Manager, Model Risk Governance

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

Strengthens risk management and governance by ensuring models, AI/ML solutions, and end-user computing (EUC) tools comply with regulatory requirements, internal policies, and governance standards.

Improves decision-making through strong governance by establishing robust model and EUC governance frameworks, maintaining model inventory, and promoting high-quality data, controls, and transparency across the model lifecycle.

Supports strategic objectives by enhancing governance practices, supporting regulatory readiness, and providing senior management with clear insights into model and emerging risks.

What you can expect

Implement and maintain a comprehensive model risk governance framework, including model standards, validation procedures, validation report templates, test scripts, checklists to ensure compliance with regulatory requirements and industry best practices.

Stay up-to-date with regulatory guidelines, Model Risk AB 2013-07 and Supplemental AB 2022-03, industry trends related to model risk governance and compliance, and assess their impact on model risk governance and compliance practices.

Conduct periodic assessments and reviews to identify potential gaps or weaknesses in model risk governance and compliance practices and recommend appropriate remediation actions.

Maintain an up-to-date model inventory.

Engage internal or external resources to review EUCs periodically.

Collaborate with model validation team to perform model annual review and ensure models adhere to established governance standards and regulatory requirements.

Conduct peer reviews for model validation team to ensure validation report adhere to established model governance standards and regulatory requirements.

Conduct periodical GRC model surveys (especially performance monitoring processes) and vendor surveys, and work with Model Validation team to provide model risk assessment.

Participate in regulatory interactions, including examinations,…