POSITION SUMMARY
We are establishing the Modeling COE to centralize and standardize the development, validation, governance, and deployment of critical financial models. The Modeling COE is a new function that is being created to accelerate and enhance the significant modeling needs across Corporate Finance that can also be leveraged by Investment Management and Enterprise Risk Management. The Head of Modeling COE will report to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. The Head of Modeling COE will partner closely with Corporate Actuarial and CFO functional leaders (FP&A, Treasury, Controllers, Finance Transformation, etc.) and business and corporate stakeholders in creating a compelling vision and strategic plan to deliver new and enhanced modeling capabilities in support of multiple financial projection uses including the multi-year GAAP and Statutory Plan/Forecast, long-term capital planning, value of inforce analysis, and liquidity risk/stress testing. This leader will be responsible for the recruitment, development and effective management of a team of talented professionals in building out the Modeling COE function.
This role will require strong leadership skills combined with superior modeling and analytical skills to: (1) create an integrated modeling vision & strategy and implementation plan that connect complex actuarial, investment, risk, and financial concepts, (2) deliver on modeling capabilities and solutions in a timely manner and with high quality and well-controlled environment, and (3) present and communicate progress on results, issues, and solutions with clarity and credibility to various stakeholders and senior management. This leader will need to establish strong relationships and collaborate effectively across the CFO organization, as well as with Investment Management, ERM and business partners. In addition, this leader will be able to drive complex projects to completion and provide/implement industry thought leadership and best practices.
The Head of Modeling COE will need to demonstrate deep actuarial and financial knowledge across MassMutual's portfolio of insurance products as well as an understanding of the drivers of earnings and connections to the balance sheet, and is an expert in the modeling of assets, liabilities and capital in an insurance company context. This leader will possess excellent technical skills and modeling expertise necessary to direct the development and governance of complex financial projection models and the associated data and infrastructure that span different product lines and accounting frameworks.
In addition to outstanding modeling and problem-solving skills, this leader will exhibit strong leadership, relationship management, and communication skills to be fully successful in this role. This leader is expected to:
• Communicate effectively with CFO leaders and business partners, including the translation of technical topics to different audiences and providing clarity of the business impact and insights to inform decisions
• Ability to innovate and implement practical solutions in the development of complex financial models across MassMutual's broad range of insurance products, including data issues/limitations
• Collaborate across teams to ensure alignment of goals, effective execution of deliverables, and monitoring progress
• Navigate issues that arise and/or competing priorities; Effectively, negotiate the right solutions and positive outcomes across stakeholders
• Liaise with internal business departments and support a culture of service or proactive solutions and team support
• Establish strong credibility and executive presence with business partners and CFO leadership to effectively drive ideas forward, impact management decision-making, and influence strategies
• Contribute to Corporate Actuarial thought leadership and positive team culture
OVERALL RESPONSIBILITY
The Head of Modeling COE will accountability for these specific deliverables and responsibilities:
• Establish effective model governance and end-to-end model manufacturing process to successfully deliver high-quality financial projections in an integrated, consistent, and durable manner
• Execute on the development/delivery of integrated financial models used to project assets, liabilities, and capital in support of various uses, including:Model Inputs: Partner across functions to ensure that all model inputs are incorporated appropriately (i.e., Investment Management for assets, Corporate Actuarial for inforce liabilities, Business/Product for new business, actuarial assumptions, capital market parameters, etc.)Model Calculations: Develop, prepare and run actuarial modeling systems to generate assets, liabilities, and capital projections; Compile and review resultsModel Outputs: Produce required model output/files to business partners; FP&A development of income statement and balance sheet for the multi-year Financial Plan (annual) and Forecast (quarterly); Treasury development of long-term statutory capital planning; Corporate Actuarial development of value of inforce analysis; ERM development of liquidity risk/stress testing• Lead the build out of the new Modeling COE team; Attract, retain and develop team of talented professionals
• Develop compelling modeling vision & strategy and implementation plan to ensure successful execution of projects in close collaboration with stakeholders
• Establish effective operating model and clear roles, responsibilities, and expectations in partnership with functional leaders in Corporate Actuarial, CFO (Financial Planning & Analysis, Treasury, Controllers, Finance Transformation, etc.), Investment Management, Enterprise Risk Management, and Enterprise Technology
• Implement effective model governance, standards, testing procedures, and controls in the development, manufacturing, and delivery of models and projections
• Leverage expertise and industry insights in providing recommendations and driving decisions and actions to ensure delivery of leading-edge solutions
• Perform ongoing model management, ensuring end-to-end systems and infrastructure are working effectively; Lead the management of vendor relationships and negotiations
• Provide modeling support and enhancements to the Financial Plan/Forecast process
• Through innovation and creativity, formulate appropriate methodologies and develop effective models to evaluate financial impact to the businessCANDIDATE QUALIFICATIONS
• Bachelor's Degree or higher
• Fellow of the Society of Actuaries (FSA); CFA is a plus
• Minimum of 15 years of actuarial experience in financial modeling, pricing, valuation, financial planning, CFT/ALM, asset modeling, and/or in financial risk management
• Strong knowledge of US life insurance, annuity, and health products and the underlying economics and risk features
• Working knowledge and analysis of financial statements (Income Statements, Balance Sheet, Cash Flow Analysis) under different accounting frameworks
• Expertise in actuarial & financial modeling methodologies and techniques; Experience with actuarial projections software (Moody's AXIS, Prophet, etc.); Knowledge of planning systems (Anaplan) is a plus
• Strong communication skills, both written and verbal, with experience in presenting to senior management; Able to convey complex materials to senior executives
• Ability to build and maintain strong working relationships across cross-functional groups
• Demonstrable experience with creative problem-solving and thought leadership
• Ability to work well under pressure and manage multiple deliverables
• Must be authorized to work in the US without sponsorship now or in the future
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.
