Role

Sr. Risk Analyst

Type

Full-time, W2

Location

Prefer Chicago, but open to US based remote candidates.

Reports to

Payments Leader

The Company

The bank operates in Chicago and reports more than $425M in assets. It is one of the city’s oldest and safest savings and loan institutions. Leadership added a commercial lending line and engaged outside advisors to expand into payments and build a BIN. Work is underway to launch an acquiring program. Licensing updates are in progress, and discussions are taking place with a prospective ISO that would use the BIN, with the bank serving as the settlement bank. The initial focus is BIN sponsorship only. The ISOs will handle their own underwriting and daily risk.

The Opportunity

The Senior Risk Analyst will lead risk assessment, due diligence, and ongoing monitoring for Independent Sales Organizations (ISOs) seeking BIN sponsorship. The role ensures ISOs and their merchants comply with card brand and bank requirements, manages registration and reporting, and oversees shadow underwriting and risk controls to maintain a strong merchant portfolio. This position coordinates, manages, and collects information at the ISO level and supports day-to-day underwriting and risk functions once an ISO is approved. The analyst does not need bank experience but should be familiar with sponsor banks from the ISO perspective. Responsibilities include creating monthly internal reports, understanding BIN relationships, risk management, underwriting processes, ISO onboarding requirements, and transaction monitoring. The role can be remote and requires hands-on experience with merchant underwriting, risk management, and relevant systems. The candidate will interact with ISOs and work in a partially built environment, collaborating closely with existing leadership. The first 30 days involve helping build the program and supporting ISO onboarding. After 90 days, the analyst will focus on reporting, evaluating program effectiveness, and supporting new ISO acquisition.

Responsibilities

• Lead end-to-end due diligence for new ISOs including background checks, credit reviews inclusive of financial statement analysis, policy/procedure reviews, physical inspections, portfolio risk and profitability and analysis of business models and projected sales volumes.​
• Preparation of internal recommendation document and presentation to the appropriate bank risk committee for BIN sponsorship approval.
• Manage and execute ISO registration, reporting, and compliance with card brand rules (Visa, Mastercard, etc.), including documentation and periodic audits.​
• Oversee contract review and ensure that Merchant Agreements address all regulatory and risk-related requirements set forth by the acquiring bank and card brands.​
• Develop and maintain shadow underwriting processes, including setting and reviewing merchant eligibility, risk scores, and portfolio performance thresholds.​
• Underwrite any merchants of an ISO that meet the thresholds that require bank approval.
• Implement daily risk monitoring using data analytics and reporting for red flags such as unusual settlement activity, high chargebacks, or suspicious transaction patterns.​
• Partner with cross-functional teams (legal, compliance, operations) to execute and maintain policies and procedures supporting BIN Sponsorship Oversight.​
• Prepare and present risk reports, trend analyses, and recommendations to senior management and regulatory bodies as required.​
• Act as a subject matter expert on payment networks, BIN licensing, privacy/confidentiality protocols, and payment security standards (PCI DSS, AML, KYC).
• Manage onboarding and ongoing assessment of ISOs and third-party processors, including compliance testing and remediation plans.​
• Lead projects and initiatives related to underwriting and risk controls within the merchant acquiring portfolio.​

Qualifications, skills, and experience

Required Skills and Competencies

• Deep understanding of merchant acquiring, card brand rules, BIN sponsorship, and related payment security standards (PCI DSS, AML/KYC, chargeback management).​
• Advanced ability to analyze complex financial and risk.
• Expertise in risk assessment, underwriting, and applying analytical/statistical techniques to credit and transaction risk modeling.​
• Proven experience handling confidential information and implementing security controls in compliance-driven environments.​
• Strong organizational, communication, and stakeholder management skills.
• Ability to develop and execute policies and procedures tailored for merchant portfolio and ISO monitoring.

Qualifications and Experience

• Bachelor’s degree required in Finance, Business Administration, Economics, Mathematics, or a related discipline. Advanced degree preferred.​
• 7+ years of experience in risk analysis, underwriting, or compliance roles within merchant acquiring, payments, or financial services.​
• Prior experience with merchant onboarding, ISO/agent management, or card brand compliance highly desirable.​
• Knowledge of payment network rules, BIN licensing, and reporting protocols.​
• Experience in a senior, lead, or project management capacity preferred.​

Miscellaneous:

• The company cannot sponsor a Visa.