Depository Risk Analyst

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

The FHLB is a leading provider of credit solutions, committed to delivering exceptional service and innovative products to our Members. As part of our dynamic team, you will have the opportunity to contribute to the development of risk rating models and play a vital role in shaping our strategies for managing credit risk.

We are seeking a quantitatively strong Risk Analyst to build and maintain credit risk models and perform credit analysis for depository members (banks and credit unions), with additional exposure to insurance counterparties. The ideal

candidate brings rigorous statistical training (e.g., econometrics, probability, time-series) applied to credit risk, strong R programming, and hands-on financial statement analysis. You will use Databricks and SQL to work with larger datasets, and collaborate with Sales Directors to recommend credit structures and terms aligned with our risk appetite.

This is a hands-on role for someone who enjoys model development, statistical analysis, and underwriting judgment.

How you will make an impact

• In this role, you will strengthen the Bank's risk management framework by developing robust credit risk models and delivering actionable insights that drive sound decision-making.

• Your quantitative expertise and credit analysis skills will directly influence underwriting standards, portfolio quality, and the Bank's ability to manage risk in a dynamic regulatory and economic environment.

What you can expect:

• Develop and maintain advanced credit risk models using statistical and econometric techniques to assess member risk profiles, including banks, credit unions, and insurance companies.

• Design, implement, and enhance models in R (and/or Python) for credit risk measurement, stress testing, benchmarking, and scenario analysis, ensuring compliance with regulatory and internal standards.

• Leverage Databricks and other cloud-based platforms to process and analyze large-scale financial datasets efficiently, integrating structured and unstructured data sources.

• Perform data mining, statistical analysis, and predictive modeling to identify trends, correlations, and emerging risks within member portfolios.

• Automate recurring analytics and controls (e.g., score recalcs, risk rating refreshes, sensitivity checks) using R, SQL, and VBA where appropriate.

• Conduct statistical analysis and portfolio diagnostics (trend analysis, correlations, concentration, PD inputs where applicable).

• Develop clear visualizations and dashboards to communicate model insights and portfolio risk to senior stakeholders.

• Monitor model performance and drift; propose recalibration or redevelopment based on statistical evidence and business need.

• Stay current on credit risk modeling practices and regulatory expectations relevant to depository institutions.

• Perform credit analysis and risk ratings for depository members, including quarterly reviews and ongoing monitoring of financial condition and liquidity/funding profiles.

• Analyze and recommend approval for new and/or continuing borrowers, aligned with credit policy and risk

  appetite.

• Recommend credit and collateral terms for banks and credit unions, incorporating appropriate structures and risk mitigants.

• Partner with Relationship Managers and borrowers to structure transactions and address risk considerations.

• Develop, refine, and support credit underwriting standards for depository institutions to ensure consistency and regulatory alignment.

• Monitor macroeconomic and regulatory developments and assess their impact on member creditworthiness.

• Prepare and deliver reports and presentations to senior management, regulators, and the Credit Committee.

• Contribute to credit risk policy updates and cross-functional strategic projects.

• Identify and implement process improvements to reduce manual work and enhance control and efficiency.

What you'll bring:

• Bachelor's or Master's degree in Mathematics, Statistics, Quantitative Finance, Econometrics, or a closely related analytical field.

• 1-4 years of experience in credit risk analysis, banking, fixed-income, or institutional underwriting.

• Demonstrated foundation in statistical modeling, probability, and quantitative methods applied to credit risk.

• Familiarity with regulatory filings, GAAP, and financial statement analysis for financial institutions.

• Experience with financial data platforms such as S&P Capital IQ / SNL, Bloomberg, or similar.

• Advanced quantitative/statistical skills with the ability to build, interpret, and explain credit risk models.

• Proficiency in R for statistical modeling and analytics; experience with SQL and Databricks for large-scale data processing is a plus.

• Knowledge of U.S. banking industry dynamics, credit risk principles, and regulatory environment for depository institutions.

• Strong Excel (including advanced functions; VBA a plus); familiarity with Tableau and Bloomberg helpful.

• Excellent written and verbal communication skills, with the ability to distill complex analyses for non-technical audiences.

• High attention to detail, intellectual curiosity, and sound judgment.

• Effective time management; comfortable working both independently and within a team environment.

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.