POSITION SUMMARY
We are establishing the Modeling COE to centralize and standardize the development, validation, governance, and deployment of critical financial models. The Modeling COE is a new function that is being created to accelerate and enhance the significant modeling needs across Corporate Finance that can also be leveraged by Investment Management and Enterprise Risk Management. The Head of Modeling COE will report to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. The Head of Modeling COE will partner closely with Corporate Actuarial and CFO functional leaders (FP&A, Treasury, Controllers, Finance Transformation, etc.) and business and corporate stakeholders in creating a compelling vision and strategic plan to deliver new and enhanced modeling capabilities in support of multiple financial projection uses including the multi-year GAAP and Statutory Plan/Forecast, long-term capital planning, value of inforce analysis, and liquidity risk/stress testing. This leader will be responsible for the recruitment, development and effective management of a team of talented professionals in building out the Modeling COE function.
This role will require strong leadership skills combined with superior modeling and analytical skills to: (1) create an integrated modeling vision & strategy and implementation plan that connect complex actuarial, investment, risk, and financial concepts, (2) deliver on modeling capabilities and solutions in a timely manner and with high quality and well-controlled environment, and (3) present and communicate progress on results, issues, and solutions with clarity and credibility to various stakeholders and senior management. This leader will need to establish strong relationships and collaborate effectively across the CFO organization, as well as with Investment Management, ERM and business partners. In addition, this leader will be able to drive complex projects to completion and provide/implement industry thought leadership and best practices.
The Head of Modeling COE will need to demonstrate deep actuarial and financial knowledge across MassMutual's portfolio of insurance products as well as an understanding of the drivers of earnings and connections to the balance sheet, and is an expert in the modeling of assets, liabilities and capital in an insurance company context. This leader will possess excellent technical skills and modeling expertise necessary to direct the development and governance of complex financial projection models and the associated data and infrastructure that span different product lines and accounting frameworks.
In addition to outstanding modeling and problem-solving skills, this leader will exhibit strong leadership, relationship management, and communication skills to be fully successful in this role. This leader is expected to:
• Communicate effectively with CFO leaders and business partners, including the translation of technical topics to different audiences and providing clarity of the business impact and insights to inform decisions
• Ability to innovate and implement practical solutions in the development of complex financial models across MassMutual's broad range of insurance products, including data issues/limitations
• Collaborate across teams to ensure alignment of goals, effective execution of deliverables, and monitoring progress
• Navigate issues that arise and/or competing priorities; Effectively, negotiate the right solutions and positive outcomes across stakeholders
• Liaise with internal business departments and support a culture of service or proactive solutions and team support
• Establish strong credibility and executive presence with business partners and CFO leadership to effectively drive ideas forward, impact management decision-making, and influence strategies
• Contribute to Corporate Actuarial thought leadership and positive team culture
OVERALL RESPONSIBILITY
The Head of Modeling COE will accountability for these specific deliverables and responsibilities:
• Establish effective model governance and end-to-end model manufacturing process to successfully deliver high-quality financial projections in an integrated, consistent, and durable manner
• Execute on the development/delivery of integrated financial models used to project assets, liabilities, and capital in support of various uses, including:Model Inputs: Partner across functions to ensure that all model inputs are incorporated appropriately (i.e., Investment Management for assets, Corporate Actuarial for inforce liabilities, Business/Product for new business, actuarial assumptions, capital market parameters, etc.)Model Calculations: Develop, prepare and run actuarial modeling systems to generate assets, liabilities, and capital projections; Compile and review resultsModel Outputs: Produce required model output/files to business partners; FP&A development of income statement and balance sheet for the multi-year Financial Plan (annual) and Forecast (quarterly); Treasury development of long-term statutory capital planning; Corporate Actuarial development of value of inforce analysis; ERM development of liquidity risk/stress testing• Lead the build out of the new Modeling COE team; Attract, retain and develop team of talented professionals
• Develop compelling modeling vision & strategy and implementation plan to ensure successful execution of projects in close collaboration with stakeholders
