Head of Balance Sheet Risk

About the role

This is an opportunity for an exceptional, highly motivated, collaborative risk leader to join MassMutual's Capital and Investment Risk Management team (within Enterprise Risk Management) and influence the management of risks associated with investment decisions and the use of capital. 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 MassMutual's risk appetite and enterprise ALM objectives. As a member of the Capital & Investment Risk leadership team, you will help shape the team's operating effectiveness by aligning on priorities, coordinating work across peers, and evolving processes. You will also support the Head of Capital & Investment Risk with thought leadership and strategic input. The Team The Capital & Investment Risk team works closely with the Investment Management and Finance divisions to deliver insights and influence decisions regarding MassMutual's investment risk-taking and use of capital, in support of MassMutual's long-term financial strength and strategic objectives. The team brings together a diverse group of experts across capital markets, risk management, actuarial, and quantitative disciplines that work together to deliver analysis and recommendations related to the management of credit, market, liquidity and capital risk, consistent with the enterprise risk appetite framework for which the team is also responsible. The team continues to be successful in driving improvements in tools, technology and processes, for more consistent risk analysis and reporting, and enabling greater opportunities for scale and efficiency within ERM and with stakeholders in Investment Management and Finance. The Impact You will ensure MassMutual's market, liquidity, and capital risks are effectively managed, through robust risk management controls and frameworks aligned to our life insurance and annuity liabilities, evolving business strategy and operating environment. 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. You will achieve this by working with stakeholders in Investment Management and Finance organizations to ensure that balance‑sheet trade‑offs across capital, liquidity, earnings, and risk 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. This role will initially focus on unifying existing market, liquidity, and capital risk capabilities within ERM, with further operating model evolution expected as enterprise ALM governance, data, and modeling capabilities mature. Success in this role is driven by strong collaboration across Capital & Investment Risk Management, ERM, Investment Management and Finance including the ability to lead teams, enable clear communication, and align stakeholders in a matrixed environment. Notable responsibilities include: 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 frameworks, processes and controls current and fit-for-purpose. Deliver independent review and challenge of first-line activities, ensuring alignment to approved risk appetite, enterprise ALM objectives, and governance expectations. Asset allocation: Provide enterprise and product-level risk perspectives on asset allocation trade-offs, incorporating inputs from Credit Risk Management on sector, issuer, and portfolio credit risks, helping ensure allocation limits are appropriate to the liabilities and provide a risk/return balance within aggregate risk appetite. Review investment guidelines and limits for reasonableness and recommend alternatives as needed. Liquidity: Oversee Treasury-led liquidity risk management to maintain a robust, enterprise approach that reflects product cash-flow dynamics, stress behavior under adverse market conditions, and interactions with capital and funding strategies. Risk appetite: Own and evolve MassMutual's multi-lens risk appetite framework, including financial risk methodologies and metrics, analysis and reporting (integrating inputs from Credit Risk Management and other stakeholders), escalation of concerns; partner with first-line stakeholders to assess risk/return trade-offs under stress and tail scenarios and recommend actions (e.g., macroeconomic tail hedges) as needed Economic capital: Oversee the use of economic capital and value metrics w