Head of Balance Sheet Risk

• Second-line risk oversight: Accountable for second-line oversight of market liquidity and capital risk frameworks and execution partnering with Investment Management and Finance to ensure risks are well mitigated with frameworks processes and controls current and fit-for-purpose. Deliver independent review and challenge of first-line activities ensuring alignment to approved risk appetite enterprise ALM objectives and governance expectations.
• Asset allocation: Provide enterprise and product-level risk perspectives on asset allocation trade-offs incorporating inputs from Credit Risk Management on sector issuer and portfolio credit risks helping ensure allocation limits are appropriate to the liabilities and provide a risk/return balance within aggregate risk appetite. Review investment guidelines and limits for reasonableness and recommend alternatives as needed.
• Liquidity: Oversee Treasury-led liquidity risk management to maintain a robust enterprise approach that reflects product cash-flow dynamics stress behavior under adverse market conditions and interactions with capital and funding strategies.
• Risk appetite: Own and evolve MassMutual's multi-lens risk appetite framework including financial risk methodologies and metrics analysis and reporting (integrating inputs from Credit Risk Management and other stakeholders) escalation of concerns; partner with first-line stakeholders to assess risk/return trade-offs under stress and tail scenarios and recommend actions (e.g. macroeconomic tail hedges) as needed
• Economic capital: Oversee the use of economic capital and value metrics within the risk appetite and ALM frameworks including economic capital methodologies analysis and review of results Partner closely with Finance and Investment Management to expand and further embed these metrics in decision-making.
• Stress and scenario testing: In partnership with the Head of Credit Risk ensure the Capital & Investment Risk team maintains a robust approach to the development maintenance and application of stress scenarios to provide insights into potential tail exposures impacting MassMutual's financial strength and to support holistic evaluation of risk/reward tradeoffs of risk management alternatives.
• Modeling process evolution: Collaborate with the Chief Actuary Treasurer Investment Management and other stakeholders to define the future state vision and roadmap for capital and liquidity stress modeling across risk appetite economic capital and enterprise stress and scenario analysis; partner with Credit Risk Management which owns credit risk modeling methodologies and tools; in the near term oversee current production processes while evolving roles governance and ways of working.
• Strategic planning: Support Head of Capital & Investment Risk in providing independent risk assessment and challenge of significant capital transactions strategic investments and M&A activities with emphasis on impacts to capital adequacy liquidity resilience balance-sheet risk appetite and rating agency considerations.
• Leadership: Lead a team of 13 capital markets risk and actuarial professionals; scope out and lead complex projects often in a matrixed setting across multiple functions applying change management influencing and communication skills
• Executive presence: Present risk analysis insights and recommendations to the Investment Oversight Committee Enterprise Risk Committee and other senior forums.
• Talent and culture: Attract develop and retain top talent; build skills and career paths aligned to the evolving operating model; foster collaboration across risk disciplines; and manage key-person risk through delegation coaching and succession planning.

• Inspire and motivate ERM colleagues to deliver on 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
• Lead as a player/coach: deliver results personally and coach others to succeed.
• 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
• Rapidly build knowledge in unfamiliar topics and apply it to the work.
• Demonstrate curiosity across a broad range of business issues.

• 15+ years of relevant work experience working in investment risk management (insurance company focus)
• A Bachelors degree in Financial Engineering Mathematics Actuarial Science Physics Engineering Finance or similar quantitative discipline
• Demonstrated experience operating as a second-line risk leader influencing senior decision-makers in a matrixed environment
• Extensive experience in quantitative market credit and asset allocation modeling
• Experience performing detailed analysis of risks associated with different asset classes including private credit and structured assets
• Experience in applying economic value and capital frameworks to drive strategic decisions within an insurance company
• Previous experience working on liability driven investing projects within an insurance company
• Knowledge and experience working with derivatives and hedging risk management
• Understanding and experience of the life insurance industry
• Well established record of project management
• Success working in collaborative team environment with matrix management
• Strong executive communication and presentation skills
• Ability to work independently and take initiative

• 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
• Strong understanding of life insurance and annuity products including long-duration guarantees embedded options policyholder behavior and how these features influence market liquidity and balance sheet risks
• 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 leveraging AI and advanced analytics tools to improve risk analysis streamline processes and enhance decision-ready insight in a risk or financial context
• Experience of leading large complex projects
• 10+ years of insurance risk experience
• An advanced degree in Financial Engineering Mathematics Actuarial Science Physics Engineering or similar quantitative discipline;
• Relevant professional certifications (e.g. FSA CFA CAIA FRM)

• Clear areas of ownership and accountability with work that connects directly to company and customer outcomes
• A collaborative environment where perspectives are welcomed
• Access to learning development and internal networks that support continuous growth and skill-building over time
• Employee-led communities and forums that foster connection learning and inclusion across the organization
• A culture grounded in integrity responsibility and stewardship-supported by a company with a strong legacy and a future-focused mindset

What We Do

Since 1851 MassMutual’s commitment has always been to help people protect their families support their communities and help one another. This is why we want to inspire people to Live Mutual. We’re people helping people. Together we’re stronger.

Why Work With Us

MassMutual has the financial security and stability of a 170+ year old company with the culture and energy of a startup. We work every day with the customer front of mind to build the best digital experience in the industry.

Gallery