What you’ll do

The 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, PowerPoints)

• Knowledge in Statistics (logistic regression) and basic data analysis plus knowledge of SQL/R/Python

• Basic understanding in fixed income securities or mortgage products (CFA/FRM certifications a plus).

• Knowledge of stochastic processes or interest-rate model techniques preferred;

• Experience using machine learning techniques utilizing regression and classification algorithms preferred;

• Familiar with Tableau and level of detail (LOD) preferred

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: