Director of Investment Operational Accounting GovernanceInvestment ControllershipFull-Time/Boston, MA The OpportunityReporting to MassMutual's Head of Investment Controllership Governance the Director of Investment Operational Accounting Governance will be a key partner and representative to the operational accounting impacts of the investment operations processes. The position will lead a team of MassMutual employees and an offshore partner.
Against the backdrop of an increasingly complex general investment account portfolio with diverse asset classes and strategies, this role will build a framework and lead a vision that provides for the effective controls of operational securities accounting.
The TeamThis team is responsible for ensuring the integrity of the accounting information received from the Investment Accounting securities system, as well as supporting the transition to a new Investment Accounting subledger. This team will be highly focused on the control environment supporting this purpose. To this end, the team will work closely with its critical partners; Investment Operations, Securities Controllership, and project management teams leading the implementation/modernization of our investment accounting subledger and general ledger. The team will look to leverage technology and resource opportunities to ensure an efficient and effective approach to maintaining and improving these processes. The Director of Investment Operational Accounting Governance will lead a team to continue progressing the operations model and function.
The Impact- Lead a team responsible for ensuring effective controls related to the securities operational accounting, including execution of daily and monthly reconciliations over investment securities related balance sheet accounts, net investment income, and realized/unrealized investment gains and losses.
- Provide support to Investment Reconciliation Analysts on daily and monthly tasks. Organize and prepare ongoing training as needed for the entire team as new processes are implemented and existing processes are improved.
- Monitor KPI's for the team's offshore partner and demonstrate consistent performance to achieving and exceeding the goals and objectives.
- Improve and lead the development of internal control initiatives for the implementation of a new investment accounting subledger.
- Conduct thorough research, analysis, and retrieval of data to ensure accurate and timely preparation and maintenance of complex account reconciliations.
- Identify and reconcile differences within established investment and accounting systems using critical analysis skills.
- Support and lead initiatives to improve and modernize our monthly account reconciliation process through the use of AI and other software/automation tools.
- Conduct analysis and research over clearing suspense balances in the investment accounting subledger and general ledger.
- Work with FP&A to support quarterly management reporting and analytics over net investment income, including plan vs actual analysis at the security level.
- Analyze and provide an analysis over topsides and one time adjustments to net investment income.
- Analyze and interpret financial information to ensure accuracy and compliance with company policy and regulations.
- Prepare and maintain complex account records with meticulous attention to detail.
- Collaborate with internal teams to resolve items and address investment-related issues.
- Implementation of new control processes and assess improvements by evaluating the end to end impacts to operational securities accounting.
- Partner with teams, including but not limited to Securities Controllership, Investment Operations, Treasury, Financial Reporting and ERM.
- Establish workflows and operational securities accounting.
The Minimum Qualifications- Bachelor's degree
- 8+ years of related experience
- 1+ years of experience developing and managing onshore and offshore teams
The Ideal Qualifications- Bachelor's or Master's degree in accounting, finance or related field desired
- Investment operations experience is desired
- Insurance investment accounting systems experience is preferred
- Experience with securities type investments, such as bonds, equities, mortgage loans, and bank loans.
- CPA is preferred
- Strong analytical skills: ability to analyze financial data sets and tell the story of the data
- Proven ability to complete high quality work efficiently and increase autonomy over time
- Able to build and maintain strong working relationships across cross-functional groups
- Excellent verbal and written communication skills with the ability to express ideas in and articulate in an organized and persuasive manner to leadership, staff, regulatory bodies, etc.
- Intellectual curiosity to continue learning and adding breadth and depth to understanding
Salary Range:$137,800-$180,800
At MassMutual, we focus on ensuring fair equitable pay, by providing competitive salaries, along with incentive and bonus opportunities for all employees. Your total compensation package includes either a bonus target or in a sales-focused role a Variable Incentive Compensation component.
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