• Establish effective operating model and clear roles, responsibilities, and expectations in partnership with functional leaders in Corporate Actuarial, CFO (Financial Planning & Analysis, Treasury, Controllers, Finance Transformation, etc.), Investment Management, Enterprise Risk Management, and Enterprise Technology
• Implement effective model governance, standards, testing procedures, and controls in the development, manufacturing, and delivery of models and projections
• Leverage expertise and industry insights in providing recommendations and driving decisions and actions to ensure delivery of leading-edge solutions
• Perform ongoing model management, ensuring end-to-end systems and infrastructure are working effectively; Lead the management of vendor relationships and negotiations
• Provide modeling support and enhancements to the Financial Plan/Forecast process
• Through innovation and creativity, formulate appropriate methodologies and develop effective models to evaluate financial impact to the businessCANDIDATE QUALIFICATIONS
• Bachelor's Degree or higher
• Fellow of the Society of Actuaries (FSA); CFA is a plus
• Minimum of 15 years of actuarial experience in financial modeling, pricing, valuation, financial planning, CFT/ALM, asset modeling, and/or in financial risk management
• Strong knowledge of US life insurance, annuity, and health products and the underlying economics and risk features
• Working knowledge and analysis of financial statements (Income Statements, Balance Sheet, Cash Flow Analysis) under different accounting frameworks
• Expertise in actuarial & financial modeling methodologies and techniques; Experience with actuarial projections software (Moody's AXIS, Prophet, etc.); Knowledge of planning systems (Anaplan) is a plus
• Strong communication skills, both written and verbal, with experience in presenting to senior management; Able to convey complex materials to senior executives
• Ability to build and maintain strong working relationships across cross-functional groups
• Demonstrable experience with creative problem-solving and thought leadership
• Ability to work well under pressure and manage multiple deliverables
• Must be authorized to work in the US without sponsorship now or in the future
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.
The Opportunity
This is an opportunity for an exceptional, highly motivated, collaborative, experienced risk individual to join MassMutual's Capital and Investment Risk Management team and the broader Enterprise Risk Management. The successful incumbent will lead the Credit Risk Management team that plays a key role in the management of risks associated with MassMutual's investment decisions and use of capital.
With a focus on credit 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 Team
This role reports to the Head of Capital & Investment Risk, a member of the Enterprise Risk Management leadership team. It will interact closely with leaders in 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 Capital & Investment Risk 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. Within this, the Credit Risk Management team comprises a group of professionals that bring together fundamental and quantitative credit risk analysis and expertise to ensure sound management of MassMutual's portfolio and counterparty credit risks.
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.
The Impact
You will ensure MassMutual's credit 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 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 successful candidate will have experience leading teams, facilitating fluid communications, and uniting people across organizations to keep them moving forward.
Notable responsibilities include:
• Oversight responsibility for credit risk management, including coordinating with leaders in Investment Management and CFO to ensure associated policies and frameworks and their execution remain current and appropriate to the company's overall objectives and risk appetite
• Ensure effective governance of all key credit risks through consistent approach to risk identification and top risk processes, collaborating with Investment Management, and maintain a current view of macroeconomic and investment risk themes and topics.
• Accountability for counterparty credit risk management, notably related to MassMutual's use of derivatives and reinsurance, including management of Counterparty Credit Risk Committee and related credit surveillance and analysis
• Support the Head of Capital & Investment Risk and Chief Risk Officer in new deal approval process by providing due diligence review and risk insights into potential new investments, particularly those which are large, complex and private in nature.
• Conduct targeted credit reviews of portfolios expected to be most exposed under stressed credit cycle scenarios, utilizing credit risk modeling tools to support analysis
• Partner with others in Capital & Investment Risk Management, notably Head of Capital Risk, to analyze potential impacts and available management options associated with credit risk stresses and other tail scenarios, to recommend appropriate actions as appropriate
• Ensure market-leading credit risk analytical capabilities are maintained as needed to support portfolio and counterparty credit risk management, CECL (Current Expected Credit Losses), risk appetite analysis and reporting, coordinating with Investment Management and Enterprise Technology.
