Head of Market and Liquidity Risk Management
Head of Market and Liquidity Risk ManagementBoston, Massachusetts Risk Management Job ID R14904
This is an opportunity for an exceptional, highly motivated, collaborative, experienced risk individual to join MassMutual’s Capital and Investment Risk Management team (within the Enterprise Risk Management division) to influence the management of risks associated with MassMutual’s investment decisions and use of capital.
With a focus on market risk and liquidity risk management, you will partner with leaders across ERM, Investment Management and CFO to identify, measure and develop recommendations to manage enterprise investment risk exposures.
As part of the Capital & Investment Risk leadership team, you will provide a view into the functional effectiveness of the team (e.g., collaborating with your peers on the coordination and prioritization of work, evolution of processes). You will also support the Head of Capital & Investment Risk and team strategy with high-level thought leadership.
The Capital & Investment Risk team works closely with the Investment Management and Finance divisions to deliver insights and influence decisions regarding MassMutual’s investment risk-taking and use of capital, helping to protect MassMutual’s financial strength and enable it to achieve its strategy.
The team brings together a diverse team of experts across capital markets, risk management, actuarial, and quantitative disciplines that works together to deliver analysis and recommendations related to the management of credit, market, liquidity and capital risk, consistent with the enterprise risk appetite framework for which the team is also responsible. The team continues to be successful in driving improvements in tools, technology and processes, for more consistent risk analysis and reporting, and enabling greater opportunities for scale and efficiency within ERM and with stakeholders in Investment Management and Finance.
You will ensure MassMutual’s market and liquidity risks are well mitigated, with robust risk management controls and frameworks in place, that remain appropriate for MassMutual’s evolving business strategy and operating environment.
You will also partner with your Capital & Investment Risk peers to ensure that the variety of analytical and risk management processes and deliverables within the team are connected and scaled for maximum impact and efficiency.
A key to success in this position will be the ability to work collaboratively with other leaders within Capital & Investment Risk Management, the Investment Management and Finance functions, and within MassMutual’s asset management subsidiaries. The incumbent will have experience leading teams, facilitating fluid communications, and uniting people across organizations to keep them moving forward.
Notable responsibilities include:
- Oversight responsibility for market and liquidity risk management, coordinating with leaders in Investment Management and CFO to ensure these frameworks and their execution remain current and appropriate to the company’s overall objectives and risk appetite
- Provide oversight and thought leadership into asset allocation and ALM processes in the context of insurance liability driven investing to ensure there is an optimal balance between risk & reward consistent with aggregate risk appetite, and review investment guidelines and risk limits for reasonableness and propose alternatives where needed
- Ensure the company maintains a robust, holistic approach to managing liquidity risk, including managing and recommending changes as needed to stressed liquidity and contingent liquidity plans, policies and reporting
- Partner with others in Capital & Investment Risk Management, notably Head of Capital Risk, to analyze potential impacts and available management options associated with market stresses and other tail scenarios, to recommend appropriate actions, including the execution and management of a macro-economic tail hedge program
- Support ESG sustainability strategy and investment policy for MassMutual
- Scope out and lead complex projects, often in a matrixed setting across multiple functions applying change management, influencing, and communication skills
- Present risk analysis and recommendations to the Investment Oversight Committee and Enterprise Risk Committee
- Attract, develop and retain top talent with a special focus on DEI and career development
To do this, it is expected that you will:
- Inspire and motivate ERM colleagues to succeed in the function’s key priorities
- Quickly establish credibility with a wide range of stakeholders
- Proactively collaborate with other teams in ERM as well as in the business lines
- Be a committed team player and a dedicated coach/player manager
- Inform and influence others appropriately, clearly and on a timely basis
- Adapt and thrive in complex, uncertain and changing situations
- Listen actively, and challenge yourself and others to think about all angles of the issue
- Quickly self-educate on new topics with less familiarity
- Have interest in a wide range of business issues
The Minimum Qualifications [not yet completed]
- 15+ years of relevant work experience working in investment risk management (insurance company focus);
- Extensive experience in quantitative credit and asset allocation modeling
- Experience performing detailed analysis of risks associated with different asset classes including structured assets
- Previous experience working on liability driven investing projects within an insurance company
- Knowledge and experience working with derivatives and hedging risk management
- An advanced degree in Financial Engineering, Mathematics, Physics, Engineering or similar quantitative discipline preferred;
- CFA or CAIA or FRM preferred;
- Understanding of the insurance industry is desirable;
- Well established record of project management;
- Success working in collaborative team environment with matrix management;
- Strong executive communication and presentation skills; and,
- Ability to work independently and take initiative.
The Ideal Qualifications
- Deep investment risk expertise within the insurance industry, including a clear understanding of market and liquidity risk frameworks, taxonomy and related risk management techniques and tools
- Experience in executing or overseeing asset allocation and ALM processes
- Capital markets experience, including detailed knowledge and experience working with derivatives and hedging risk management, as well as familiarity with range of asset classes relevant to MassMutual
- Superior communication skills, both verbal and visual
- Strong analytical and problem-solving skills, including ability to drill down on details, perform analyses, resolve issues and distill findings into a concise summary of key conclusions and recommendations
- Experience of leading large, complex projects
- 10+ years of insurance risk experience
- Working knowledge and experience working on ESG initiatives
- An advanced degree in Financial Engineering, Mathematics, Actuarial Science, Physics, Engineering or similar quantitative discipline preferred;
- Relevant professional certifications (e.g., FSA, CFA, CAIA, FRM) preferred
What to Expect as Part of MassMutual and the Team
- Regular meetings with peer leaders within the Capital & Investment Risk Team, senior stakeholders in Investment Management and CFO, as well as regular interactions with the Investment Oversight Committee and Enterprise Risk Committees
- Focused one-on-one meetings with your manager
- Access to mentorship opportunities
- Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran and disability-focused Business Resource Groups
- Access to learning content on Degreed and other informational platforms
- Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits
#LI-IZ1MassMutual 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.