Head of Model Risk Management

About the role

MassMutual is looking for a Head of Model Risk Management to lead its enterprise model risk framework and advise senior management on key model risks. The role ensures models are fit for purpose, well governed and aligned with regulatory expectations and risk appetite, and suits an actuary with technical depth, sound business judgment and strong collaboration skills. The position is full-time and based in Boston or Springfield, Massachusetts.

Key responsibilities

• Lead MassMutual's enterprise model risk management program
• Own and improve model risk policies, standards, validation methods, inventory expectations and issue management practices
• Develop and implement the strategy for using AI tools to make model risk management more effective and efficient
• Set risk-based validation plans and complete timely independent validations
• Ensure consistency, auditability and alignment with governance requirements
• Report to senior leadership on model risk exposures, emerging risks and remediations
• Build, coach and develop a team of model validation and model risk professionals
• Partner with Enterprise Risk Management and business teams to strengthen model risk culture, controls and accountability
• Monitor regulatory, industry and analytical developments and turn them into governance improvements

Required profile

• Bachelor's degree in statistics, mathematics, physics, data science, actuarial science or another quantitative field
• 10+ years of financial services experience, including significant work with financial, risk or product models
• 5+ years presenting complex topics to senior leaders, committees, auditors or regulators
• 5+ years influencing strategy or senior decision-making
• Ideal: 5+ years of hands-on actuarial modeling and 5+ years of people leadership
• Preferred: Associate of the Society of Actuaries (ASA) or Fellow of the Society of Actuaries (FSA)

Required skills

• Ideal: strong understanding of models used in ALM, pricing, valuation, capital, risk measurement or financial reporting
• Ideal: familiarity with model risk regulatory guidance, including expectations for artificial intelligence
• Strong communication and collaboration skills

What we offer

• Clear areas of ownership and accountability
• A collaborative environment and access to learning, development and internal networks
• Employee-led communities and forums
• Salary range of $185,300-$243,100