• Coordinate with the Sustainability and Investment Management teams to provide insights into climate related investment risks, and ensure climate risk considerations are appropriately reflected in relevant investment risk measurement tools, policies and frameworks
• Work with Investment Management to ensure continuation of appropriate risk controls and oversight of our external investment managers
• Scope 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 inclusion and career development; design and distribute work strategically, empowering the team to execute collectively and effectively.
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 issuesThe Minimum Qualifications
• 10+ years of relevant work experience working in investment risk management (insurance company focus);
• Extensive experience in fundamental credit risk analysis and quantitative credit modeling across a wide range of fixed income, structured, equity and real estate asset classes
• Knowledge and experience working with derivatives and reinsurance
• 5+ years managing people and a 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 credit risk frameworks, taxonomy and related risk management techniques and tools
• Capital markets experience, including detailed knowledge and experience and familiarity with range of asset classes relevant to MassMutual
• Working knowledge and experience working on ESG initiatives
• 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
• 5+ years of insurance risk experience
• 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
• Experience working with Moody's Analytics credit risk modeling toolsWhat 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, Internal Approval Committee and Enterprise Risk Committees
• Focused one-on-one meetings with your manager
• Access to mentorship opportunities
• 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 benefitsMassMutual 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.
The Opportunity
This is an opportunity for an exceptional, highly motivated, collaborative, experienced risk individual to join MassMutual's Capital and Investment Risk Management team and the broader Enterprise Risk Management. The successful incumbent will lead the Credit Risk Management team that plays a key role in the management of risks associated with MassMutual's investment decisions and use of capital.
With a focus on credit 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 Team
This role reports to the Head of Capital & Investment Risk, a member of the Enterprise Risk Management leadership team. It will interact closely with leaders in 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 Capital & Investment Risk 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. Within this, the Credit Risk Management team comprises a group of professionals that bring together fundamental and quantitative credit risk analysis and expertise to ensure sound management of MassMutual's portfolio and counterparty credit risks.
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.
The Impact
You will ensure MassMutual's credit 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 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 successful candidate will have experience leading teams, facilitating fluid communications, and uniting people across organizations to keep them moving forward.
Notable responsibilities include:
• Oversight responsibility for credit risk management, including coordinating with leaders in Investment Management and CFO to ensure associated policies and frameworks and their execution remain current and appropriate to the company's overall objectives and risk appetite
• Ensure effective governance of all key credit risks through consistent approach to risk identification and top risk processes, collaborating with Investment Management, and maintain a current view of macroeconomic and investment risk themes and topics.
• Accountability for counterparty credit risk management, notably related to MassMutual's use of derivatives and reinsurance, including management of Counterparty Credit Risk Committee and related credit surveillance and analysis
• Support the Head of Capital & Investment Risk and Chief Risk Officer in new deal approval process by providing due diligence review and risk insights into potential new investments, particularly those which are large, complex and private in nature.
• Conduct targeted credit reviews of portfolios expected to be most exposed under stressed credit cycle scenarios, utilizing credit risk modeling tools to support analysis
• Partner with others in Capital & Investment Risk Management, notably Head of Capital Risk, to analyze potential impacts and available management options associated with credit risk stresses and other tail scenarios, to recommend appropriate actions as appropriate
• Ensure market-leading credit risk analytical capabilities are maintained as needed to support portfolio and counterparty credit risk management, CECL (Current Expected Credit Losses), risk appetite analysis and reporting, coordinating with Investment Management and Enterprise Technology.
• Coordinate with the Sustainability and Investment Management teams to provide insights into climate related investment risks, and ensure climate risk considerations are appropriately reflected in relevant investment risk measurement tools, policies and frameworks
• Work with Investment Management to ensure continuation of appropriate risk controls and oversight of our external investment managers
• Scope 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 inclusion and career development; design and distribute work strategically, empowering the team to execute collectively and effectively.
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 issuesThe Minimum Qualifications
• 10+ years of relevant work experience working in investment risk management (insurance company focus);
• Extensive experience in fundamental credit risk analysis and quantitative credit modeling across a wide range of fixed income, structured, equity and real estate asset classes
• Knowledge and experience working with derivatives and reinsurance
• 5+ years managing people and a 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 credit risk frameworks, taxonomy and related risk management techniques and tools
• Capital markets experience, including detailed knowledge and experience and familiarity with range of asset classes relevant to MassMutual
• Working knowledge and experience working on ESG initiatives
• 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
• 5+ years of insurance risk experience
• 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
• Experience working with Moody's Analytics credit risk modeling toolsWhat 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, Internal Approval Committee and Enterprise Risk Committees
• Focused one-on-one meetings with your manager
• Access to mentorship opportunities
• 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 benefitsMassMutual 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.
