Head of Investment Controls

MassMutual • Springfield, MA

8d

About The Position

We are seeking an experienced professional to lead the development, design, and implementation of an internal control oversight program, reporting to the Head of Investment Compliance & Controls within the Investment Strategy & Governance organization in Investment Management (IM). As Head of Investment Controls, you will be responsible for evaluating the control framework for various investment-related processes for the Company’s General Investment Account. In this role, you will be the responsible for all aspects of the control framework for IM, including but not limited to performing risk assessments, evaluating control design and effectiveness, continuous monitoring and testing of controls for various investment processes, including portfolio management, trade capture, trade settlement, pricing and valuation, and cash processing and collateral management for a variety of asset classes (e.g., publics, privates and derivatives). As a senior member of the team, you will also lead the design of the future-state control environment for the Company’s investment ecosystem transformation initiative, partnering with stakeholders to embed appropriate controls and best practices. In this role you will also partner various internal and external stakeholders across MassMutual and its affiliates to remediate control design and effectiveness gaps and recommend process improvements to the Head of Investment Compliance & Controls, and present overall control recommendations to the senior leadership team within IM. You will play a critical role in helping shape and implement the future operating model of governance, risk and controls for processes supporting the General Investment Account and helping to ensure consistency and continuity across front, middle and back-office functions.

Requirements

• Bachelor’s Degree in Accounting, Finance or Business Administration
• 10+ years of relevant experience in building and implementing risk frameworks and controls (e.g., Sarbanes-Oxley), internal or external audit or enterprise risk management in financial services
• Expertise in conducting risk assessments, familiarity with auditing standards and experience with control testing procedures
• Able to garner support and gain momentum to bring new ideas through implementation.
• Prior track record in building partnerships with senior leaders
• Experience and confidence with communicating, influencing, and presenting to senior and executive leadership.
• Outstanding verbal, written and interpersonal communication skills
• Ability to work independently, prioritize work, and meet deadlines
• Ability to successfully partner with internal and external stakeholders
• Collaborative with strong interpersonal skills; able to relate to and build strong relationships with diverse internal and external audiences/constituencies; leverages the ability to deliver effectively.
• Proficient with Microsoft Office tools (Outlook, Excel, Word, etc.)

Nice To Haves

• Higher degree, MBA or equivalent
• Knowledge of investments (e.g., public, private and derivatives) and investment operations (e.g. trade capture, trade settlement, pricing and valuation, cash processing and collateral management)
• Understanding of the financial regulatory environment for the insurance industry
• Strong analytical, problem solving and issue resolution skills
• Focus on continuous process improvement and efficiency
• Strong organizational and time management skills
• Ability to effectively manage projects with multiple constituents and stakeholders
• Certified Public Accountant (CPA), Certified Internal Auditor (CIA) or Certified Sarbanes-Oxley Professional (CSOP), Certified Investments and Derivatives Auditor (CIDA) or other similar certification, preferred but not required

Responsibilities

• Build and perform risk assessments on operational processes to identify key and non-key controls and gaps in the design of the controls
• Alongside Head of Investment Compliance & Controls, work with operational senior leaders across Investment Management to ensure effective governance and frameworks and controls for identified risks
• Ensure that controls are effectively designed to sufficiently mitigate operational errors and financial reporting risks
• Create process/workflow narratives outlining the type (preventive/detective) and objective (accuracy/completeness) of the controls performed
• Coordinate walkthroughs in conjunction with process owners in support of examinations performed by auditors and regulators
• Conduct continuous monitoring and testing to validate ongoing effectiveness of key and non-key controls (in collaboration with process owners)
• Evaluate the adequacy of documentation evidencing the performance of controls in support of certain investment management representations relative to the Company’s financial statements
• Collaborate with various stakeholders (ex: IM Senior Leadership team, Controllers, External Auditors, etc.) to identify, assess the impact and remediate control design and effectiveness gaps
• Recommend and partner with various stakeholders to drive process improvements and automation
• Partner with various stakeholders on projects and strategic initiatives to ensure that best practices are incorporated as appropriate
• Lead the design of the future-state control environment for a front-to-back investment ecosystem transformation by partnering with stakeholders to embed effective controls and best practices
• Collaborate with stakeholders to ensure appropriate remediation of control deficiencies in a timely manner
• Oversee deliverables recommended by audit, ERM and other governance bodies requiring investment management follow-up
• Develop enhanced reporting for stakeholders within IM to increase awareness of control gaps, the status of remediations and identify patterns that may signal changes in the control environment
• Develop relationships with managers and senior leaders across Investment Management to understand key processes and proactively communicate GRC updates
• Act as a point person for Investment Management coordination of GRC across Audit and ERM

Benefits

• Competitive salaries
• Incentive and bonus opportunities
• Bonus target or Variable Incentive Compensation component
• 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

What This Job Offers

• Job Type: Full-time
• Career Level: Senior