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# Chief Risk Officer with a Large Regional Bank – Chicago, IL



Role Overview for Chief Risk Officer with a Large Regional Bank – Chicago, IL
JRG Partners is proud to partner with a prominent and rapidly growing large regional bank in their search for a distinguished Chief Risk Officer (CRO). Based in the vibrant financial hub of Chicago, IL, this executive leadership position is a pivotal role responsible for the strategic direction and execution of the bank’s comprehensive Enterprise Risk Management (ERM) framework. The successful candidate will be a visionary leader with an impeccable track record in navigating the complex financial and regulatory landscapes of the banking industry.
The Chief Risk Officer will report directly to the Chief Executive Officer and will be a key member of the executive leadership team, with significant exposure and reporting responsibilities to the Board of Directors and its Risk Committee. This individual will serve as the principal advisor on all matters related to risk, ensuring that the bank operates within its defined risk appetite while pursuing its strategic growth objectives. The CRO will be instrumental in fostering a strong risk-aware culture across all business lines and support functions, embedding risk management as a core competency and a source of competitive advantage.
This is a unique opportunity to shape the future of a respected financial institution. The ideal candidate will possess a deep understanding of all facets of risk, including credit, market, liquidity, operational, compliance, strategic, and reputational risk. You will be tasked with leading a talented team of risk professionals, providing mentorship, and driving the continuous improvement of risk management policies, methodologies, and systems. Your leadership will be critical in safeguarding the bank’s assets, protecting its reputation, and ensuring its long-term stability and success in a dynamic economic environment.
Key Responsibilities of Chief Risk Officer with a Large Regional Bank – Chicago, IL
The Chief Risk Officer will have a broad and challenging mandate, overseeing all aspects of the bank’s risk management functions. Key responsibilities include:
Enterprise Risk Management (ERM) Framework Development and Oversight

Design, implement, and maintain a robust ERM framework that is aligned with the bank’s strategic goals, business objectives, and regulatory expectations.
Establish and manage the bank’s risk appetite statement and supporting risk tolerances, ensuring they are well-understood and integrated into business decision-making processes.
Lead risk identification, assessment, measurement, monitoring, and reporting processes across the organization.
Oversee the development and implementation of risk models, stress testing scenarios (including DFAST), and capital adequacy assessments (ICAAP).

Credit Risk Management

Provide independent oversight of the bank’s credit risk, including commercial, consumer, and real estate lending portfolios.
Review and challenge credit policies, underwriting standards, and portfolio concentration limits.
Monitor portfolio performance, asset quality trends, and the adequacy of the allowance for loan and lease losses (ALLL).
Chair or be a key member of senior credit committees.

Market, Liquidity, and Interest Rate Risk

Oversee the identification and management of market risk arising from trading and investment activities.
Ensure robust management of liquidity risk, including the development of contingency funding plans and analysis of funding sources.
Monitor and manage the bank’s exposure to interest rate risk in the banking book (IRRBB).

Operational Risk and Resiliency

Lead the operational risk management framework, including risk and control self-assessments (RCSAs), key risk indicators (KRIs), and loss data analysis.
Oversee programs related to business continuity, disaster recovery, third-party vendor risk, information security, and fraud prevention.
Ensure the bank is resilient to operational disruptions and evolving threats, including cybersecurity risks.

Compliance and Regulatory Management

Oversee the bank’s Corporate Compliance Management Program, ensuring adherence to all applicable laws and regulations, including BSA/AML, OFAC, and consumer protection statutes.
Serve as the primary liaison with regulatory agencies such as the OCC, FDIC, and the Federal Reserve Board.
Manage regulatory examinations, inquiries, and reporting, ensuring timely and effective responses.
Stay abreast of emerging regulatory trends and advise the board and management on their potential impact.

Strategic Leadership and Governance

Act as a strategic partner to the CEO and executive team, providing risk-based insights to inform strategic planning and major business decisions.
Promote a culture of risk awareness and accountability throughout the organization through training and communication.
Provide clear, concise, and insightful reporting to the Board of Directors, the Risk Committee, and senior management on the bank’s overall risk profile.
Lead, mentor, and develop a high-performing team of risk management professionals.

Requirements for the Chief Risk Officer with a Large Regional Bank – Chicago, IL
We are seeking a seasoned and highly credible risk executive with a proven ability to operate effectively at the highest levels of a financial institution.
Educational Background
A Bachelor’s degree in Finance, Economics, Business Administration, or a related quantitative field is required. An MBA or other advanced degree (e.g., Master’s in Finance, Law) is highly preferred.
Professional Experience
A minimum of 15-20 years of progressive experience in risk management within the banking or financial services industry. At least 7-10 years of this experience must be in a senior leadership role (e.g., Deputy CRO, Head of a major risk stripe) at a bank with assets exceeding $10 billion.
Regulatory Acumen
Extensive experience and a strong, credible reputation in dealing with federal and state banking regulators. Deep, practical knowledge of banking regulations, including Dodd-Frank, Basel III, BSA/AML, and consumer compliance laws.
Technical Expertise
Comprehensive knowledge across all major risk disciplines (credit, market, operational, liquidity, compliance). Strong quantitative and analytical skills, with experience in risk modeling, stress testing, and capital planning.
Leadership Qualities

Demonstrated ability to lead, inspire, and develop large, diverse teams of professionals.
Exceptional communication and interpersonal skills, with the ability to articulate complex risk concepts to a variety of audiences, including the Board of Directors, regulators, investors, and employees.
Unquestionable integrity, ethics, and sound judgment. A leader who can act decisively and challenge the status quo when necessary.
Strategic thinker with a commercial mindset, capable of balancing risk management with business growth objectives.

Certifications
Professional certifications such as Financial Risk Manager (FRM), Chartered Financial Analyst (CFA), or Certified Regulatory Compliance Manager (CRCM) are considered a strong plus.
Benefits & Perks Offered
Our client offers a highly competitive executive compensation and benefits package designed to attract and retain top-tier talent. This includes:
Competitive Base Salary
A highly attractive base salary commensurate with experience and the significance of the role.
Executive Bonus Program
A significant annual incentive bonus tied to individual and company performance.
Long-Term Incentive Plan (LTIP)
Meaningful equity-based compensation to align long-term interests with shareholder value.
Comprehensive Health & Wellness
Premium medical, dental, and vision insurance plans for you and your dependents.
Retirement Savings
A generous 401(k) plan with a substantial company match and potential profit-sharing contributions.
Paid Time Off
A flexible and generous paid time off (PTO) policy, including vacation, sick leave, and company holidays.
Professional Development
A significant budget for continuing education, industry conferences, and professional certifications.
Relocation Assistance
A comprehensive relocation package is available for qualified candidates moving to the Chicago area.
Additional Perks
Executive financial planning services, life and disability insurance, and access to other corporate benefits.
How to Apply
JRG Partners is exclusively managing the search for this critical leadership position. If you are a visionary risk management executive with the experience and leadership qualities to guide a premier regional bank, we encourage you to apply.
To express your interest, please submit your confidential resume and a cover letter detailing your qualifications. All applications will be treated with the strictest confidence. For more information about our expertise in this area, please visit our Financial Services Executive Search practice page. We look forward to connecting with you to discuss this exceptional opportunity.