The Opportunity
This is an opportunity for an exceptional, highly motivated, collaborative, experienced risk individual to join MassMutual's Capital and Investment Risk Management team and the broader Enterprise Risk Management. The successful incumbent will lead the Credit Risk Management team that plays a key role in the management of risks associated with MassMutual's investment decisions and use of capital.
With a focus on credit 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 Team
This role reports to the Head of Capital & Investment Risk, a member of the Enterprise Risk Management leadership team. It will interact closely with leaders in 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 Capital & Investment Risk 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. Within this, the Credit Risk Management team comprises a group of professionals that bring together fundamental and quantitative credit risk analysis and expertise to ensure sound management of MassMutual's portfolio and counterparty credit risks.
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.
The Impact
You will ensure MassMutual's credit 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 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 successful candidate will have experience leading teams, facilitating fluid communications, and uniting people across organizations to keep them moving forward.
Notable responsibilities include:
• Oversight responsibility for credit risk management, including coordinating with leaders in Investment Management and CFO to ensure associated policies and frameworks and their execution remain current and appropriate to the company's overall objectives and risk appetite
• Ensure effective governance of all key credit risks through consistent approach to risk identification and top risk processes, collaborating with Investment Management, and maintain a current view of macroeconomic and investment risk themes and topics.
• Accountability for counterparty credit risk management, notably related to MassMutual's use of derivatives and reinsurance, including management of Counterparty Credit Risk Committee and related credit surveillance and analysis
• Support the Head of Capital & Investment Risk and Chief Risk Officer in new deal approval process by providing due diligence review and risk insights into potential new investments, particularly those which are large, complex and private in nature.
• Conduct targeted credit reviews of portfolios expected to be most exposed under stressed credit cycle scenarios, utilizing credit risk modeling tools to support analysis
• Partner with others in Capital & Investment Risk Management, notably Head of Capital Risk, to analyze potential impacts and available management options associated with credit risk stresses and other tail scenarios, to recommend appropriate actions as appropriate
• Ensure market-leading credit risk analytical capabilities are maintained as needed to support portfolio and counterparty credit risk management, CECL (Current Expected Credit Losses), risk appetite analysis and reporting, coordinating with Investment Management and Enterprise Technology.
• Coordinate with the Sustainability and Investment Management teams to provide insights into climate related investment risks, and ensure climate risk considerations are appropriately reflected in relevant investment risk measurement tools, policies and frameworks
• Work with Investment Management to ensure continuation of appropriate risk controls and oversight of our external investment managers
• Scope 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 inclusion and career development; design and distribute work strategically, empowering the team to execute collectively and effectively.
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 issuesThe Minimum Qualifications
• 10+ years of relevant work experience working in investment risk management (insurance company focus);
• Extensive experience in fundamental credit risk analysis and quantitative credit modeling across a wide range of fixed income, structured, equity and real estate asset classes
• Knowledge and experience working with derivatives and reinsurance
• 5+ years managing people and a 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 credit risk frameworks, taxonomy and related risk management techniques and tools
• Capital markets experience, including detailed knowledge and experience and familiarity with range of asset classes relevant to MassMutual
• Working knowledge and experience working on ESG initiatives
• 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
• 5+ years of insurance risk experience
• 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
• Experience working with Moody's Analytics credit risk modeling toolsWhat 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, Internal Approval Committee and Enterprise Risk Committees
• Focused one-on-one meetings with your manager
• Access to mentorship opportunities
• 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 benefitsMassMutual 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.
