Specialist - Asset Liability Management

Northern Trust • Chicago, IL

15h

About The Position

Northern Trust’s Global Asset Liability Management team is seeking an experienced ALM professional to help shape the firm’s balance sheet strategy, interest rate risk framework, pricing decisions and financial resilience. The role combines quantitative modeling and strategic judgment, translating complex analytics into clear recommendations for senior leaders, oversight committees, business partners and regulators. The position provides exposure across Treasury, Risk Management and the businesses, with a focus on funding, deposits, assets, capital and profitability.

The Specialist provides technical leadership within Asset Liability Management, Modeling & Analytics. The role leads ALM modeling and assumptions; partners with Treasury on balance sheet strategy and optimization; advances interest rate risk analytics; contributes to funds transfer pricing; and delivers decision-ready insights. It also collaborates across business units and control functions, strengthens governance, and helps set team priorities, coach colleagues and promote analytical standards and continuous improvement.

Requirements

• At least 7 years of relevant experience in asset and liability management, funds transfer pricing, balance sheet strategy, Treasury, financial modeling, banking, consulting, risk management or a regulatory environment; candidates with broader or deeper experience are encouraged to apply.
• Strong understanding of bank balance sheets and income statements, including risk and earnings characteristics of deposits, loans, securities, funding and other asset and liability categories.
• Hands-on experience with interest rate risk management and ALM modeling, including NII and economic value analysis, behavioral assumptions, scenario analysis and model sensitivity testing.
• Strong knowledge of funds transfer pricing, deposit pricing and balance sheet strategy.
• Knowledge of regulatory expectations and leading practices related to IRRBB, liquidity risk, model governance and Treasury risk management.
• Exceptional analytical judgment, intellectual curiosity and ability to identify key business implications within complex data.
• Executive-ready communication skills, including the ability to constructively challenge, influence stakeholders and present technical topics clearly to senior audiences.
• Bachelor’s degree in Finance, Economics, Accounting, Statistics, Mathematics, Engineering or another quantitative field.
• Applicants must be authorized to work in the U.S. without employment-based visa sponsorship now or in the future.

Nice To Haves

• Experience with QRM or a comparable ALM platform; working knowledge of SAS, SQL or other analytical and financial modeling tools is highly valued.
• An advanced degree or relevant professional designation.
• Demonstrated experience connecting ALM analytics to actionable balance sheet strategy.
• Experience working directly with business units on deposit strategy, product pricing or profitability.
• A track record of improving models, assumptions, controls, reporting or governance in a complex financial institution.
• Ability to move comfortably between detailed quantitative work and concise executive-level storytelling.
• Collaborative leadership style and interest in developing people and building stronger cross-functional partnerships.

Responsibilities

• Develop, enhance and govern ALM models and behavioral assumptions for non-maturity deposits, including pricing betas, decay, average lives and core balances, as well as asset prepayment behavior.
• Partner with Treasury leadership to assess asset and liability positioning, product and deposit pricing, funding choices, investment decisions, capital usage and balance sheet optimization.
• Strengthen NII, MVE/EVE, DV01 and AOCI measurement through scenario design, limit calibration, sensitivity analysis, assumption testing and management reporting.
• Contribute to funds transfer pricing methodology, modeling assumptions and implementation to improve product profitability transparency and support pricing decisions.
• Conduct targeted analysis for senior management and executive committees, connecting market movements and business activity to earnings, economic value, capital and liquidity outcomes.
• Collaborate with business units, Finance, Risk Management, Model Risk, Technology and data partners to translate strategic priorities into scalable analytical solutions.
• Prepare materials for management committees, internal oversight groups, auditors and regulators, and support model documentation and challenge resolution.
• Help set team priorities, coach colleagues, establish analytical standards and promote continuous improvement across the ALM platform.

Benefits

• Retirement benefits, including 401(k) and pension.
• Health and welfare benefits, including medical, dental, vision, spending accounts and disability benefits.
• Paid time off.
• Parental and caregiver leave.
• Life and accident insurance.
• Other voluntary and well-being benefits.
• Discretionary bonus program that may include an equity component.
• Flexible and collaborative work culture.
• Movement within the organization is encouraged and senior leaders are accessible.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior