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

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Who we are

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.

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 do

You will be responsible for the Model Governance and Compliance, reporting to the Head of Model Risk Management (MRM). You’ll oversee and ensure compliance with model risk management policies, procedures, and regulatory requirements. You will also work closely with cross-functional teams to establish and maintain robust model risk governance frameworks. You will have a strong background in risk management, regulatory compliance, and model governance. This role has direct reports.

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, inquiries, and reporting related to model risk governance and compliance matters.

• Coordinate with internal audit and compliance teams to support model risk-related audits and examinations, responding to inquiries and providing necessary documentation.

• Develop and deliver training programs on model risk governance and compliance for relevant stakeholders, including model owners, risk managers, and senior management.

• Prepare comprehensive reports and presentations summarizing model risk governance and compliance activities, findings, and recommendations for senior management and oversight committee (OROC).

What you’ll bring

• Bachelors or master's degree in finance, economics, risk management, or a related field.

• Relevant professional certifications (e.g., FRM, CFA) are a plus.

• Extensive experience (7-10 years) in risk management, regulatory compliance, or related fields, with a focus on model risk governance and compliance.

• 0-5 years of management experience required

• Strong knowledge of regulatory guidelines and industry best practices related to model risk governance and compliance.

• Familiarity with model risk management frameworks, model validation, and model development processes.

• Experience in developing and implementing policies, procedures, and controls related to model risk governance and compliance.

• Strong understanding of regulatory requirements and the ability to interpret and apply them in a practical manner.

• Advanced understanding of financial regulatory environment, fixed income products and risk management concepts.

• Excellent problem-solving skills, with the ability to assess and mitigate risk effectively.

• Excellent communication and interpersonal skills, with the ability to collaborate with cross-functional teams.

• Familiarity with regulatory reporting and examination processes related to model risk governance and compliance is a plus.

The Perks

At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Visit FHLBCbenefits.com for additional details about our benefits. Step into a brighter future with us.

Salary Range:

The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: