Head of Treasury and Capital Management

OPPORTUNITY: 
The Treasurer, elected by the Board and reporting directly to the CFO, will lead the Treasury team responsible for the management of the enterprise’s capital and liquidity, financing strategies and banking and rating agency relations to support financial strength, enhance financial flexibility and promote business growth. This critical role involves overseeing the development/enhancement of the capital management framework, rating agency strategies, liquidity and cash management and tax planning strategies including related policies and internal controls, for MassMutual Life Insurance Company and its subsidiaries and affiliates, partnering closely with senior leadership in Investment Management (IM), Enterprise Risk (ERM), Corporate Actuarial and CFO senior leadership.  
Through this work, the Treasurer and team will identify and execute opportunities to improve financial performance, balance profitability and market conditions to maximize long term policyowner value. 

Comfortable leading and influencing across the organization, company and external partners, the successful candidate will be a strategist, consultant, implementer, coach, collaborator and role model. This role is a unique opportunity for an individual with investment banking, capital markets and financial planning expertise to lead a team that contribute at the highest level to the execution and governance of the company’s financial strategy.

Team: 
The Treasury team is the group responsible for optimizing MassMutual’s financial position and creating enduring value through efficient capital and liquidity management, capital markets transactions, tax planning, and similar initiatives. This team includes senior leaders in liquidity and cash management, regulatory capital, ratings agency relations and tax planning areas.  In addition, the Treasurer will have oversight for the Company’s Surplus account.  
Impact:
This leader will have accountabilities in the following areas: 
•    Capital Management: 
o    Chair the Enterprise Capital Committee, responsible for strategic capital planning and allocation, identification of capital risks and opportunities and development of recommendations to optimize the use of balance sheet resources to increase financial flexibility, promote growth and maximize long term policyowner value 
o    In conjunction with key stakeholders, design and implement a plan to enhance MassMutual’s enterprise capital management framework across regulatory, economic  and rating agency lenses, including an effective written capital management strategy with target capital levels, tail event mitigation strategies, subsidiary dividend policy and allocations aligned to strategy and consistent with enterprise risk appetite
o    Lead regulatory and executive leadership capital reporting, forecasting and sensitivities, including developing detailed analytics to support strategic decision making
o    Serves as expert on capital methodologies (regulatory capital and rating agencies). Regularly provides sound financial advice to businesses or other departments, anticipating the financial impact from decisions relative to sales, investments, expenses and other strategic priorities (e.g. reinsurance strategy and related utilization, new transactions, new legal entities), in collaboration with ERM, IM and other key stakeholders
o    Work closely with Corporate Strategy and Corporate Development to advance strategic plans including assessing rating agency and capital implications of M&A
o    Monitor and serve as the expert on regulatory capital frameworks (NAIC, international jurisdictions).  Be an advocate for the company in various industry and regulatory groups, committees or forums
o    Remain current on effective structures for financing, credit facilities, as well as innovative structures from competitors, banks and others
o    Recommend optimal financing mix and secure the company’s financing and capital raising options including commercial paper, surplus notes, contingent capital facilities, sale leasebacks and aviation leasing
•    Liquidity Management: 
o    Maintain and enhance the intercompany borrowing programs to maximize the use of excess liquidity, providing an optimal liquidity funding mechanism, with a goal of increasing overall returns and maximizing financial flexibility
o    Responsible for maintenance, execution of and compliance with Operating Liquidity Policies, including forecasting, regular reporting, policy compliance testing, projections, recommendation of mitigation strategies working with Investment Management and Enterprise Risk Management, subject to oversight of the Investment Oversight Committee (IOC).
o    Evaluate, scale, execute and maintain sources of contingent liquidity to ensure availability of adequate incremental liquidity during periods of market dislocation, optimizing cost benefit, working with ERM and IM.
o    Be accountable for oversight of the surplus account, including development of investment guidelines and on-going management
o    Drives transformation of modeling & reporting capabilities to produce timely capital and liquidity forecasts and scenario analysis, working collaboratively with CFO leadership, IM and ERM
o    Establish and enhance internal controls and maintain and consistently improve upon a strong control environment

•    Rating Agency Strategy and Management

o    Serve as the in-house expert on rating methodologies
o    Lead all aspects of the relationship with Rating Agencies, including regular communications, ad-hoc requests, methodological discussions and annual review meetings.
o    Lead team responsible for managing a comprehensive framework to analyze actual and projected Insurance Financial Strength Ratings (IFS) from all major Rating Agencies, using new technology / automation and advanced analytical / modeling techniques
o    Analyzes trends in rating agency metrics, anticipates changes and implements actions to mitigate risks to and/or enhance financial conditions, balancing internal views of capital and other financial and business profile ratios
o    Identifies competitive trends and mitigation strategies relative to financial and business-related rating agency metrics for the major competitors

•    Banking relationships strategy
o    Serve as the relationship manager for all banking relationships, including both operational bank oversight as well as transactional (investment banking) relationships 
o    Enhance bank relationship strategies to maximize strategic opportunities – e.g. capital optimization strategies, liquidity management and contingent liquidity facilities 
o    Optimize commercial terms and – negotiate fees; develop informed relationships that are productive for MassMutual

•    Cash management and operations: 

o    Oversee all cash and bank management functions as part of the holistic oversight of end-to-end cash flow
o    Lead initiative to identify trapped cash within the total company, maximize its liquidity and yield by identify and implementing tools/agreements to transfer funds between legal entities
o    Govern the establishment and maintenance of all internal credit facilities 
o    Accountable for debt administration (surplus notes, commercial paper, credit facilities, sale leasebacks) 
o    In partnership with technology/transformation colleagues, lead the team through the evaluation and implementation of upgrades to treasury technology solutions and/or process redesign. 
•    Tax Planning & Strategy:
o    Provide specialized and strategic tax support and planning in a variety of areas, including product development, asset allocation, and M&A
•    Expected Leadership Behaviors:
•    Lead both direct and indirect reports, focused on talent development, building an inclusive team and environment, and role modeling an agile mindset through change and ambiguity. 

•    Lead through influencing as this role needs to partner closely with ERM, Investments, Institutional Business leadership and across CFO. 

•    Inspire others and drive culture of continuous improvement, curiosity, open communication, feedback, and accountability

•    Develop the next generation of leaders who can build strategic partnerships with internal and external stakeholders to facilitate knowledge transfer and talent mobility
•    Create structures and processes for enterprise mindset
•    Promote collaboration and an enterprise mindset 
•    Demonstrated comfort leading and influencing across the organization, company, and external partners and suppliers. Serve as a strategist, consultant, implementer, coach, collaborator, and role model

Minimum Qualifications:
•    Bachelor’s degree with 15+ years of progressive experience in Treasury, capital management, financing, and/or insurance banking solutions.
•    Strong understanding of corporate finance, capital markets, life insurance, and/or asset management industries.
•    Expertise in executing financing and credit transactions.

Ideal qualifications
•    Operational experience in cash management, custody management, and/or bank relationships.
•    Ability to influence management on key decisions while leveraging data and analysis.
•    Excellent verbal and written communication skills with the ability to express ideas in an articulate, organized, and persuasive manner.
•    Demonstrated success leading and managing high-performing teams; inspires others to take positive action, especially in challenging situations.

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

If you need an accommodation to complete the application process, please contact us and share the specifics of the assistance you need.