Director of Derivatives Controllership

New York, New York
Mass Mutual Financial Group

Director Investment Controllership- Derivatives (Hybrid)

Controllers Organization of Corporate Finance

Full-Time

Springfield, MA, Boston, MA or New York, NY

About the Corporate Controller Organization:

The Controllers Organization is responsible for delivering on the foundation of credibility and control of the core financial information leveraged across Finance to communicate with leadership, key business partners and regulators on the enterprise’s actual results, forecast implications and strategic decision making. This work considers legal entity structures, distribution channel, and product results as well as how these impact our capital optimization and operating liquidity.

We are a diverse group of professionals experienced in and responsible for accounting, financial reporting, tax, policy and controls, cash operations, corporate finance data and systems management as well as wealth management finance activities. We are seeking engaging professionals with strong communication skills and deep intellectual curiosity to ensure the timely and efficient reporting of results. We not only perform the required activities. We are looked to as business partners who add value by challenging existing operating practices strengthening controls and highlighting trends and insights.

The Opportunity

As a Director in the Controllers Organization of Corporate Finance you will join us as we continue our progress towards becoming best in class financial stewards for MassMutual. We are forward-thinking and seek others who will leverage their curiosity and take initiative. Join us as a partner who will work collaboratively and with determination to leave the company in a better place than you found it. As a Director, you will be an experienced accounting professional who wants to work with a diverse team of highly motivated professionals focused on proactively driving the development and execution of process improvement, meaningful analysis and control execution for investment accounting activities.

This work schedule is a hybrid structure to maximize collaboration and flexibility, blending time working remotely and in the office, at either our Boston, MA or Springfield, MA locations.

The Team

The Investment Controllership team is a high-profile team in the Controllers organization, comprised of accounting professionals who oversee our various asset classes and investment activities. The team continues to grow in support of our growing level of assets, key initiatives and special projects. Our team is driven to provide timely and accurate financial information to our customers. We pride ourselves on working with agility and being a reliable source of information in the organization while continuously improving how we work together as a team to make our processes better. Our culture thrives on inquisitive approaches to our work to help identify issues with specificity and demonstrate high levels of accountability to make things right.

The Impact:

As a Director of Derivatives you will lead a team that manages and executes investment accounting and controllership processes, and related analysis. Your responsibilities will also include, but are not limited to the following:

• Responsible for managing monthly reconciliations between the subledger and trading system for derivatives ensuring the accuracy of the financial statement results as it relates to derivatives
• Responsible for review, accuracy and timely completion of derivative footnotes and NAIC schedules
• Execute on process re-design as a result of the increase in our hedging strategies and development of analytics for quarterly derivative results
• Responsible for investment office support for new hedging strategies in collaboration with Accounting Policy to ensure execution of these results in appropriate GAAP, STAT and reinsurance accounting and reporting for derivatives
• Responsible for the partnership with Investment Middle Office on design of operational processes in the subledger that support the derivative accounting
• Oversight of TPAs supporting hedge accounting and certain hedging strategies
• Responsible for the execution of processes and controls that support hedge accounting
• Point of contact for external auditors on all derivative related matters
• Perform control functions in compliance with NAIC Model Audit Rule and the Company’s control structure
• Perform frequent ad hoc analysis and assist with special projects, as requested

The Minimum Qualifications:

• Bachelor’s degree in Accounting or Finance
• Minimum 8+ years of relevant experience in Investment Controllership and/or Investment Operations for derivatives with a foundational understanding of the upstream processes and impacts to downstream accounting and reporting
• Experience in insurance company Investment GAAP and Statutory reporting

The Ideal Qualifications:

• CPA or CFA preferred
• Experience in insurance company investment GAAP and statutory reporting
• Experience in successful process redesign from system enhancements and conversion
• Pro-active, detail oriented, deadline driven; possess excellent documentation and analytical skills
• Results oriented, flexible, self-motivated, and able to work in a team environment with limited direct supervision
• Solid written and oral communication skills
• Proven ability to successfully handle competing priorities and multiple deliverables

What to Expect as Part of MassMutual and the Team

• Regular meetings with the Investment Controllership 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 business with industry leading pay and benefits