you’ll doThe Model Risk Analyst (Analyst) within the Model Risk Management Group (MRM) is responsible for various tasks supporting model validation and risk governance. The tasks are both technical (e.g., related to data analytics and quantitative modeling) and administrative (e.g., documentation requirements). By completing these tasks, the analyst will enhance both his/her technical skills and understanding of how financial models are used within the bank.

How you’ll make an impact

Drive

Innovation: Lead the charge in enhancing credit and financial models by challenging current methods and proposing innovative enhancements to improve model effectiveness.

Collaborate and Influence:
Work closely with model owners and stakeholders, presenting testing results and providing constructive recommendations to strengthen our risk management practices.

Automate and Optimize:
Recommend new ways to automate and improve the modeling process, ensuring efficiency and accuracy in our financial risk assessments.

What you can expect

Explain and present testing results to MRM, model owners and other stakeholders;

Work effectively with other risk analysts within MRM and perform ad-hoc analysis to support model-related initiatives;

Review model data sources, assumptions, and underlying theory for conceptual soundness;

Perform sensitivity analysis and attribution analysis to determine the key financial risk factor(s)/input(s) impacting the Model;

Challenge current methods by considering additional modeling enhancements or different metrics to assess model effectiveness;

Perform independent benchmarking, back testing and other analysis for applicable models;

Recommend new ways to automate/improve the modeling process;

Effectively challenge the model owners by identifying potential model weakness and provide constructive recommendations.

What you’ll bring

Graduate Degree (MS/MA/MBA) in a quantitative discipline (e.g., Mathematics, Statistics, Financial Mathematics, Econometrics);0-3 years of modeling or model validation working experience;

Passionate about risk management and interested in model validation;

Detail-oriented, a critical thinker and possess excellent communication skills;

Proficient in Microsoft Office suite (Excel, Word, Access, Power Points)
Knowledge in Statistics (logistic regression) and basic data analysis plus knowledge of SQL/R/Python Basic understanding in fixed income securities or mortgage products…