Position Summary:MassMutual is seeking an enthusiastic and well-rounded actuarial leader as Head of Product Pricing and Assumption Oversight, reporting directly to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. This leader will be accountable for all aspects of pricing and actuarial assumption oversight for all of MassMutual's insurance products and is expected to successfully partner with the pricing and experience studies teams across the organization. This leader will establish strong relationships and collaborate closely with business partners in driving effective review of complex analysis and providing strategic insights and recommendations to senior management. This individual manages a small team of talented actuarial professionals.As Head of Product Pricing and Assumption Oversight, this individual is expected to:
• Strategically influence stakeholders inside and outside Corporate Actuarial to ensure alignment with the broader CFO and company goals and objectives while balancing appropriate risk taking with return on capital (e.g. balancing sales and profitable growth to further enhance value to participating policyowners, driving global assumptions that are sound and reasonable across each line of business and fit for purpose across all uses)
• Provide thought leadership, technical expertise, oversight and value-added support & guidance to all actuarial aspects of new product development and inforce product re-pricings including assumptions, pricing methodologies and profitability
• Significantly contribute to the analysis and maintenance of major elements of actuarial pricing review including metric setting, target/hurdle rates, mix of business and capital allocation
• Lead discussions with senior management and stakeholders as part of Product Advisory Committee (PAC)
• Monitor and analyze sales, emerging experience, profitability and risk exposures of the company's new and inforce products and pro-actively identify, discuss and escalate issues and/or opportunities as applicable
• Accountable for the reporting, enhancements and annual planning for Value of New Business (VNB)
• Develop and maintain adequate corporate guidelines and governance processes with respect to product pricing, re-pricings and actuarial assumptions
• Oversight of the appropriateness and reasonableness of quote specific PRT mortality assumptions
• Closely collaborate with the Experience Studies teams, Reinsurance Management & Strategy and Corporate Actuarial, ERM and pricing stakeholders to ensure adequacy and appropriateness of assumptions and strategies recommended as part of pricing exercises and actuarial assumption updates
• Stay abreast of emerging regulations that may impact product pricing, setting of actuarial assumptions and related actuarial work
• Participation on select Industry and Corporate projects and initiatives as applicable
• Strong leadership skills and excellent verbal and written communications in leading others and driving insights and decisions
• Establish effective partnerships and close collaboration with the business and other departmentsCANDIDATE QUALIFICATIONS
• Bachelor's Degree or higher
• Fellow of Society of Actuaries (FSA), or equivalent professional credential from recognized professional actuarial association
• Minimum of 15 years of insurance and annuity experience, preferably in the U.S. market, in areas such as pricing, valuation, reinsurance and/or capital management
• Strong knowledge of actuarial and risk management concepts and practices; experience with quantifying, analyzing and managing a range of product risks
• Self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges
• Robust strategic thinking capabilities to influence others and align with broader organizational goals and objectives
• Effective time management, planning and organization skills
• Strong interpersonal, communication and influencing skills: ability to convey complex issues, explain methodologies and influence resolutions in writing and orally
• Ability to rapidly respond to changes in direction, tight deadlines and high-pressure situations
• Experience with managing teams and demonstrates ability to attract, retain and develop strong talent
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.
Position Summary:MassMutual is seeking an enthusiastic and well-rounded actuarial leader as Head of Product Pricing and Assumption Oversight, reporting directly to the Chief Actuary and will be a key member of the Corporate Actuarial Leadership Team. This leader will be accountable for all aspects of pricing and actuarial assumption oversight for all of MassMutual's insurance products and is expected to successfully partner with the pricing and experience studies teams across the organization. This leader will establish strong relationships and collaborate closely with business partners in driving effective review of complex analysis and providing strategic insights and recommendations to senior management. This individual manages a small team of talented actuarial professionals.As Head of Product Pricing and Assumption Oversight, this individual is expected to:
• Strategically influence stakeholders inside and outside Corporate Actuarial to ensure alignment with the broader CFO and company goals and objectives while balancing appropriate risk taking with return on capital (e.g. balancing sales and profitable growth to further enhance value to participating policyowners, driving global assumptions that are sound and reasonable across each line of business and fit for purpose across all uses)
• Provide thought leadership, technical expertise, oversight and value-added support & guidance to all actuarial aspects of new product development and inforce product re-pricings including assumptions, pricing methodologies and profitability
• Significantly contribute to the analysis and maintenance of major elements of actuarial pricing review including metric setting, target/hurdle rates, mix of business and capital allocation
• Lead discussions with senior management and stakeholders as part of Product Advisory Committee (PAC)
• Monitor and analyze sales, emerging experience, profitability and risk exposures of the company's new and inforce products and pro-actively identify, discuss and escalate issues and/or opportunities as applicable
• Accountable for the reporting, enhancements and annual planning for Value of New Business (VNB)
• Develop and maintain adequate corporate guidelines and governance processes with respect to product pricing, re-pricings and actuarial assumptions
• Oversight of the appropriateness and reasonableness of quote specific PRT mortality assumptions
• Closely collaborate with the Experience Studies teams, Reinsurance Management & Strategy and Corporate Actuarial, ERM and pricing stakeholders to ensure adequacy and appropriateness of assumptions and strategies recommended as part of pricing exercises and actuarial assumption updates
• Stay abreast of emerging regulations that may impact product pricing, setting of actuarial assumptions and related actuarial work
• Participation on select Industry and Corporate projects and initiatives as applicable
• Strong leadership skills and excellent verbal and written communications in leading others and driving insights and decisions
• Establish effective partnerships and close collaboration with the business and other departmentsCANDIDATE QUALIFICATIONS
• Bachelor's Degree or higher
• Fellow of Society of Actuaries (FSA), or equivalent professional credential from recognized professional actuarial association
• Minimum of 15 years of insurance and annuity experience, preferably in the U.S. market, in areas such as pricing, valuation, reinsurance and/or capital management
• Strong knowledge of actuarial and risk management concepts and practices; experience with quantifying, analyzing and managing a range of product risks
• Self-motivated and independent with strong analytical, critical thinking, and problem-solving skills; comfortable dealing with both complexity and ambiguity, and able to explore multiple solutions to problems and challenges
• Robust strategic thinking capabilities to influence others and align with broader organizational goals and objectives
• Effective time management, planning and organization skills
• Strong interpersonal, communication and influencing skills: ability to convey complex issues, explain methodologies and influence resolutions in writing and orally
• Ability to rapidly respond to changes in direction, tight deadlines and high-pressure situations
• Experience with managing teams and demonstrates ability to attract, retain and develop strong talent
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.
