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Head of Balance Sheet Management
MassMutual
Multiple locations
Posted on Nov 1, 2024
The Opportunity
As the Head of Balance Sheet Management, you will work in a fast paced, innovative and collaborative environment driving regulatory capital, financing and liquidity strategies to maximize MassMutual’s policyowners value. This role will report directly to the Treasurer and is a key role in MassMutual’s Treasury Organization.
The Head of Balance Sheet Management will have the opportunity to lead a team that will:
· Develop strategies to manage regulatory capital, debt and liquidity positions to ensure efficient use of balance sheet resources, working closely with other finance functions and business areas across MassMutual
· Manage MassMutual’s subsidiary dividends policy, including documenting decision-making framework to ensure adequate process governance. Lead quarterly dividend declaration and funding process
· Manage all aspects of regulatory capital and operating liquidity modeling, reporting and documentation to ensure adequate governance and controls
· Own and refine key performance management methodologies to measure efficiency of u se of balance sheet, including capital, leverage and liquidity efficiency metrics
· Work with members of the Treasury organization, Investment Management and ERM to identify strategies to enhance our projected regulatory capital, leverage and operating liquidity positions
· Drive agenda for Capital Committee meetings, working with Treasurer and CFO to develop analysis and recommendations in support of strategic decision making
· Recommend optimal financing mix and secure the company’s financing and capital raising options, including leading all aspects of internal and external debt administration
· Coordinate with Internal Audit, Enterprise Risk Management and other relevant control functions to ensure effective controls are in place
· Engage industry peers with respect to regulatory capital and liquidity to better understand best practices and industry trends
· Actively contribute as a senior leader across Company in the development and delivery of strategic priorities within areas of accountability
· Proactively focuses on self and team development (e.g. research of capital markets, capital frameworks, product impacts, market developments, MassMutual businesses, value creation metrics, etc.)
The Team
The Head of Balance Sheet Management is a member of Treasury organization (direct report of the Treasurer) which is a dynamic team of individuals with diverse backgrounds that are focused on:
· Understanding actual and projected trends of regulatory capital, operating liquidity, financial flexibility and earnings levels so that they may develop strategies to improve financial performance to support maximizing value
· Being expert at various capital frameworks and serving as an advocate for the Company in various industry or internal groups
· Minimizing time spent on production and data manipulation activities by transforming our modeling, analytic, and reporting capabilities and implementing automation and technology where possible
The Impact:
· Proactively identifies balance sheet risks and opportunities and translates that into strategic recommendations to optimize use of capital and liquidity and increase financial flexibility, while maximizing actual and projected returns
· Produce quarterly regulatory capital projections and scenarios (both short and long-term range), including detailed analytics to support strategic decision making
· Drives transformation of modeling & reporting capabilities to produce timely capital and liquidity forecasts and scenario analysis
· Regularly presents the capital and liquidity position, forecast, risks and opportunities to the Capital Committee and other internal forums. Makes recommendations to senior management to optimize the use of regulatory capital, operating liquidity and leverage to maximize financial flexibility
· Serves as expert on regulatory capital planning and allocation and regularly provides sound financial advice to businesses or other departments, anticipating the financial impact from decisions relative to sales, investments, expenses and other strategic priorities
· Recommend optimal financing mix and secure the company’s financing and capital raising options including commercial paper, surplus notes, contingent capital facilities, sale leasebacks and aviation leasing. Manage overall compliance requirements on all financial commitments.
· Maintain and enhance the intercompany borrowing programs to maximize the use of excess liquidity, providing an optimal liquidity funding mechanism, with a goal of increasing overall portfolio yield
· Responsible for oversight and compliance with Operating Liquidity Policy, including regular reporting, policy compliance testing, projections, recommendation of mitigation strategies working with Investment Management and Enterprise Risk Management
· Lead initiative to identify trapped cash within the total company, maximize its liquidity and yield by identify and implementing tools/agreements to easily transfer funds between legal entities
· Establish, enhance and maintain internal controls and consistently improve upon a strong control environment
The Minimum Qualifications
· BS in accounting, finance or actuarial science
· 15+ years of experience in capital management, financial analysis, risk management or accounting in the financial services sector, preferably in life insurance
· Deep understating of various capital markets and investments
· Deep knowledge of financing strategies with proven experience in structuring complex transactions
· Proven experience in management of committees or industry / regulatory groups
· Detail-oriented with excellent oral and written communication skills
· Proven experience leading teams in periods of change
· Strong multi-tasking skills and ability to adapt to change
· Ability to proactively take ownership of projects and drive them through to completion
The Ideal Qualifications
· In-depth knowledge Statutory accounting and Capital frameworks (U.S. risk-based capital, rating agency capital frameworks, Solvency 2, etc)
· Prior experience in balance sheet management
· Investment banking experience
What to Expect as Part of MassMutual and the Team
· Regular meetings with the Treasury and other Financial Planning & Analysis teams
· Focused one-on-one meetings with your manager
· Access to mentorship and development opportunities
· Access to a collaborative network within the team with connected objectives
· 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
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Why Join Us.
We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers are our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.
We help people secure their future and protect the ones they love. As a company owned by our policyowners, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources, and rely on each other when it counts. At MassMutual, we Live Mutual.
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.
At MassMutual, we focus on ensuring fair, equitable pay by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component. For more information about our extensive benefits offerings please check out our Total Rewards at a Glance.