Job Description

Who we are

Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

What it’s like to work here

At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us. Our collaborative, in-office operating model brings teams together to foster innovation, connection, and shared success. To support balance and flexibility, employees are provided an allocation of remote days to use as needed throughout the year.

What you'll do

Responsible for Management of market, including liquidity and income at risk modeling and analysis team as part of Bank’s second line of defense. The Director, Market Risk and Earnings Analysis will be responsible for designing and implementing a market and income at risk manaegment framework, which comprises the Bank's approaches to market including liquidity and income at risk governance, identification, assessment, management, and mitigation. The market and income at risk management frameworks ensure that member products and asset/liability management risk-taking is well-understood, well-governed and appropriately managed. Your leadership skills will be crucial in fostering a culture of transparency, compliance, and accountability, making a significant impact on our continued success and reputation in the industry. The ideal candidate for this role must have a proven track record in of re-engineering operational processes, and possess strong leadership abilities This role has direct reports.

How you'll make an impact

• Provide strong second-line oversight of market, liquidity and income-at-risk exposures by delivering sophisticated analysis and effective challenge on balance sheet, liquidity, and earnings risks to strengthen the Bank’s risk governance and financial resilience.

• Enable strategic decision-making at the executive and Board level by delivering robust modeling, forecasting, and stress testing insights that inform capital planning, product strategy, and CFO-led strategic planning processes.

• Drive operational excellence and innovation in risk analytics by leading model development and analytics teams, modernizing processes and automation, and providing independent, data-driven challenge to emerging risks, new products, and evolving market conditions.

What you'll do

• Responsible for Market including Liquidity and Income at Risk oversight and risk limit establishment, monitoring, assessment and reporting.

• Oversee team of model developers responsible for operation, maintenance, model calibration and tuning, performance monitoring and controls around the Bank’s mission critical models used for valuation, forecasting and risk modeling and the Bank’s market data.

• Owner of critical vendor relationships: market risk data, valuation/pricing, and risk modeling

• Responsible for sign off for new product implementations from a valuation, forecasting and risk modeling perspective and oversee development and user acceptance testing.

• Oversee analytics team responsible for monitoring and evaluating portfolio concentration, adverse market trends, value at risk analysis and preparing independent risk and attribution analyses.

• Collaborate with Executive Team, business units and other departments in Risk Management, in developing and supporting key assumptions and scenarios and preparing forecasts to support the CFO who leads the annual Strategic Planning process.

• Support the CFO’s Strategic Planning department in income at risk scenario/stress analysis, forecasts, capital planning, and evaluating incentive compensation plan balance sheet and income criteria and metrics.

• Collaborate with business units and other departments in Risk Management to design, performs and reports stress testing and scenario analysis results to Senior Management and the Board

• Assess impacts on the Bank’s risk process for new products, investments and hedging strategy implementation involving interdepartmental teams. Use market and income at risk tools and market data to analyze range of outcomes, provide insights and alternate viewpoints as new strategies are being formed by Management.

• Develop and monitor key risk indicators to provide early warning of potential issues in changing environment and effectively challenge.

• Primary contact for Bank regulators for issues associated with Market and Income at Risk Management

• Active committee member of internal committees: Asset/Liability Management

• Reports to Board and Senior Management any changes to Bank’s balance sheet market, liquidity, and income risk profile that can adversely impact business decision making, significant balance sheet concentrations, and any material modeling/assumption changes.

• Regularly reviews regulatory reporting requirements pertaining to Market, Liquidity, and Income at Risk

• Develop and deliver market risk training for the Board

• Provide strong leadership and mentorship to the team, promoting a collaborative and purposeful work environment.

• Foster a culture of continuous learning and encourage team members to stay updated on industry trends and changes in regulatory and business requirements.

• Lead process workflow automation and application modernization

• Other duties as assigned.

What you'll bring

• 15+ years of experience in risk management, risk modeling or fixed income capital markets.

• 5-10 years mortgage finance or Banking operations experience

• 8+ years management experience

• Advance degree in finance, mathematics, or science

• FRM/CFA or other designation.

• Must have effective communication (verbal, written) skills.

• Knowledge of fixed income products

• Strong quantitative/analytical skills

• Analytical, initiative-taker

• Strategic thinking

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.

• Strong problem solving and decision making abilities.

• Technology and project management skills

Salary Range:

$217,550.00 - $382,325.00

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: https://hrportal.ehr.com/fhlbc