Director Of Risk Management Jobs in Illinois
Director Of Risk Management jobs in Illinois are consistently active, with concentrated demand in financial services, healthcare, manufacturing, and insurance sectors that anchor the state's economy across experience levels from risk analyst promotions to enterprise-level executive hires. Chicago, Peoria, and Naperville lead hiring volume, with established employers such as Allstate, United Airlines, and Advocate Health generating steady openings. Enterprise risk management, regulatory compliance, and operational risk are the most in-demand specialties across the state. Find a role that fits below and apply directly.
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Showing 5 of 44+ Director Of Risk Management jobs
To be considered for this position, applications and resumes are accepted only through our careers site by directly applying to the posted job. We do not accept unsolicited resumes or sales solicitations from staffing agencies. Any OCC employee wishing to submit a referral must do so through their Workday account. Any resume submitted outside of an active job posting will not be considered for employment.
What You'll Do:
The Associate Principal is responsible for one or more functions within Quantitative Risk Management (QRM) to develop and maintain model performance monitoring. The Senior Associate will collaborate with other quantitative analysts, business users, data & technology staff, and model validation colleagues to implement new analytics and enhance existing tools.
Essential Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each assigned essential duty satisfactorily:
Maintain and build data models to ensure information is available in our analytics warehouse for downstream uses, such as analysis and dashboard development
Perform model performance monitoring implementation and testing, including portfolio back-testing using historical data.
Review implementation of model monitoring metrics and algorithms focusing on requirement verification, coding, and testing quality.
Write and review documentations for model monitoring metrics, prototypes and implementation.
Support the launch of new products by enhancing monitoring capabilities.
Create documentation and testing to ensure data is accurate and easily understandable
Discover and share best practices for data and analytics engineering with members of the team
Invest in your continued learning on data and analytics engineering best practices and evaluate them for fit in improving maintainability and reliability of analytics infrastructure
Develop Python scripts with Pandas and object-oriented programming to automate data processing
Conduct visualization and exploratory analysis using advanced statistical methods
Participate in model performance monitoring code reviews and troubleshooting
Assist analysts in solving their analytics questions/challenges
Supervisory Responsibilities:
N/A
Qualifications:
The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be provided to enable individuals with disabilities to perform the essential functions:
[Required] Strong programing skills. Able to read and/or write Python code in a collaborative software development setting.
[Required] Experience with a source code repository system (preferably Git)
[Required] Ability to write and optimize complex analytical (SELECT) SQL queries
[Required] Ability to collaborate with multiple partners (e.g., DBAs, Data Architecture, Security) to craft solutions that align business goals with internal security and development standards
[Required] Comfortable supporting business analysts on high-priority projects.
[Required] High attention to detail and ability to think structurally about a solution
[Required] Strong problem-solving skills: Be able to accurately identify a problem's source, severity, and impact to determine possible solutions and needed resources.
[Preferred] Exposure to data orchestration tools, such as Airflow
[Preferred] Understanding of applied statistics and hands-on experience applying these concepts
[Preferred] Strong quantitative skills, ability to demonstrate deep understanding in the following technical areas:
Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra)
Econometrics, data analysis (e.g., time series analysis, GARCH, fat-tailed distributions, copula, etc.) and machine learning techniques
Numerical methods and optimization; Monte Carlo simulation and finite difference techniques
Risk management methods (value-at-risk, expected shortfall, stress testing, backtesting, scenario analysis)
Financial products knowledge: good understanding of markets and financial derivatives in equities, interest rate, and commodity products.
[Preferred] Model development and prototyping require advanced development skills in Python and database manipulation.
[Preferred] Ability to challenge model methodologies, model assumptions, and validation approach.
[Preferred] Proficiency in technical and scientific documentation (e.g., white papers, user guides, etc.).
Technical Skills:
[Required] Experience in a scripting language such as Python is required.
[Required] Experience in office technology such as PowerPoint, Confluence, Jira, Word, and Excel.
[Required] Experience with code repository, build and deployment tools (e.g., Git, GitHub, Jenkins).
[Required] Proficiency in database technology and query languages (such as SQL). Non-relational DB and other Big Data, cloud-based computing experience is a plus.
[Preferred] Experience with Tableau, Dash and Alteryx
[Preferred] Experience with numerical libraries and/or scientific computing is preferred.
[Preferred] Experience with automated quality assurance frameworks for model testing is preferred.
[Preferred] Software design: effective application of design patterns, expertise in object-oriented design
[Preferred] Experience with high performance computing is a plus.
Education and/or Experience:
[Required] Master’s degree or equivalent in a quantitative field such as data analytics, computer science, mathematics, physics, finance/financial engineering.
[Required] 2 years of experience in data analytics required
[Preferred] Experience in areas in finance and/or development experience in model implementation and testing.
