Head of Procurement RiskBoston, Massachusetts Procurement Job ID R14726
Head of Procurement Risk
Do you want to be part of a team that encourages your growth, supports your ambitions and makes it a priority for you to reach your goals? Is helping people part of who you are? At MassMutual, we help millions of people find financial freedom, offer financial protection and plan for the future. We do this by building trust with our customers by being knowledgeable problem solvers and prioritize their needs above all else. We Live Mutual.
If this sounds like a fit, we’re looking to hire a Head of Procurement Risk to join our team.
Why we need you.
On the MassMutual Procurement team, we have a goal to enable MassMutual’s mission and vision by providing the right supplier solution at the right time. Our mission is to streamline the procurement process, align supplier partners to meet business needs and continuously increase the value provided to our policyholders. We have embarked on an extensive maturity of our procurement operating model with a focus on standardization, implementing industry best practices and reducing supplier spend.
As the Head of Procurement Risk, we need your experience and leadership to partner closely with teams in the MassMutual’s Procurement Organization and cross-functional stakeholders to define and implement third party risk management in the first line of defense. The core function and team is being built in Procurement and the Head of Procurement Risk will be responsible for building out the team and function in collaboration with risk stakeholders and the second line of defense. The goal of this team of third party risk professionals will be to enable excellent risk management by MassMutual’s Category and Supplier Managers by building risk management into procurement’s processes and supporting them executing those processes flawlessly.
In this role, as well as all roles within MassMutual, you will demonstrate accountability, agility, a dedication to be inclusive, a strong business acumen, and will show courage, even in the most difficult situations. We also highly value strong communication skills, a passion for learning, leadership traits, resilience and self-awareness.
What success looks like.
- Build and operate as the business owner for the procurement risk function, which will be responsible for third party risk management processes within the first line of defense
- Lead the team and the execution of procurement risk functions of the company to ensure that the organization can manage third party risk while providing business units with the best possible procurement outcomes
- Build and lead a team of experienced risk management professionals located both domestically and offshore
- Work with the second line of defense to ensure risk framework expectations are being met and fully delivered against
- First line Third Party Risk Management
- Own risk due diligence across the phases of the third party lifecycle, with a focus on building solid risk due diligence and control frameworks across the onboarding, ongoing management and offboarding of third parties
- Work closely with your teammates in procurement; namely category and supplier managers to introduce risk concepts, information and outcomes into the ongoing management of third parties at MassMutual while enabling them to deliver on MassMutual Procurement’s broader goal to delivery strategy, strong supplier relationships and operational/cost efficiency
- Continued development of the organization - including taking on a leading role in the current procurement transformation, people development, talent acquisition, driving transaction efficiency and improving service
- Identify areas for continuous improvement across the Procurement Operating Model; specifically identifying areas of improvement in managing third party risks
- Internal Stakeholder Management
- Work with the organization’s management to ensure the company's goals are being met, including active collaboration with the Head of Procurement
- Partner with our second line of defense teams (Operational and Enterprise risk primarily) to establish clear roles and responsibilities in managing third party risks
- Partner with other first line risk owners (e.g. Cybersecurity, Privacy, Legal, etc.) to integrate their requirements and enable them to also manage risks being externalized through third party engagements
- Operate as the escalation point for your team
- Lead all process enablement activities, training, and delivery of continuous improvement practices as may be required to facilitate problem resolution
- Collaborate with cross-functional teams to track and analyze risk data and other operational data/metrics
- Plan, allocate and manage financial budget by anticipating expenditures, accurately forecasting resource needs/costs and properly accounting for expenses to meet requirements and achieve fiscal responsibility
The skills that make you a great fit.
- 10+ years of demonstrated risk management expertise in a Supply Chain, Procurement, or Supplier/Vendor Management environment or equivalent combination of procurement risk or risk consulting experience
- Experience leading industry best practice risk teams
- Experience implementing significant improvements in managing third party risks and/or establishing industry best practices across risk types
- Strong background in procurement technologies and how they integrate with third party risk management technologies to enable excellent third party risk management
- Leadership and governance of risk management teams and processes
- Strong background in Operational Risk principles, General Risk & Compliance (GRC) systems and various technologies focused on managing ongoing third party risks, including:
- Strong knowledge of IT, operational, security and legal risk concepts
- Experience with compliance and security audits, and risk mitigation plans
- Understanding of various independent assessments (SOC 1, SOC2, ISO 27001, etc.)
- Professional qualifications may include:
- Certified Professional in Supply Management (CPSM)
- Certified Third-Party Risk Professional (CTPRP)
- Certified Information Systems Certifications (CISA, CISSP)
- Previous experience with Archer, Ariba and/or generally integrating risk systems or modules into a broader ecosystem of procurement-focused systems or modules
- Previous experience in a mutual company or similar financial services / insurance industry and leading a third party risk function to meet regulatory requirements and frameworks
- Leadership and management of mixed staffing models with remote and third-party team members as key contributors to the team’s success
- Bachelor’s degree preferred
- MBA, or advanced degree in risk related field preferred
- Third Party or Operational Risk certifications and industry involvement preferred
- Team player across executive levels who effectively collaborates with business units and functional partners (i.e., IT, finance, HR, legal)
- Excellent communication skills and listening skills enabling stakeholders to understand and align with our procurement best practices
- Strong knowledge of strategic sourcing and procurement principles and industry best practices, including integrating those with third party risk management
- Strong influencing skills to encourage leaders from across MassMutual towards positive negotiation and contracting results
- Courage to influence across the organization for compliance with standards and escalate noncompliance when needed
- Knowledgeable about procurement value stream industry best practices and proven track record implementing best practices across an enterprise
- Strong people leader with the ability to create an environment where teams are inspired, encouraged and motivated
Why Join Us.
We’ve been around since 1851. During our history, we’ve learned a few things about making sure our customers our top priority. In order to meet and exceed their expectations, we must have the best people providing the best thinking, products and services. To accomplish this, we celebrate an inclusive, vibrant and diverse culture that encourages growth, openness and opportunities for everyone. A career with MassMutual means you will be part of a strong, stable and ethical business with industry leading pay and benefits. And your voice will always be heard.
Does this sound like a great fit? Apply today!
#LI-IZ1MassMutual 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.
MassMutual will accept applications on an ongoing basis until such time as a candidate has been offered employment.Salary Range: $172,000.00-$225,700.00 Apply
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At MassMutual, we believe in the value of being together in our offices and in personal flexibility.
Our work environment is one where the majority of our team members work a hybrid schedule — working at least three days in the office (Tuesday, Wednesday and a third day) and the rest remotely, balancing flexibility with in-person collaboration. While the majority of our employees follow this hybrid model, some of our roles continue to be 100% on-site and others may be 100% remote, subject to business needs.
MassMutual is guided by a single purpose: We help people secure their future and protect the ones they love. As a company operated for the benefit of our members, policyowners and customers, we are defined by mutuality and our vision to put customers first. It’s more than our company structure – it’s our way of life. We are a company of people protecting people. Our company exists because people are willing to share risk and resources and rely on each other when it counts. At MassMutual, we Live Mutual.