Head of Credit Risk Management

The Opportunity
This is an opportunity for an exceptional, highly motivated, collaborative, experienced risk individual to join MassMutual's Capital and Investment Risk Management team and the broader Enterprise Risk Management. The successful incumbent will lead the Credit Risk Management team that plays a key role in the management of risks associated with MassMutual's investment decisions and use of capital.
With a focus on credit risk management, you will partner with leaders across ERM, Investment Management and CFO to identify, measure and develop recommendations to manage enterprise investment risk exposures.
As part of the Capital & Investment Risk leadership team, you will provide a view into the functional effectiveness of the team (e.g., collaborating with your peers on the coordination and prioritization of work, evolution of processes). You will also support the Head of Capital & Investment Risk and team strategy with high-level thought leadership.
The Team
This role reports to the Head of Capital & Investment Risk, a member of the Enterprise Risk Management leadership team. It will interact closely with leaders in the Investment Management and Finance divisions to deliver insights and influence decisions regarding MassMutual's investment risk-taking and use of capital, helping to protect MassMutual's financial strength and enable it to achieve its strategy.
The Capital & Investment Risk team brings together a diverse team of experts across capital markets, risk management, actuarial, and quantitative disciplines that works together to deliver analysis and recommendations related to the management of credit, market, liquidity and capital risk, consistent with the enterprise risk appetite framework for which the team is also responsible. Within this, the Credit Risk Management team comprises a group of professionals that bring together fundamental and quantitative credit risk analysis and expertise to ensure sound management of MassMutual's portfolio and counterparty credit risks.
The team continues to be successful in driving improvements in tools, technology and processes, for more consistent risk analysis and reporting, and enabling greater opportunities for scale and efficiency within ERM and with stakeholders in Investment Management and Finance.
The Impact
You will ensure MassMutual's credit risks are well mitigated, with robust risk management controls and frameworks in place, that remain appropriate for MassMutual's evolving business strategy and operating environment.
You will partner with your Capital & Investment Risk peers to ensure that the variety of analytical and risk management processes and deliverables within the team are connected and scaled for maximum impact and efficiency.
A key to success in this position will be the ability to work collaboratively with other leaders within Capital & Investment Risk Management, the Investment Management and Finance functions, and within MassMutual's asset management subsidiaries. The successful candidate will have experience leading teams, facilitating fluid communications, and uniting people across organizations to keep them moving forward.
Notable responsibilities include:• Oversight responsibility for credit risk management, including coordinating with leaders in Investment Management and CFO to ensure associated policies and frameworks and their execution remain current and appropriate to the company's overall objectives and risk appetite• Ensure effective governance of all key credit risks through consistent approach to risk identification and top risk processes, collaborating with Investment Management, and maintain a current view of macroeconomic and investment risk themes and topics.• Accountability for counterparty credit risk management, notably related to MassMutual's use of derivatives and reinsurance, including management of Counterparty Credit Risk Committee and related credit surveillance and analysis• Support the Head of Capital & Investment Risk and Chief Risk Officer in new deal approval process by providing due diligence review and risk insights into potential new investments, particularly those which are large, complex and private in nature.• Conduct targeted credit reviews of portfolios expected to be most exposed under stressed credit cycle scenarios, utilizing credit risk modeling tools to support analysis• Partner with others in Capital & Investment Risk Management, notably Head of Capital Risk, to analyze potential impacts and available management options associated with credit risk stresses and other tail scenarios, to recommend appropriate actions as appropriate• Ensure market-leading credit risk analytical capabilities are maintained as needed to support portfolio and counterparty credit risk management, CECL (Current Expected Credit Losses), risk appetite analysis and reporting, coordinating with Investment Management and Enterprise Technology.• Coordinate with the Sustainability and Investment Management teams to provide insights into climate related investment risks, and ensure climate risk considerations are appropriately reflected in relevant investment risk measurement tools, policies and frameworks• Work with Investment Management to ensure continuation of appropriate risk controls and oversight of our external investment managers• Scope and lead complex projects, often in a matrixed setting across multiple functions applying change management, influencing, and communication skills• Present risk analysis and recommendations to the Investment Oversight Committee and Enterprise Risk Committee• Attract, develop and retain top talent with a special focus on inclusion and career development; design and distribute work strategically, empowering the team to execute collectively and effectively.
To do this, it is expected that you will:• Inspire and motivate ERM colleagues to succeed in 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• Be a committed team player and a dedicated coach/player manager• 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• Quickly self-educate on new topics with less familiarity• Have interest in a wide range of business issues
The Minimum Qualifications• 10+ years of relevant work experience working in investment risk management (insurance company focus);• Extensive experience in fundamental credit risk analysis and quantitative credit modeling across a wide range of fixed income, structured, equity and real estate asset classes• Knowledge and experience working with derivatives and reinsurance• 5+ years managing people and a well established record of project management;• Success working in collaborative team environment with matrix management;• Strong executive communication and presentation skills; and,• Ability to work independently and take initiative.
The Ideal Qualifications• Deep investment risk expertise within the insurance industry, including a clear understanding of credit risk frameworks, taxonomy and related risk management techniques and tools• Capital markets experience, including detailed knowledge and experience and familiarity with range of asset classes relevant to MassMutual• Working knowledge and experience working on ESG initiatives• 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 of leading large, complex projects• 5+ years of insurance risk experience• An advanced degree in Financial Engineering, Mathematics, Actuarial Science, Physics, Engineering or similar quantitative discipline preferred;• Relevant professional certifications (e.g., FSA, CFA, CAIA, FRM) preferred• Experience working with Moody's Analytics credit risk modeling tools
What to Expect as Part of MassMutual and the Team• Regular meetings with peer leaders within the Capital & Investment Risk Team, senior stakeholders in Investment Management and CFO, as well as regular interactions with the Investment Oversight Committee, Internal Approval Committee and Enterprise Risk Committees• Focused one-on-one meetings with your manager• Access to mentorship opportunities• 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
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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.