Certificates or Licenses:
FRM, CFA, etc., are desirable, but not required.
About Us
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
Benefits
A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
- A hybrid work environment, up to 2 days per week of remote work
- Tuition Reimbursement to support your continued education
- Student Loan Repayment Assistance
- Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
- Generous PTO and Parental leave
- 401k Employer Match
- Competitive health benefits including medical, dental and vision
Visit https://www.theocc.com/careers/thriving-together for more information.
Compensation
- The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
- In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
- We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
- All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.
Salary Range
$111,100.00 - $199,900.00Incentive Range
8% to 15%This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.
Step 1
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
Step 2
You will receive an email notification to confirm that we've received your application.
Step 3
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.
For more information about OCC, please click here.
OCC is an Equal Opportunity Employer
To be considered for this position, applications and resumes are accepted only through our careers site by directly applying to the posted job. We do not accept unsolicited resumes or sales solicitations from staffing agencies. Any OCC employee wishing to submit a referral must do so through their Workday account. Any resume submitted outside of an active job posting will not be considered for employment.
What You'll Do:
The Associate Principal is responsible for one or more functions within Quantitative Risk Management (QRM) to develop and maintain model performance monitoring. The Senior Associate will collaborate with other quantitative analysts, business users, data & technology staff, and model validation colleagues to implement new analytics and enhance existing tools.
Essential Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each assigned essential duty satisfactorily:
Maintain and build data models to ensure information is available in our analytics warehouse for downstream uses, such as analysis and dashboard development
Perform model performance monitoring implementation and testing, including portfolio back-testing using historical data.
Review implementation of model monitoring metrics and algorithms focusing on requirement verification, coding, and testing quality.
Write and review documentations for model monitoring metrics, prototypes and implementation.
Support the launch of new products by enhancing monitoring capabilities.
Create documentation and testing to ensure data is accurate and easily understandable
Discover and share best practices for data and analytics engineering with members of the team
Invest in your continued learning on data and analytics engineering best practices and evaluate them for fit in improving maintainability and reliability of analytics infrastructure
Develop Python scripts with Pandas and object-oriented programming to automate data processing
Conduct visualization and exploratory analysis using advanced statistical methods
Participate in model performance monitoring code reviews and troubleshooting
Assist analysts in solving their analytics questions/challenges
Supervisory Responsibilities:
N/A
Qualifications:
The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be provided to enable individuals with disabilities to perform the essential functions:
[Required] Strong programing skills. Able to read and/or write Python code in a collaborative software development setting.
[Required] Experience with a source code repository system (preferably Git)
[Required] Ability to write and optimize complex analytical (SELECT) SQL queries
[Required] Ability to collaborate with multiple partners (e.g., DBAs, Data Architecture, Security) to craft solutions that align business goals with internal security and development standards
[Required] Comfortable supporting business analysts on high-priority projects.
[Required] High attention to detail and ability to think structurally about a solution
[Required] Strong problem-solving skills: Be able to accurately identify a problem's source, severity, and impact to determine possible solutions and needed resources.
[Preferred] Exposure to data orchestration tools, such as Airflow
[Preferred] Understanding of applied statistics and hands-on experience applying these concepts
[Preferred] Strong quantitative skills, ability to demonstrate deep understanding in the following technical areas:
Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra)
Econometrics, data analysis (e.g., time series analysis, GARCH, fat-tailed distributions, copula, etc.) and machine learning techniques
Numerical methods and optimization; Monte Carlo simulation and finite difference techniques
Risk management methods (value-at-risk, expected shortfall, stress testing, backtesting, scenario analysis)
Financial products knowledge: good understanding of markets and financial derivatives in equities, interest rate, and commodity products.
[Preferred] Model development and prototyping require advanced development skills in Python and database manipulation.
[Preferred] Ability to challenge model methodologies, model assumptions, and validation approach.
[Preferred] Proficiency in technical and scientific documentation (e.g., white papers, user guides, etc.).
Technical Skills:
[Required] Experience in a scripting language such as Python is required.
[Required] Experience in office technology such as PowerPoint, Confluence, Jira, Word, and Excel.
[Required] Experience with code repository, build and deployment tools (e.g., Git, GitHub, Jenkins).
[Required] Proficiency in database technology and query languages (such as SQL). Non-relational DB and other Big Data, cloud-based computing experience is a plus.
[Preferred] Experience with Tableau, Dash and Alteryx
[Preferred] Experience with numerical libraries and/or scientific computing is preferred.
[Preferred] Experience with automated quality assurance frameworks for model testing is preferred.
[Preferred] Software design: effective application of design patterns, expertise in object-oriented design
[Preferred] Experience with high performance computing is a plus.
Education and/or Experience:
[Required] Master’s degree or equivalent in a quantitative field such as data analytics, computer science, mathematics, physics, finance/financial engineering.
