Vice President, Enterprise Risk Management

Blue Cross Blue Shield of Massachusetts•Boston, MA

1d•$274,050 - $334,950•Onsite

About The Position

The Vice President of Enterprise Risk Management provides executive leadership and strategic advice on risk management across Blue Cross and Blue Shield of Massachusetts. Reporting to the Senior Vice President of Risk and Audit Management, this role ensures risk management functions are optimally designed and aligned with the organization’s mission, vision, and values. The VP develops and implements an enterprise risk management vision and programs to identify, eliminate or reduce, and insure against risks to the organization, related entities, and customers. The role leads ERM strategy and execution, participates in enterprise strategic planning, policy formulation, and budgeting, and oversees divisional goals, budgets, vendors, and contracts. It partners with senior executives and business units on strategic, financial, and operational risks, and serves as an internal consultant and subject matter expert for situations requiring elevated investigation or oversight. The VP owns and strengthens the enterprise risk framework, including risk appetite, limits, standards, and policies. Responsibilities include overseeing focused and emerging risk reviews, technology risk reviews, business continuity and crisis management, the corporate insurance portfolio and Vermont-domiciled captive insurer, and third-party/vendor security risk management. The role also sets the vision and governance framework for AI and automation in risk and across the business, aligned with corporate ethics and data privacy standards, and develops the ERM team’s capabilities in advanced analytics, AI, and automation. The position presents risk strategy and assessments to the Board of Directors, senior management, and executive committees; oversees senior-level meetings, including the Audit Committee and Risk Committee; manages the annual ORSA report filing and process; and represents the risk function with regulators, industry groups, and external reviewers. The VP leads and mentors the Risk team and is responsible for management duties including hiring, training, and development. The position is full-time and is located in Boston or Hingham. The anticipated annual base salary range is $280,000–$320,000; the posting also lists a salary range of $274,050–$334,950. The role is eligible for variable pay.

Requirements

Bachelor’s degree required; Accounting, Finance, or Risk Management preferred.
15+ years of professional experience, including significant leadership experience in Risk Management within the health insurance industry.
Successful leadership of major risk assessments resulting in successful organizational outcomes.
Strong financial acumen and credibility as a risk professional.
Extensive knowledge of the health insurance industry, commercial products, and regulatory frameworks.
Extensive knowledge and experience with corporate compliance policies, state and federal regulations, National Association of Insurance Commissioners requirements, and general audit procedures.

Nice To Haves

Master’s degree (MS or equivalent) preferred; a J.D. or MBA is a plus.
One or more of the following certifications highly preferred: Certified Internal Auditor (CIA), Certification in Control Self-Assessment (CCSA), Certified Risk Manager (CRM), or Financial Risk Manager (FRM).
Knowledge of Hi-Trust standards and modern, proactive auditing approaches preferred.

Responsibilities

Lead the development and execution of the Enterprise Risk Management strategy and participate in company-wide strategic planning, policy formulation, and budgeting.
Establish annual division goals and oversee the division budget, resource allocation, vendor relationships, and contracts.
Partner with senior executives and business unit stakeholders to understand and influence actions regarding enterprise strategic, financial, and operational risks.
Serve as an internal business partner, consultant, subject matter expert, and resource for matters requiring elevated investigation or oversight.
Define, develop, and strengthen the enterprise risk framework, including risk appetite, limits, standards, and policies.
Identify and monitor critical risk issues; report outstanding exceptions and remediation timelines to senior management; manage emerging, divisional, and targeted risk reviews and related reporting.
Oversee the technology risk program, including reviews of infrastructure, sustainability, resilience, strategic goals, and projects.
Set the strategic vision and governance framework for AI and automation in the risk function and across the business, supporting the AI governance program and alignment with ethics and data privacy standards.
Oversee long-term ERM talent strategy and upskilling in advanced analytics, AI, and automation.
Lead complex projects and oversee business continuity, crisis management, and the corporate insurance portfolio, including a Vermont-domiciled captive insurer.
Provide executive leadership and oversight for the Third-Party/Vendor Security Risk program and related policy management.
Present strategy, objectives, and independent risk assessments to the Board of Directors, senior management, and executive committees; oversee timely, actionable reporting.
Oversee planning and execution of senior-level meetings, including the Audit Committee and Risk Committee.
Oversee the annual ORSA report filing and process; represent the risk function with the Division of Insurance, regulators, the BCBS Association, and industry groups.
Lead and participate in external audits and reviews related to risk management.
Lead and mentor the Risk team, including hiring, training, and employee development, and foster a positive and engaging work environment.