Head of Strategic Planning and Forecasting
We are looking for the Head of Strategic Planning and Forecasting to be responsible for developing and executing the quarterly GAAP and STAT financial forecast for MassMutual’s consolidated operations which includes insurance entities, affiliates and strategic investments. The forecast provides us insight into our forward-looking earnings and capital financial picture which enables strategic decision making. This position will also ensure that our budget is connected to our strategic plan. It’s essential that our forecast process has the appropriate level of governance and can be executed consistently.
This position reports to the Head of Financial Planning & Analysis and will lead a small team. Ensure team is proactive and highly responsive to client needs, anticipating upcoming deliverables and taking accountability for proper execution. Ensure junior staff is trained, supportive of team efforts and paying sufficient attention to detail. Research and monitor new developments across the industry. Manage the timing, accuracy and hands-on execution of deliverables. Ensure proper attribution of results so the organization understands all storylines. The position will be responsible for building a Finance of the future team with diverse and complementary skillsets including accounting, FP&A, actuarial, data science, analyst, program management, etc.
We are transforming our financial forecast and management reporting over the next couple quarters. We expect this leader to drive improvements that will simplify the process and inputs, convert the forecast so that its driver based and shorten turnaround time by 80%. Upon completion, we will have an automated, top-down, driver-based forecast that will enable us to do dynamic scenario analysis and early warning stress-monitoring capability.
The ideal candidate will have experience in leading and transforming financial forecast processes as well as be fluent in life insurance or annuity products, investments and capital markets. This individual should excel at working collaboratively and cross-functionally with subject matter experts to ensure that the financial forecast incorporates material assumptions. The ideal candidate will need to excel in communications with team, peers and leaders within and outside the communications function. Things move quickly and change quickly at MassMutual; this individual should be able to roll with it. An understanding of financial statements and our various capital regimes is a must, along with the ability to translate and distill complex financial issues into simple English and the so what. The ideal candidate would also have experience with business intelligence technology.
The team is currently located in Springfield MA and Boston MA. The team is expected to expand its Boston MA presence in the future.
The Head of Strategic Planning and Forecasting is expected to:
- Develop robust end-to-end financial forecasting processes that is driver-based and automated and provides actionable insights on all key performance indicators
- Set strategic direction of the financial forecast for Finance
- Link finance to enterprise strategy and senior executives based on an understanding of both the business and financial conditions
- Effectively identify, utilize and present data in a way that facilitates evidence-based decision-making
- Ensure team is proactive and highly responsive to stakeholder needs, anticipating upcoming deliverables and taking accountability for proper execution
- Maintain effective working relationships with external stakeholders including regulators and rating agencies
- Inspire, lead and execute on CFO 2020 finance transformation initiatives, including data-driven financial analysis, automated reporting, and advanced analytics; develop staff and potential management successors; and improve processes with automation and programming
- Create an environment that fosters high levels of employee engagement
- Enhance overall forecast / budget governance to ensure that the process is operationalized and executed in a consistent manner every time.
- Broad and deep knowledge of life and annuity insurance forecasting concepts, tools, and reporting, covering:
- life and annuity insurance sources of earnings and accounting methods
- investment source of earnings and accounting methods
- various capital frameworks including rating agency, U.S. RBC, economic, etc
- predictive, driver-based forecasting techniques
- scenario modeling
- 7+ years of experience leading high caliber financial forecasting teams
- 15 years of work experience with a track record of increasing responsibility
- Demonstrated track record of strong executive support and the ability to advise senior leaders on financial optimization opportunities
- Demonstrated change leadership and continuous improvement techniques
- Excellent verbal and written communication skills with ability to convey complex materials to senior executives
- Bachelor’s degree in Business/Finance/Accounting/Actuarial or related discipline
- FSA, CFA, or equivalent
- High degree of financial acumen
- Strong analytical skills; ability to analyze financial data sets and understand businesses. Ability to tell the story of the data
- Experience with relevant data platforms, including Bloomberg, ThomsonOne, Rating Agencies, SNL.com, etc.
- Organized and detail-oriented; multi-task various responsibilities
- Proactive and self-motivated; anticipate upcoming client projects and deliverables
- Excellent influencing skills
- Ability to think critically and demonstrate good judgment. Demonstrate experience with creative problem-solving
- Exceptional relationship building skills. Excellent interpersonal and verbal skills; professional phone and email communications
- Innate desire to provide excellent service to clients
- Charismatic leader who can inspire excellent performance, listen, sell, and support staff though a broad and deep transition
- Resourceful under pressure and manage multiple deliverables. Drive results despite ambiguity or obstacbles
- Ability to work well under pressure and manage multiple deliverables
- Track record of talent stewardship, specifically the ability to attract, lead, develop and retain talent
- Ability to travel between Boston and Springfield as needed
- Must be authorized to work in the US without sponsorship now or in the future