[Required] 2 years of experience in data analytics required
[Preferred] Experience in areas in finance and/or development experience in model implementation and testing.
Certificates or Licenses:
FRM, CFA, etc., are desirable, but not required.
About Us
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
Benefits
A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
- A hybrid work environment, up to 2 days per week of remote work
- Tuition Reimbursement to support your continued education
- Student Loan Repayment Assistance
- Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
- Generous PTO and Parental leave
- 401k Employer Match
- Competitive health benefits including medical, dental and vision
Visit https://www.theocc.com/careers/thriving-together for more information.
Compensation
- The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
- In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
- We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
- All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.
Salary Range
$111,100.00 - $199,900.00Incentive Range
8% to 15%This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.
Step 1
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
Step 2
You will receive an email notification to confirm that we've received your application.
Step 3
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.
For more information about OCC, please click here.
OCC is an Equal Opportunity Employer
See All 44 Director Of Risk Management Jobs in Illinois
Find roles in Illinois that match your experience and apply in just a few clicks.
Find JobsDirector Of Risk Management Jobs by City in Illinois
Where Illinois roles are concentrated, by current openings.
Director Of Risk Management Job Market in Illinois
A snapshot from current Illinois openings, updated as new roles post.
Who's Hiring
Top Industries Hiring
- Banking & Financial Services
- Science & Research
- Technology & Software
- Investment & Asset Management
What Illinois Employers Look For
The qualifications that appear most often in director of risk management jobs across Illinois.
- Bachelor's degree in finance, business, or a related field required by most Illinois employers
- Professional certification such as CRM, RIMS-CRMP, or ARM strongly preferred across Illinois industries
- Seven or more years of progressive risk management experience in a relevant Illinois sector
- Demonstrated ability to develop enterprise risk frameworks and lead cross-functional Illinois teams
- Proficiency with governance, risk, and compliance software platforms used by Illinois organizations
- Strong knowledge of Illinois regulatory environment and relevant industry-specific compliance standards
Director Of Risk Management Jobs in Illinois: Frequently Asked Questions
How do you become a director of risk management in Illinois?
Becoming a director of risk management in Illinois typically requires a bachelor's degree in business, finance, or a related field, followed by years of progressively responsible risk roles. While Illinois does not issue a state-specific license for this position, most employers expect a recognized professional credential such as the RIMS-CRMP, CRM, or ARM designation. Many candidates move into director-level roles through compliance, audit, or insurance departments at Illinois financial institutions, hospital systems, or manufacturers.
How much do director of risk managements make in Illinois?
Director of risk managements in Illinois earn a median of about $104,300 a year, based on May 2025 Bureau of Labor Statistics wage data, ranging from around $65,260 for the lowest 10% to over $202,260 for the top 10%. Pay rises with experience, specialty, and employer.
Which companies hire director of risk managements in Illinois?
Employers hiring director of risk managements in Illinois right now include FHLBank Chicago, Google, and TransUnion, based on current listings on Migrate Mate as of September 2026. Illinois's deep concentration of insurance carriers, regional banks, hospital networks, and Fortune 500 headquarters in the Chicago metro creates particularly steady director-level demand year-round.
Which Illinois cities have the most director of risk management jobs?
Chicago, Scott AFB, and Illinois have the most director of risk management openings in Illinois. Chicago dominates because it is home to major financial institutions, insurance headquarters, and large health systems, while Naperville and Peoria generate consistent openings through corporate headquarters and regional manufacturing and healthcare employers anchored in those markets.
Are there remote director of risk management jobs in Illinois?
Yes, and more than many senior roles, because risk management work is largely analytical, policy-driven, and meeting-based rather than hands-on. About 76% of director of risk management openings tied to Illinois are remote or hybrid as of September 2026, reflecting the desk-based nature of the role. Enterprise risk, compliance oversight, and policy development functions are the parts most commonly offered with remote or hybrid flexibility.
How can I get hired as a director of risk management in Illinois with little or no experience?
The most realistic path is entering through a risk analyst, compliance specialist, or internal audit role at a large Illinois employer such as an insurance carrier, regional bank, or health system, then building toward management over several years. Organizations like Allstate and Advocate Health run structured development programs that rotate early-career professionals through risk and compliance functions. Earning an entry-level credential such as the Associate in Risk Management designation significantly strengthens candidacy and signals commitment before you have a director-level title to show.
Where can I find and apply to director of risk management jobs in Illinois?
You can find and apply to director of risk management jobs in Illinois on Migrate Mate, which lists current Illinois openings across industries and experience levels. Find roles that fit your background and apply directly to the employers posting them.
See All 44 Director Of Risk Management Jobs in Illinois
Find roles in Illinois that match your experience and apply in just a few clicks.
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