Vice President, Enterprise Risk Management

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1. Position Summary

Reporting to the Senior Vice President of Risk and Audit Management, the Vice President of Enterprise Risk Management provides leadership to ensure the optimal design and alignment of all risk management functions in support of Blue Cross and Blue Shield’s (BCBSMA’s) mission, vision, and values. Serves as a key executive leader and strategic advisor on risk management across the enterprise. Leads the development and implementation of a risk management vision that delivers strategic thought and partnership across the enterprise. Develops risk management programs that are designed to identify, eliminate or reduce, and insure against potential risks to BCBSMA and its related entities and customers.

2. Core Responsibilities & Essential Functions

A. Strategic & Financial Leadership

·         ERM Strategy & Execution: Lead the development and execution of the Enterprise Risk Management strategy. Participate in company-wide strategic planning, policy formulation and budgeting.

·         Financial & Goal Management: Formulate and establish annual division goals and oversee the annual division budget to guarantee optimal resource allocation and alignment with corporate strategic objectives. This includes overseeing department vendor relationships and contracts to ensure seamless service delivery in alignment with enterprise risk management standards and budget requirements.

·         Executive Partnership: Work closely with senior executives and business unit stakeholders to understand, manage, and influence appropriate action on enterprise strategic, financial, and operational risks.

·         Business Partnership: Serve as the day-to-day internal business partner, consultant, subject matter expert, and resource for employees in all departments regarding specific situations or transactions not covered by existing procedures and standards or requiring elevated investigation and oversight.

B. Risk Governance & Framework Integrity

·         Framework Ownership: Define, develop, and strengthen the enterprise risk framework, including the company’s risk appetite, limits, standards, and policies to ensure the organization operates within stated guardrails.

·         Focused Risk Reviews: Help to identify and monitor critical risk issues including frequent reporting of outstanding exception items and timeframe for remediation to senior management to support strategic goals, regulatory requirements and other critical objectives.  Manage emerging risks, divisional risks and other targeted risk reviews and related reporting annually.

·         Technology Risk Reviews: Oversee technology risk program including review of technology infrastructure, sustainability, resilience and strategic goals and projects.

C. Innovation, AI & Talent Strategy

·         AI & Automation Vision: Drive the strategic vision and establish the governance framework for integrating Artificial Intelligence (AI) and automation technologies within the risk function and across the business, ensuring alignment with corporate ethics and data privacy standards. Support the oversight of and participation in the AI governance program.

·         Talent & Capability Development: Oversee the long-term talent strategy and upskilling initiatives to ensure the ERM team possesses the necessary capabilities to leverage advanced analytics, AI, and automation tools responsibly and effectively.

D. Business Continuity Program, Corporate Insurance Program and Third Party Vendor Risk Management Oversight

·         Executive Oversight: Lead the execution of complex projects and oversee key risk programs, including business continuity, crisis management, and the corporate insurance portfolio including a Vermont domiciled captive insurer.

·         Vendor Risk Management: Provide executive-level leadership and oversight of the Third-Party/Vendor Security Risk program including related policy management.

E. Executive Reporting & Stakeholder Engagement

·         Board & Executive Communications: Present strategy, objectives, and independent risk assessments to the Board of Directors, Senior Management, and other executive committees. Oversee reporting structures that inform leadership in a timely and actionable manner across all program responsibilities. 

·         Committee Oversight: Oversee the planning and execution of senior level meetings including the Audit Committee and Risk Committee. 

·         Regulatory & External Party Engagement: Oversee the annual Own Risk and Solvency Assessment (“ORSA”) Report filing and process. Represent the SVP and the risk function in venues with the Division of Insurance, regulators, the BCBS Association, and other industry groups. Lead and participate in audits and reviews from external parties related to the risk management function.

F. Executive Leadership & Team Mentorship

·         People Leadership: Lead and mentor the Risk team, fostering a positive and engaging work environment and performing all management duties, including hiring, training, and development.

3. Required Qualifications & Competencies

A. Education & Certifications

·         Required Education: Bachelor’s degree required (Accounting, Finance, or Risk Management preferred).

·         Preferred Education: Master’s degree (MS or equivalent) is preferred. A law degree (J.D.) or Master of Business Administration (MBA) is a plus.

·         Professional Certifications: One or more of the following professional certifications is highly preferred:

·         Certified Internal Auditor (CIA)

·         Certification in Control Self-Assessment (CCSA)

·         Certified Risk Manager (CRM)

·         Financial Risk Manager (FRM)

B. Experience

·         Professional Experience: A seasoned business leader with 15+ years of experience, including significant leadership experience in Risk Management within the health insurance industry.

·         Proven Track Record: Successful leadership of major risk assessments resulting in successful organizational outcomes.

C. Core Competencies & Skills

·         Executive Acumen: Highly credible risk professional with strong financial acumen.

·         Industry Knowledge: Extensive knowledge of the health insurance industry, commercial products, and regulatory frameworks.

·         Regulatory & Compliance Expertise: Extensive knowledge and experience with corporate compliance policies, state/federal regulations, National Association of Insurance Commissioner requirements, and general audit procedures.

·         Technical Knowledge: Knowledge of Hi-Trust standards and modern, proactive auditing approaches is preferred.

The anticipated annual base salary range for this position is $280,000 - $320,000. Final compensation will be determined based on the selected candidate's relevant experience, qualifications, education and skills.

Minimum Education Requirements:

High school degree or equivalent required unless otherwise noted above

Location

Boston, Hingham

Time Type

Full time

Salary Range: $274,050.00 - $334,950.00

The job posting range is the lowest to highest salary we in good faith believe we would pay for this role at the time of this posting.  We may ultimately pay more or less than the posted range, and the range may be modified in the future.  An employee’s pay position within the salary range will be based on several factors including, but limited to, relevant education, qualifications, certifications, experience, skills, performance, shift, travel requirements, sales or revenue-based metrics, and business or organizational needs and affordability.

This job is also eligible for variable pay.

We offer comprehensive package of benefits including paid time off, medical/dental/vision insurance, 401(k), and a suite of well-being benefits to eligible employees.

Note:  No amount of pay is considered to be wages or compensation until such amount is earned, vested, and determinable. The amount and availability of any bonus, commission, or any other form of compensation that are allocable to a particular employee remains in the Company's sole discretion unless and until paid and may be modified at the Company’s sole discretion, consistent with the law.

WHY Blue Cross Blue Shield of MA?

We understand that the confidence gap and imposter syndrome can  prevent  amazing candidates coming our way, so please don’t hesitate to apply. We’d love to hear from you. You might be just what we need for this role or possibly another one at Blue Cross Blue Shield of MA. The more voices we have represented and amplified in our business, the more we will all thrive, contribute, and be brilliant. We encourage you to bring us your true colors, , your perspectives, and your experiences. It’s in our differences that we will remain relentless in our pursuit to transform healthcare for ALL.

As an employer, we are committed to investing in your development and providing the necessary resources to enable your success. Learn how we are dedicated to creating an inclusive and rewarding workplace that promotes excellence and provides opportunities for employees to forge their unique career path by visiting our Company Culture page. If this sounds like something you’d like to be a part of, we’d love to hear from you. You can also join our Talent Community to stay “in the know” on all things Blue.

At Blue Cross Blue Shield of Massachusetts, we believe in wellness and that work/life balance is a key part of associate wellbeing. For more information on how we work and support that work/life balance visit our "How We Work" Page.