Hedging Director
The Opportunity
As the Hedging Director you will lead the team responsible for building and maintaining liability hedging models, managing the hedging production process and collaborating with Investment Management and ERM to produce Variable Annuity Risk Committee agenda items and materials.? In addition, the role will work with pricing and investment management teams to evaluate the trade-offs of different hedging strategies.? You will be a trusted partner to various internal stakeholders and manage a small team of actuarial and quantitative professionals.
The Team
The ALM & Hedging team within CABA is charged with supporting the company's execution of its strategies from a liability point of view.? We own the production of liability metrics needed to execute these strategies, but we also partner with investment management, ERM, and Product in the development and ongoing management of these strategies.? We are a small team, so agility is important.? While we have chosen to define responsibilities as either ALM or Hedging, it's expected that there will be opportunities to flex across the team as demands change.?
The Impact
- Evaluate the current modeling infrastructure and design, including checks and controls, and making recommendations for changes where appropriate to enhance our ability to understand results
- Perform research on best practices related to data and modeling, determining the best approaches for the company to implement new capabilities for our business
- Partner with annuity pricing and valuation teams to lead the implementation of new variable annuity products into hedging production models and reports
- Lead cross-functional groups to improve hedge attribution reports, effectiveness tracking, and hedge cost estimation for use in pricing and planning activities
- Prepare and effectively communicate hedging information for various customers (e.g. Annuity Valuation, ERM, Investment Management, Pricing, etc.)
- Use the valuation governance framework, including assumption-setting, model development and management and data governance to produce accurate, informative results
The Minimum Qualifications
- Bachelor's Degree or higher
- Minimum of 10 years' experience in modeling, hedging, risk management and/or in reporting, pricing, assumptions development
- Deep expertise in data and model management
- Experience in management of small teams
- Continuous improvement and strong controls mindset
- Working knowledge of hedging techniques
- Strong working knowledge of US annuity products
- Strong communication skills, both written and verbal
The Ideal Qualifications
- Fellow or Associate of the Society of Actuaries and Member of the American Academy of Actuaries
- Strong modeling, technical and leadership skills with ability to oversee complex processes and communicate results, and a desire for a continuous improvement mindset
- Ability to build and maintain strong working relationships across cross-functional groups and to proactively resolve issues
- Deep knowledge of variable annuity products, risk management techniques, regulations and methodologies
- Experience with Prophet and/or Atlas modeling platforms
What to Expect as Part of MassMutual and the Team
- Regular meetings with the ALM & Hedging Team
- Focused one-on-one meetings with your manager
- 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
- Your ethics and integrity will be valued by a company with a strong and stable ethical nosiness with industry leading pay and benefits
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