Head of Balance Sheet Risk

MassMutual; Boston (MA); On-site; USD 150,000 - 200,000; Full time

Benefits offered by this job

Employee-led communities

Access to development networks

Collaborative environment

Job summary

MassMutual seeks a collaborative risk leader to join the Capital and Investment Risk Management team in Boston. This full-time, on-site role involves managing market, liquidity, and capital risks while partnering with Investment Management.

You will provide robust risk management frameworks and insights to influence balance sheet decisions consistent with the company's objectives and risk appetite.

Ideal candidates have 15+ years of experience in investment risk management, a strong educational background, and demonstrable leadership skills.

Qualifications

• 15+ years in investment risk management with an insurance focus.
• Demonstrated experience influencing senior decision-makers.
• Extensive quantitative modeling experience in market and credit.

Responsibilities

• Oversight of market, liquidity, and capital risk.
• Provide enterprise-level risk perspectives on asset allocation.
• Collaborate on strategic investments and M&A activities.

Skills

Investment risk management

Quantitative analysis

Market and liquidity risk frameworks

Project management

Communication skills

Education

Bachelor’s degree in Financial Engineering, Mathematics, Actuarial Science

Tools

Derivatives and hedging risk management

Job description

The Opportunity

MassMutual seeks an exceptional, highly motivated, collaborative risk leader to join the Capital and Investment Risk Management team (within Enterprise Risk Management). In this role you will provide centralized, second‑line accountability for market, liquidity, and capital risks, partnering closely with Investment Management and Finance to evaluate trade‑offs and influence balance‑sheet decisions consistent with the company’s risk appetite and enterprise ALM objectives.

Full‑Time

This is a full‑time, on‑site position located in Boston, MA or Springfield, MA.

The Team

The Capital & Investment Risk team works closely with the Investment Management and Finance divisions to deliver insights and influence decisions regarding MassMutual’s investment risk‑taking and use of capital. The team brings together a diverse group of experts across capital markets, risk management, actuarial, and quantitative disciplines, driving improvements in tools, technology, and processes to enable greater opportunities for scale and efficiency within ERM and with stakeholders.

The Impact

You will ensure MassMutual’s market, liquidity, and capital risks are effectively managed through robust risk‑management controls and frameworks aligned to our life insurance and annuity liabilities. You will serve as ERM’s focal point for integrating market, liquidity, capital, and asset‑allocation risk perspectives into a single, decision‑relevant enterprise ALM view, working with stakeholders in Investment Management and Finance to ensure balance‑sheet trade‑offs are explicitly assessed, governed, and escalated through consistent frameworks. Working closely with the Head of Credit Risk, you will also ensure that analytical and risk‑management processes and deliverables within the Capital & Investment Risk team are connected and scaled for maximum impact and efficiency. Initially the role will focus on unifying existing market, liquidity, and capital risk capabilities within ERM, with further operating‑model evolution as enterprise ALM governance, data, and modeling capabilities mature.