The Opportunity Summary
Establishing portfolio frameworks to evaluate investment and capital allocation decisions related to KOEs. Develop key metrics to drive portfolio construction and exit strategies. Partner with KOE management team and Corporate Development team to source and execute large scale M&A opportunities at entity level. Lastly, this position can mentor and/or direct less experienced managers or employees. The Opportunity As the Key Operating Entities Portfolio Management lead, you will work in a fast paced and collaborative environment to maximize KOE portfolio value and makes strategic recommendations to various internal stakeholders including MassMutual's Executive Leadership Team. This role will report directly to the Head of Strategic and Financial Management of Key Operating Entities and is a key role in MassMutual's Key Operating Entities Organization. You'll have frequent interactions with senior stakeholders including senior leaders within CFO and MassMutual. The Key Operating Entities Portfolio Management lead will have the opportunity to lead a team that will:
• Establishing portfolio frameworks to evaluate capital allocation decisions related to KOEs
• Source new investment opportunities to expand KOE portfolio and/or replace underperforming entities
• Partner with each KOE's senior management team to source and execute large scale M&A opportunities, brainstorm outreach strategy/ tactic to approach targets by leveraging MassMutual's existing relationship.
• Given a significant portion of our return on these entities depends on a successful exit strategy, KOE Portfolio Management Lead is responsible to determine the exit path and negotiate the best outcome for MassMutual.
• Collaborate with various internal team to develop a hurdle rate for holding these investments; this rate could change as market conditions evolve, and you will regularly evaluate and make recommendations of strategic decisions based on this metric
• Publish Bi-annual KOE portfolio review including: Medium term strategic options related to KOEs Portfolio return projection and hurdle rate update Framework to source new investments Exit Strategy and timing / capital recycle • Attend industry conferences to extend professional network, collect market intelligence and represent MassMutual
• Actively contribute as a leader across Company in the development and delivery of strategic priorities within areas of accountability
• Proactively focus on self and team development (e.g. research of market developments and trends, various capital frameworks (Solvency II, Bermuda etc.), product impacts, MassMutual related businesses, value creation metrics, etc.) The Team The Key Operating Entities Portfolio Management Lead is a member of the KOE organization (direct report of Head of Key Operating Entities) which is a dynamic team of individuals with diverse backgrounds that are focused on:
• Maximize KOE values, both individually or collectively as a portfolio
• Establishing a rigorous framework to monitor and drive performance on existing KOEs
• Strengthen existing enterprise-wide business relationships and push for additional synergistic partnerships
• Source new investment opportunities to expand KOE portfolio and/or replace underperforming entities
• Maximize value for MassMutual as a shareholder and ensure alignments of key interest The Impact:
• Support leadership and other key customers by performing rigorous analysis and effectively communicating key takeaways and recommendations
• Define an investment thesis based on the MassMutual's competitive situation, strengths, opportunities, and risks
• Determine the value creation potential of the portfolio from both market perspective, value perspective, and ownership perspective
• Defining portfolio roles for each individual investment and translate portfolio roles into capital allocation and management decisions
• Produce and publish bi-annual KOE portfolio reports, including detailed analytics to support strategic decision making
• Regularly present results to MassMutual's Board, CFO, QMR and other internal forums
• Engage and influence senior stakeholders to steer a strategic agenda
• Develop strong, collaborative working relationships with business partners across teams and levels The Minimum Qualifications
• BS in accounting, finance or actuarial science
• 5+ years of experience in investment management, private equity, or investment banking
• Strong analytical skills, judgement, attention to detail, and creativity to effectively solve problems
• Ability to navigate ambiguity, take initiative, and prioritize in a fast-paced, dynamic environment; balance the needs of multiple stakeholder groups
• Proactive and resourceful self-starter who takes initiative and ownership
• Ability to learn new topics and skills with a combination of intellectual curiosity, desire for professional growth, and receptiveness to feedback
• Detail-oriented with excellent verbal and written communication skills
• 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
• Knowledge Statutory accounting and Capital frameworks (U.S. risk-based capital, rating agency capital frameworks, Solvency 2, etc)
• Investment banking or private equity experience
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.
