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U.S. Bank Quantitative Audit Project Manager in Chicago, Illinois

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

Job Description

The Quantitative Audit Project Manager (QAPM) position within Corporate Audit Services is primarily responsible for performing model risk related audit engagements with minimal supervision from managers. The QAPM is expected to perform audit testing of models, validation, and quality assurance, collaborate with stakeholders, and complete engagements in conformance with internal audit policies and procedures. The QAPM should be familiar with model risk management concepts, as described in OCC Bulletin 2011-12/ FRB SR 11-7.


Reviews and analyzes the development, implementation, use, monitoring, and validation of complex statistical models and tools covering balance sheets, treasury, interest rates, pricing/valuation, derivatives, PPNR, credit, AML, fraud and other areas, and making appropriate conclusions, and recommending necessary action plan where needed. Specific focus on documenting the testing of advanced statistical models and communicating the results of such testing to stakeholders within the Bank. Provides quantitative expertise to assist in completion of the audit plan, including collaborating with other audit teams regarding quantitative models and tools. Interacts regularly with business line and model risk management leaders, and internal and external subject matter experts. Assists in adjusting the audit plan where appropriate based on those interactions.

Basic Qualifications

  • Bachelor’s degree in a quantitative field, and eight or more years of relevant experience


  • MA/MS in a quantitative field, and five or more years of related experience


  • PhD in a quantitative field, and four or more years of related experience

Preferred Skills/Experience

  • Ability to effective challenge model development/validation of various statistical models covering balance sheets, treasury, interest rates, pricing/valuation, derivatives, PPNR and other areas,

  • Knowledge of machine learning, marketing, AML, sanction screening, fraud, credit losses, economic capital, regulatory capital, acquisition, account management, collection models will be a plus.

  • Advanced knowledge of various regression techniques, parametric and non-parametric algorithms, times series techniques, and other statistical models, various model validation tests/methodologies, using SAS, R, Python or similar statistical package

  • Knowledge of quantitative and qualitative risk factors, industry risks, competition risks, and risk management approaches

  • Advanced understanding of model risk management concepts, as described in OCC Bulletin 2011-12/ FRB SR 11-7, such as model development, implementation, use, validation, governance, policies, inventories and controls

  • Ability to manage multiple tasks across various timelines

  • Strong analytical, organizational, problem-solving, negotiation, and project management skills

  • Effective interpersonal, verbal and written communication skills

  • Ability to build and continuously improve working relationships with internal audit peers, business line leaders, and partners (risk and compliance)

  • Knowledge of Commercial Banking

NOTE: This role is hybrid. Team members who are in a hybrid role typically spend three days a week at the listed U.S. Bank location(s), while having flexibility on their work location for the other working days.



If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants (https://careers.usbank.com/global/en/disability-accommodations-for-applicants) .

Learn how the way we work at U.S. Bank (https://assets.phenompeople.com/CareerConnectResources/prod/UBNAGLOBAL/documents/Thewaywework-1666895142717.pdf) drives meaningful relationships with our customers and collaboration across the company.


Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):

  • Healthcare (medical, dental, vision)

  • Basic term and optional term life insurance

  • Short-term and long-term disability

  • Pregnancy disability and parental leave

  • 401(k) and employer-funded retirement plan

  • Paid vacation (from two to five weeks depending on salary grade and tenure)

  • Up to 11 paid holiday opportunities

  • Adoption assistance

  • Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

EEO is the Law

U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors. Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal KNOW YOUR RIGHTS (https://eeoc.gov/sites/default/files/2023-06/22-088_EEOC_KnowYourRights6.12ScreenRdr.pdf) EEO poster.


U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program (https://careers.usbank.com/verification-of-eligibility-for-employment) .

The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, US Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401k contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $112,880.00 - $132,800.00 - $146,080.00

U.S. Bank will consider qualified applicants with criminal histories in a manner consistent with the San Francisco Fair Chance Ordinance.