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Head of Financial Reporting

MassMutual

MassMutual

Accounting & Finance
Boston, MA, USA
Posted on Friday, September 22, 2023

Head of Financial Reporting

Boston, Massachusetts Finance & Accounting Job ID R14406

Background:

Year after year, MassMutual continues its long history of financial strength. Our goal is to generate competitive long-term results for policyowners while preserving our ability to withstand challenging economic conditions and volatility in the financial markets. MassMutual (consolidated) held $466 billion in assets under management as of year-end 2022, growing moderately versus 2021 despite challenging market conditions. MassMutual's strategy of positioning its insurance operations, asset management businesses and other investments to provide diversified sources of earnings and growth continues to serve the company well. For the year ending on December 31, 2022, MassMutual reported that total sales through its domestic insurance operations were $39.3 billion, up 26% from the prior year. This was led by steady demand for whole life insurance as well as record annuity sales, supported by our acquisition of MassMutual Ascend (rebranded from Great American Life Insurance Company) in 2021 – a leading provider of annuities.  Benefitting from MassMutual’s diversified investment strategy, whole life and annuity sales growth as well as our continued progress to reach more people with broader solutions and better experiences, revenue in 2022 increased to $34.3 billion, up approximately 13% from $30.5 billion the prior year.

Summary:

The Head of Financial Reporting is a newly created role that will be responsible for the leadership and transformation of periodic internal and external financial reporting and regulatory filings for MassMutual. The person in this position will lead a team and report directly to the [Head of Accounting and Reporting].

Key Relationships:

Reports to:  Head of Accounting and Reporting

Other Relationships:   Senior leadership within CFO, Controllers Organization and the business

Responsibilities:

  • Lead a team responsible for preparation of all external subsidiary financial statements
  • Lead a team responsible for all external regulatory financial filings for MassMutual and other Life company subsidiaries
  • Responsible for the continuous improvement of controllership’s reporting activities
  • Responsible for the preparation of financial statements, footnotes, management’s discussion and analysis and all other components of applicable filings
  • Proactively identifies financial reporting risks and opportunities within the underlying business unit activities and translates that into decision-useful improvement recommendations
  • Acts as the primary liaison for coordination with external auditors on financial disclosure as well as coordination of areas of audit oversight
  • Collaborate closely with other CFO teams, namely Financial Planning & Analysis and Strategic Finance Business Partners on monthly management and Board of Directors reporting
  • Establish and enhance governance and internal control procedures and maintain and consistently improve upon a strong control environment
  • Collaborate with accounting policy and other areas within the Controllers Organization on the evaluation of new GAAP and statutory reporting impacts to the company; assisting in the implementation of new business financial reporting processes
  • Collaborate with Financial Reporting Risk within Enterprise Risk on control matters
  • Uses increasing insight to identify and implement improvements that increase the business value and efficiency of the work performed. Initiates and/or leads increasingly complex projects and continuous improvement activities that may span beyond the scope of own team's responsibilities

Candidate Qualifications:

  • BS in accounting or finance; MBA preferred
  • Certified Public Accountant
  • 10-15 years of relevant experience from public accounting and/or public multinational companies
  • Excellent knowledge and understanding of US GAAP and statutory accounting and financial reporting regulations

Other Knowledge, Skills and Abilities:

  • Ability to work with senior management and influence decision making
  • Strong multi-tasking skills and ability to adapt to change
  • Ability to proactively take ownership of projects and drive them through to completion 
  • In-depth knowledge of US GAAP; Statutory and SEC Rules and Regulations
  • Ability to perform and lead a team to perform independent research and prepare analyses of the impact of accounting and regulatory pronouncements on the company’s financial statements and accounting and disclosure practices
  • Experience in best-in-class control execution/documentation
  • Experience working in a Finance transformational setting; driving change and managing competing priorities
  • Detail-oriented with demonstrated oral and written communication skills
  • Ability to work with all levels of personnel, from staff to executive management
  • Authorized to work in the United States without sponsorship now or in the future

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Salary Range: $152,100.00-$199,600.00 Apply

MassMutual is an Equal Employment Opportunity employer Minority/Female/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply. Note: Veterans are welcome to apply, regardless of their discharge status.

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.