Notable Responsibilities

• Second‑line risk oversight: Accountable for second‑line oversight of market, liquidity, and capital risk frameworks and execution, partnering with Investment Management and Finance to ensure risks are well mitigated with fit‑for‑purpose frameworks, processes, and controls.
• Asset allocation: Provide enterprise and product‑level risk perspectives on asset‑allocation trade‑offs, incorporating input from Credit Risk Management on sector, issuer, and portfolio credit risks, and recommend alternatives to keep allocation limits appropriate to liabilities.
• Liquidity: Oversee Treasury‑led liquidity risk management to maintain a robust, enterprise approach reflecting product cash‑flow dynamics, stress behavior under adverse market conditions, and interactions with capital and funding strategies.
• Risk appetite: Own and evolve the multi‑lens risk appetite framework, including financial risk methodologies, metrics, and reporting; partner with first‑line stakeholders to assess risk/return trade‑offs under stress and tail scenarios and recommend actions.
• Economic capital: Oversee the use of economic capital and value metrics within the risk appetite and ALM frameworks, partnering with Finance and Investment Management to embed these metrics in decision‑making.
• Stress and scenario testing: Ensure the team maintains a robust approach to the development, maintenance, and application of stress scenarios to provide insights into potential tail exposures.
• Modeling process evolution: Collaborate with the Chief Actuary, Treasurer, Investment Management, and Credit Risk to define the future state vision and roadmap for capital and liquidity stress modeling.
• Strategic planning: Support the Head of Capital & Investment Risk in providing independent risk assessment for significant capital transactions, strategic investments, and M&A activities.
• Leadership: Lead a team of 13 capital‑markets, risk, and actuarial professionals; scope out and lead complex projects in a matrixed environment.
• Executive presence: Present risk analysis, insights, and recommendations to the Investment Oversight Committee, Enterprise Risk Committee, and other senior forums.
• Talent and culture: Attract, develop, and retain top talent; build career paths, foster collaboration across risk disciplines, and manage key‑person risk through delegation, coaching, and succession planning.

Success Drivers

• Inspire and motivate ERM colleagues to deliver on the team’s key priorities.
• Quickly establish credibility with a wide range of stakeholders.
• Proactively collaborate with other teams in ERM and business lines.
• Lead as a player/coach, delivering results personally and coaching others.
• Inform and influence others appropriately, clearly and timely.
• Adapt and thrive in complex, uncertain, and changing situations.
• Listen actively, and challenge yourself and others to think about all angles of an issue.
• Rapidly build knowledge in unfamiliar topics and apply it to the work.
• Demonstrate curiosity across a broad range of business issues.

Minimum Qualifications

• 15+ years of relevant work experience in investment risk management (insurance company focus).
• Bachelor’s degree in Financial Engineering, Mathematics, Actuarial Science, Physics, Engineering, Finance or similar quantitative discipline.
• Demonstrated experience operating as a second‑line risk leader influencing senior decision‑makers in a matrixed environment.
• Extensive experience in quantitative market, credit, and asset‑allocation modeling.
• Experience performing detailed analysis of risks associated with different asset classes including private credit and structured assets.
• Experience applying economic value and capital frameworks to drive strategic decisions within an insurance company.
• Previous experience working on liability‑driven investing projects within an insurance company.
• Knowledge and experience working with derivatives and hedging risk management.
• Understanding and experience of the life insurance industry.
• Well‑established record of project management.
• Success working in a collaborative team environment with matrix management.
• Strong executive communication and presentation skills.
• Ability to work independently and take initiative.

Ideal Qualifications

• Deep investment risk expertise within the insurance industry, including clear understanding of market and liquidity risk frameworks and related tools.
• Experience executing or overseeing asset‑allocation and ALM processes.
• Capital markets experience, including knowledge of derivatives and hedging risk management, and familiarity with a range of asset classes relevant to MassMutual.
• Strong understanding of life insurance and annuity products, including long‑duration guarantees, embedded options, and policyholder behavior.
• 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 concise recommendations.
• Experience leveraging AI and advanced analytics tools to improve risk analysis and streamline processes.
• Experience leading large, complex projects.
• 10+ years of insurance risk experience.
• An advanced degree in Financial Engineering, Mathematics, Actuarial Science, Physics, Engineering or similar quantitative discipline.
• Relevant professional certifications (e.g., FSA, CFA, CAIA, FRM).

What You Can Expect At MassMutual

• Clear areas of ownership and accountability, with work that connects directly to company and customer outcomes.
• A collaborative environment where perspectives are welcomed.
• Access to learning, development, and internal networks that support continuous growth and skill‑building over time.
• Employee‑led communities and forums that foster connection, learning, and inclusion across the organization.
• A culture grounded in integrity, responsibility, and stewardship supported by a company with a strong legacy and a future‑focused mindset.

Equal Employment Opportunity

MassMutual is an equal employment opportunity employer. We welcome all persons to apply.