Manager Business Risk Management

Federal Home Loan Bank of Chicago•Chicago, IL

2d•Hybrid

About The Position

The Manager, Business Risk Management (BRM) leads the Bank’s dedicated first-line risk function within the member-facing business, owning product suitability, exception handling, governance and controls, and 7th District Mortgage Partnership Finance® (MPF®) oversight. As the business’s own risk leader—not a second-line reviewer—this role is responsible for developing a first line posture around risk, embeds disciplined, repeatable risk management into day-to-day business activity, ensuring member solutions and transactions are suitable, well-documented, and consistent with the Bank’s risk appetite. The Manager will be responsible for the development and maintenance of an appropriateness framework, adjudicates first-line exceptions, produces key risk indicator (KRI) and first-line risk reporting, and serves as the credible first-line partner to the Second Line of Defense (2LOD), Internal Audit, and regulators. This role also leads and develops a small team, setting priorities and coaching on applied risk management and framework execution. This position sits within the Member Financial Strategies group, reports to the group’s senior leader, and engages cross-functionally with Solutions, Sales, Sales Enablement, Sales Operations, Risk Management, Compliance, and Internal Audit.

Requirements

Bachelor’s degree in Finance, Economics, Accounting, Risk Management, Mathematics, or a related field.
7+ years of professional experience in risk management, controls, audit, compliance, or a first- or second-line risk function at a bank, FHLBank, broker-dealer, or financial institution, including 1–3 years of people leadership experience.
Demonstrated experience designing or executing risk frameworks—suitability, exception, KRI, or controls frameworks—within a business or risk function.
Familiarity with FHLBank products (advances, letters of credit, interest rate derivatives) and/or the MPF program preferred.
Prior experience interfacing with second-line risk, Internal Audit, and regulators.
Applied first-line risk management within business operations, with the judgment to embed effective controls without unnecessarily impeding the business.
Strong quantitative risk fundamentals, including KRIs, exposure analysis, and limit monitoring.
Regulatory and supervisory fluency, including the three-lines-of-defense model, FHFA expectations, and applicable safety-and-soundness standards.
Framework design and execution discipline, with consistently audit-ready documentation.
Credibility and partnership with the Second Line of Defense, Internal Audit, members, and examiners.
Sound, defensible judgment under ambiguity, particularly in adjudicating exceptions.
Exceptional written and verbal communication skills, with the ability to present risk positions clearly to leadership and control partners.
Proven ability to set direction, manage workloads, and develop talent within an analytical team.

Nice To Haves

Advanced degree or relevant professional certification (FRM, CFA, PRM, CRCM) preferred.

Responsibilities

Shape the business's risk culture.
Establish and lead a dedicated first-line risk function, helping the Bank make sound decisions while supporting strategic growth and member service.
Be a trusted advisor on high-impact decisions.
Partner with business leaders to evaluate opportunities, manage risk, and ensure member solutions align with the Bank's risk appetite and regulatory expectations.
Strengthen the future of member-facing business.
Surface risk within our strategy, build scalable risk frameworks, governance practices, and oversight processes that enhance transparency, compliance, and long-term organizational resilience.
Own, maintain, and continuously improve the member appropriateness framework governing advances, letters of credit, community investment products, derivatives and structured funding and hedging solutions.
Review proposed member transactions and solution designs for suitability, appropriate risk/return characterization, and alignment with member objectives and the Bank’s risk appetite.
Partner with Solutions and Sales to embed suitability checkpoints into the member engagement and transaction lifecycle without compromising responsiveness.
Document suitability determinations with clear, audit-ready rationale and conditions.
Adjudicate first-line exceptions, documenting rationale, conditions, approvals, and escalation paths with audit-ready clarity.
Maintain governance and control documentation—policies, procedures, and control inventories—for first-line activities.
Track, age, and report open exceptions and remediation items to leadership and the Second Line of Defense.
Identify control gaps and drive practical remediation that strengthens the control environment without impeding the business.
Design, produce, and interpret KRI and first-line risk reporting, surfacing emerging exposures, trends, and limit pressures.
Conduct exposure analysis and apply quantitative risk fundamentals to first-line decisions.
Translate risk data into concise, decision-ready reporting for leadership, 2LOD, and applicable committees.
Monitor adherence to limits, policies, and risk appetite, escalating breaches promptly.
Provide first-line oversight of 7th District MPF activity, ensuring program execution aligns with guidelines, controls, and risk standards.
Coordinate with MPF Sales and Risk Management to monitor program risk and resolve issues.
Maintain oversight documentation and reporting that withstands audit and regulatory review.
Serve as the credible first-line counterpart to the Second Line of Defense, Internal Audit, and Regulators.
Translate supervisory expectations and the three-lines-of-defense model into practical first-line controls and execution discipline.
Respond to audit and examination requests with timely, complete, and well-organized documentation.
Directly manage and develop the BRM Analyst: set priorities, allocate workloads, and maintain high standards of analytical rigor.
Coach team members on applied risk management, KRI construction, exposure analysis, and framework execution.
Review and quality-control all first-line documentation and reporting prior to distribution.