Specialist - Asset Liability Management

Northern Trust • Chicago, IL

2d • $137,400 - $233,600

About The Position

Join Northern Trust’s Global Asset Liability Management team to help shape the firm’s balance sheet strategy, interest rate risk framework, pricing decisions and financial resilience. This highly visible role combines quantitative modeling with strategic judgment, translating complex analytics into clear recommendations for senior leaders, oversight committees, business partners and regulators.

The Specialist serves as a technical leader within Asset Liability Management, Modeling & Analytics, with exposure across Treasury, Risk Management and the businesses. The role is suited to an experienced ALM professional who can build robust models, challenge assumptions and influence decisions affecting funding, deposits, assets, capital and profitability.

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.
• Strong understanding of bank balance sheets and income statements, including the 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 in complex data.
• Executive-ready communication skills, including the ability to constructively challenge, influence stakeholders and clearly present technical topics to senior audiences.
• Bachelor’s degree in Finance, Economics, Accounting, Statistics, Mathematics, Engineering or another quantitative field.
• Authorization to work in the U.S. without current or future employment-based visa sponsorship.

Nice To Haves

• Experience with QRM or a comparable ALM platform; working knowledge of SAS, SQL or other analytical and financial modeling tools.
• 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 between detailed quantitative work and concise executive-level storytelling.
• A collaborative leadership style and interest in developing people and building 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 transparency into product profitability and support sound 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 disciplined 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.
• 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.

What This Job Offers

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