Head of Balance Sheet Risk

The Opportunity

Mass Mutual 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.

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

The Capital & Investment Risk team works closely with the Investment Management and Finance divisions to deliver insights and influence decisions regarding Mass Mutual’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.

You will ensure Mass Mutual’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.

• 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…