Job Description
The Opportunity 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. 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 Investment Management, 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). In this role you will partner various internal and external stakeholders across MassMutual and its affiliates to address and remediate control design and effectiveness gaps and recommend process improvements to the Head of Investment Compliance & Controls, and present overall IM Control recommendations to IM Senior Leadership team. You will play a critical role in helping shape and implementing 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.
The Team The Investment Compliance & Controls Oversight team partners with various stakeholders across MassMutual and its affiliates to assess and monitor compliance on a broad range of investment related regulatory, governance, reporting and risk matters for the Company’s General Investment Account. The team is focused on adding value via risk mitigation, control governance, process improvement, automation, and enhanced reporting to support the Company’s investment strategies and objectives.
The Impact As a senior member of the IM compliance team, you will drive and provide valuable insight and perspectives to management enhancing the oversight and monitoring of operational and financial reporting controls.
Responsibilities Include - Across the front, middle and back-office investment management business:
- 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 stakeholder on projects and strategic initiatives to ensure that best practices are incorporated as appropriate
- 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
The Minimum Qualifications - 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 to 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
- Team Player / Relationship Building: 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.)
The Ideal Qualifications - Higher degree, MBA or equivalent
- Knowledge of investments (e.g., publics, privates 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
Certifications - 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
What to Expect as Part of MassMutual and the Team - Regular meetings with the (Insert Team Name)
- Focused one-on-one meetings with your manager
- Access to mentorship opportunities
- Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQIA+, 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
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.
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