Model Risk Management Salaries in Illinois
How Much Does a Model Risk Management Make in Illinois?
Updated April 01, 2025
As of April 01, 2025,
the average annual pay of Model Risk Management in Illinois is $130,815.
While Salary.com is seeing that Model Risk Management salary in IL can go up to $159,549
or down to $101,826, but most earn between $115,641 and $145,855.
Salary ranges can vary widely depending on many important factors,
including education, certifications, additional skills, and your experience levels.
With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.
Related Job Titles to Model Risk Management
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Similar Job Salaries to Model Risk Management by Company
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| Company | average base salary in (usd) | range |
|---|---|---|
|
Discover Financial Services
Lead Risk Management Oversight Specialist - Model Risk
|
$98,460/yr
|
RANGE: $89,635 - $107,285
|
|
Capital One
Director, Data Science - Model Risk
|
$137,767/yr
|
RANGE: $124,765 - $150,769
|
|
BankTalent HQ
Summer Internship - Model Risk Analyst
|
$71,625/yr
|
RANGE: $64,459 - $78,791
|
|
SoFi
Director, Model Risk Management
|
$146,510/yr
|
RANGE: $133,303 - $159,716
|
|
Athene Holding Ltd.
VP Model Risk Management
|
$158,352/yr
|
RANGE: $142,863 - $173,842
|
|
Webster Bank
Model Risk Management, Director
|
$118,349/yr
|
RANGE: $107,502 - $129,196
|
|
First Hawaiian Bank
Model Risk Management Officer
|
$90,725/yr
|
RANGE: $81,942 - $99,508
|
|
Tbwa Chiat/Day Inc
Head of Model Risk Management
|
$96,622/yr
|
RANGE: $88,511 - $104,733
|
|
GM Financial
Intern- Model Risk Management
|
$90,416/yr
|
RANGE: $81,629 - $99,203
|
Top 10 Highest Paying Cities For Model Risk Management Jobs in Illinois
It is important to understand how location impacts your career prospects in the United States.
There are some cities where a Model Risk Management can find a job easily with a greater salary paid then achieve a higher standard of living.
Below is the top cities list for Model Risk Management job salaries in Illinois.
Some cities can pay higher salaries for Model Risk Management jobs, which can indicate that there is a large demand for Model Risk Management positions in this city.
The following table shows top 10 cities where the Model Risk Management salary is higher than other cities in Illinois.
Chicago takes first place in this list, followed by Cicero, Oak Park.
The Model Risk Management salary is $132,625 in Chicago,
which is higher than the national average. There are 20 cities' Model Risk Management salary higher than national average in Illinois.
The average salary for a Model Risk Management in Illinois is $130,815,
but we found that the city with the highest salary for Model Risk Management jobs is Chicago, IL, and it is higher than Cicero.
Model Risk Management jobs in Chicago can have the opportunity to earn higher salaries than in other cities in Illinois.
| CITY | ANNUAL SALARY | MONTHLY PAY | WEEKLY PAY | HOURLY WAGE |
| Chicago | $132,625 | $11,052 | $2,550 | $64 |
| Cicero | $132,625 | $11,052 | $2,550 | $64 |
| Oak Park | $132,625 | $11,052 | $2,550 | $64 |
| Evanston | $132,574 | $11,048 | $2,549 | $64 |
| Skokie | $132,574 | $11,048 | $2,549 | $64 |
| Oak Lawn | $132,471 | $11,039 | $2,548 | $64 |
| Des Plaines | $132,266 | $11,022 | $2,544 | $64 |
| Mount Prospect | $132,163 | $11,014 | $2,542 | $64 |
| Aurora | $131,598 | $10,967 | $2,531 | $63 |
| Hoffman Estates | $131,483 | $10,957 | $2,529 | $63 |
What Does a Model Risk Management Do?
Alongside the reduction of model risk and management of its impact, MRM is also capable of reducing some P&L unpredictability.
Updated November 14, 2021
But importantly, many of the new models are designed to achieve business needs, including pricing, strategic planning, and asset-liquidity management.
Updated October 16, 2021
Before advancing on what Model Risk Management is, it is imperative to first understand what a model is.
Updated December 22, 2021
The COVID-19 pandemic has affected the performance of models globally, including traditional financial-risk models, such as those for credit risk, as well as models for nonfinancial risk, such as fraud management.
Updated December 22, 2021
Reporting thereby becomes meaningful, as senior managers get an exhaustive view on model risk beyond the technicalities—one with a real risk perspective.
Updated December 19, 2021
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Explore JobArchitectFrequently Asked Questions About a Model Risk Management Salaries
What is the average of a Model Risk Management in Illinois?
The Model Risk Management salary range is from $115,641 to $145,855, and the average Model Risk Management salary is $130,815/year in Illinois.
The Model Risk Management's salary will change in different locations.
Which location pays the highest Model Risk Management salary in the United States?
The Model Risk Management salary in San Jose, CA is $161,873
which is the highest in the US.
What kinds of reasons will influence the Model Risk Management's salary?
Besides the location, employees' education degree, related skills, and work experience also will influence the salary.
Try to improve your skills and experience to get a higher salary for the position of Model Risk Management.
What is the growth rate of the Model Risk Management's salary?
If you are thinking of becoming a Model Risk Management or planning the next step in your career, find the detailed salary report of a Model Risk Management.
