Manager, Model Risk Governance

At FHLBank Chicago, we prioritize our employees by offering a highly competitive compensation and bonus package, along with a comprehensive benefits program designed to meet their needs. Our collaborative, in-office operating model fosters teamwork and innovation.

About Us

Our mission at FHLBank Chicago is to partner with our members in Illinois and Wisconsin to provide competitively priced funding, a reasonable return on their investment, and support for their community investment activities. We are a bank for banks and other financial institutions, focused on being a strategic partner for our members to reinvest in communities across urban and rural areas.

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

Work Environment

At FHLBank Chicago, we bring people together in a high-performing, engaged workforce while supporting the communities we serve. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. We offer professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement. Our collaborative, in-office operating model fosters innovation, connection, and shared success. Employees also receive an allocation of remote days for flexibility and balance.

Responsibilities

• Implement and maintain a comprehensive model risk governance framework, including model standards, validation procedures, validation report templates, test scripts, and checklists to ensure compliance with regulatory requirements and industry best practices.
• Stay up-to-date with regulatory guidelines, including Model Risk AB 2013-07 and Supplemental AB 2022-03, 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 end-user computing (EUC) tools periodically.
• Collaborate with the model validation team to perform model annual reviews and ensure models adhere to established governance standards and regulatory requirements.
• Conduct peer reviews for the model validation team to ensure validation reports adhere to established model governance standards and regulatory requirements.
• Conduct periodic GRC model surveys (especially performance monitoring processes) and vendor surveys, and work with the Model Validation team to provide model risk assessments.
• 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 committees (OROC).

Impact

• Strengthen risk management and governance by ensuring models, AI/ML solutions, and EUC tools comply with regulatory requirements, internal policies, and governance standards.
• Improve decision-making through robust governance by establishing model and EUC governance frameworks, maintaining model inventory, and promoting high-quality data, controls, and transparency across the model lifecycle.
• Support strategic objectives by enhancing governance practices, ensuring regulatory readiness, and providing senior management with clear insights into model and emerging risks.

Requirements

• Bachelor’s 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 the 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.

Benefits

• Retirement program (401k and Pension).
• Medical, dental, and vision insurance.
• Lifestyle Spending Account for wellbeing activities.
• Competitive PTO plan with five weeks of vacation for new employees.
• 11 paid holidays per year.
• Allocation of remote days for flexibility.
• Professional development opportunities, including upskilling, mentorship programs, and tuition reimbursement.
• Central downtown location at the Old Post Office with easy access to public transportation and award-winning rooftop views.

For additional details about our benefits, visit FHLBCbenefits.com.

Pay

Salary Range: $151,025.00 - $265,525.00. The final compensation will consider experience and other job-related factors.