The OpportunityAs the Head of Fixed and Income Annuity Pricing you will manage a $15B annuity business for a top 5 carrier in the retail annuity market. You will work in a collaborative environment partnering with a diverse group of stakeholders representing both the sales and risk management sides of the business. This is a highly visible and strategic role with pricing responsibility for our fixed and income annuities.The TeamThe annuity pricing team is a motivated group focused on maintaining our position as a market leader in the annuity space. In this role you will interact mainly with the Annuity product team, distribution (Career Agency and third party), and corporate oversight teams to help us balance competitiveness and profitability.The Impact:Lead a team of 4 with responsibility for the pricing of new and existing fixed and income productsOversee rate setting and rate implementation process for spot priced products balancing competitive positioning and profitability in accordance with our desired position in the marketPartner with Investment Management and the ALM team to ensure business is appropriately hedgedGo beyond technical analysis to orchestrate innovative and creative solutions that reflect current market trends while meeting our business objectivesTake ownership in setting pricing assumptions and performing pricing analysisLead pricing review and approval process with both Corporate Actuarial and ProductInfluence and provide key contributions to ongoing business strategy and growthThe Minimum QualificationsBachelor's degree in actuarial science, math, statistics, or related disciplineFellow of the Society of ActuariesExperience with actuarial software such as Prophet, AXIS, or Alpha10+ years experience in actuarial roles3+ years of experience with pricing OR fixed & income productsDeep understanding of the retail annuity marketplace and competitive landscapeExperience leading, developing, and coaching a diverse teamAbility to manage multiple concurrent deadlines and discern the appropriate level of precision for urgent tasksAbility to influence others and drive engagementStrong written and verbal communication including presenting results to senior management in Distribution, Product, and Corporate OversightAbility to partner effectively with distribution leadershipThe Ideal QualificationsALM or annuity pricing, valuation, and/or modeling experience is preferredExperience in Prophet12+ years experience in actuarial roles3+ years of experience with pricing AND fixed & income productsDemonstrated success dealing with both complexity and ambiguity, with ability to explore multiple solutions to a problemAbility to analyze and comprehend complex information, as well as convey complex materials to non-technical audiencesDemonstrated approach to execute strategic initiatives, business projects and day-to-day activities simultaneously.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.
The OpportunityAs the Head of Fixed and Income Annuity Pricing you will manage a $15B annuity business for a top 5 carrier in the retail annuity market. You will work in a collaborative environment partnering with a diverse group of stakeholders representing both the sales and risk management sides of the business. This is a highly visible and strategic role with pricing responsibility for our fixed and income annuities.The TeamThe annuity pricing team is a motivated group focused on maintaining our position as a market leader in the annuity space. In this role you will interact mainly with the Annuity product team, distribution (Career Agency and third party), and corporate oversight teams to help us balance competitiveness and profitability.The Impact:Lead a team of 4 with responsibility for the pricing of new and existing fixed and income productsOversee rate setting and rate implementation process for spot priced products balancing competitive positioning and profitability in accordance with our desired position in the marketPartner with Investment Management and the ALM team to ensure business is appropriately hedgedGo beyond technical analysis to orchestrate innovative and creative solutions that reflect current market trends while meeting our business objectivesTake ownership in setting pricing assumptions and performing pricing analysisLead pricing review and approval process with both Corporate Actuarial and ProductInfluence and provide key contributions to ongoing business strategy and growthThe Minimum QualificationsBachelor's degree in actuarial science, math, statistics, or related disciplineFellow of the Society of ActuariesExperience with actuarial software such as Prophet, AXIS, or Alpha10+ years experience in actuarial roles3+ years of experience with pricing OR fixed & income productsDeep understanding of the retail annuity marketplace and competitive landscapeExperience leading, developing, and coaching a diverse teamAbility to manage multiple concurrent deadlines and discern the appropriate level of precision for urgent tasksAbility to influence others and drive engagementStrong written and verbal communication including presenting results to senior management in Distribution, Product, and Corporate OversightAbility to partner effectively with distribution leadershipThe Ideal QualificationsALM or annuity pricing, valuation, and/or modeling experience is preferredExperience in Prophet12+ years experience in actuarial roles3+ years of experience with pricing AND fixed & income productsDemonstrated success dealing with both complexity and ambiguity, with ability to explore multiple solutions to a problemAbility to analyze and comprehend complex information, as well as convey complex materials to non-technical audiencesDemonstrated approach to execute strategic initiatives, business projects and day-to-day activities simultaneously.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.
