Director Investment Accounting & Reporting

Company :

Job Description : 

JOB SUMMARY

This job conducts management and technical oversight of the Investment Accounting and Reporting business unit/function for the Organization and all subsidiary and affiliate companies. Manages a professional staff of investment accountants whose activities are concerned with the accounting, reporting, and consolidation of a wide range of asset classes involving various degrees of complexity within U.S. GAAP and Statutory Accounting Principles (SAP) framework to form the basis of the Organization and affiliated companies publicly disclosed financial information. Assesses the current accounting landscape, develops strategies to incorporate evolving pronouncements, proactively evaluates system processes and procedures to minimize risk, develops sound accounting and investment system controls, and implements best practices designed to drive the business unit forward. Establishes business unit goals to align with Treasury and Enterprise objectives and to advance the overall Enterprise mission, vision, and values. Maintains effective relationships with internal/external customers and vendors, specifically investment accounting system vendor services, to ensure the continued accuracy and timeliness of various reporting responsibilities pertaining to the investment portfolios. Ensures compliance of all internal control procedures and review and issuance of all Organization and affiliates’ audit reports and required regulatory filings as they relate to investments.

ESSENTIAL RESPONSIBILITIES

• Perform management responsibilities including, but not limited to: involved in hiring and termination decisions, coaching and development, rewards and recognition, performance management and staff productivity. 
• Plan, organize, staff, direct and control the day-to-day operations of the department; develops and implements policies and programs as necessary; may have budgetary responsibility and authority. 
• Direct and oversee the Investment Accounting & Reporting business unit in the reporting of timely and accurate monthly investment results, including income, assets, and equity/surplus impacts for the Organization and all subsidiary/affiliates. This includes, but is not limited to, managing the monthly close cycle on the investment accounting system for both GAAP and Statutory Reporting with a strong focus on enhanced analytics and analysis. Cultivate strong relationships with business partners to develop an understanding of the business needs and provide meaningful analytical support. 
• Direct and oversee the internal/external financial reporting and income analysis on investment portfolios for the Organization and all affiliate companies in accordance with GAAP and Statutory Accounting Principles. This includes, but is not limited to, determine the proper reporting of complex investment transactions and financial statement impact, determine departmental resources needed to effectively implement new accounting rules/methodologies, and communicate results and impact to senior management. Conceptualize opportunities to optimize functionality with the investment accounting system to streamline reporting and provide value-added analysis.
• Responsible for the regulatory compliance of investment schedules for quarterly and annual regulatory reports, external rating agency reports, and monthly management level reports for the Organization and all affiliates. This includes, but is not limited to, develop, promote, and maintain a strong control environment in accordance with GAAP, Statutory Reporting, and Model Audit Rule. This requires staying abreast of all Investment related schedules as well as the relationships/dependencies to the overall reporting packages. Accountable for the completion and accuracy of all investment related tables and schedules for GAAP and Statutory audited financial statements and effectively manage relationships with internal and external auditors.
• Stay abreast of new accounting pronouncements, capital markets, and industry standards. Responsibilities include, but are not limited to communicate with senior management and key stakeholders within the organization to optimize opportunities as well as determine risks and exposures. Responsibilities include, but are not limited to, partner with various business unit leaders, such as Financial Reporting, Tax, and Portfolio Managers, to understand business impacts/needs and effectively implement new standards/pronouncements.
• Evaluate and determine Clearwater system process enhancements to plan for growth, new asset classes/accounting pronouncements, and system upgrades. Identify new capabilities/opportunities and evaluate functionality against cost and potential risk. This includes staying abreast of methodologies used in performing various investment calculations and the inter-dependencies of security master file set up and system calculated results, development of complex system extracts using table joins and export modules, message building, report development, and analyzing system functions and algorithms. Effectively manage relationship with current investment system vendor and evaluate new investment system software vendors to ensure Enterprise is utilizing the "best in class" system while managing to a budget.
• Develop, execute, and measure business unit goals, strategies, and objectives to align with Treasury and overall Enterprise objectives. Lead and mentor direct reports to develop and enhance technical skills to meet the changing needs of the business unit and regulatory environment. Proactively drive efficiencies in processes with a strong focus on continuous improvement. Work within a highly matrixed structure to partner with business unit leaders and senior management to provide value-added insight into the business.
• Conduct administration functions to support Clearwater system database and portfolio structuring. This includes, but is not limited to, develop plans and execution of investment accounting software installations for newly acquired entities, determine proper accounting treatment and methodologies for type of entity and all investment classes, build/design general ledger interfaces, determine financial statement impact related to specific entity selections, and conversions/reconciliations of legacy system to Clearwater platform.
• Other duties as assigned or requested.

EDUCATION

Required

• Bachelor's Degree in Accounting or Finance

Substitutions

• None

Preferred

• Master's Degree in CPA/Accounting Finance

EXPERIENCE

Required

• 10 years of accounting experience including GAAP and Statutory financial reporting or auditing
• 8 years of investment accounting experience with an insurance company, bank, or investment company
• 8 years of experience working with multi-basis accounting concepts used in investments for amortization, income accruals, and calculation of investment gains/losses
• 5 years of experience managing and/or supervising professional staff
• 8 years of experience utilizing investment accounting software systems

Preferred

• 12 years of accounting experience including GAAP and Statutory financial reporting or auditing
• 10 years of investment accounting experience with and insurance company, bank, or investment company
• 10 years of experience working with multi-basis accounting concepts used in investments for amortization, income accruals, and calculation of investment gains/losses
• 8 years of experience managing and supervising professional staff
• 10 years of experience utilizing investment accounting software systems; particularly Clearwater

LICENSES OR CERTIFICATIONS

Required

• None

Preferred

• CPA/CMA/CTP

PHYSICAL, MENTAL DEMANDS and WORKING CONDITIONS

Position Type

Office-Based

Teaches / trains others regularly

Occasionally

Travel regularly from the office to various work sites or from site-to-site

Does Not Apply

Works primarily out-of-the office selling products/services (sales employees)

Does Not Apply

Physical work site required 

Yes

Lifting: up to 10 pounds

Occasionally

Lifting: 10 to 25 pounds

Never

Lifting: 25 to 50 pounds

Never

Disclaimer: The job description has been designed to indicate the general nature and essential duties and responsibilities of work performed by employees within this job title. It may not contain a comprehensive inventory of all duties, responsibilities, and qualifications required of employees to do this job.
Compliance Requirement: This job adheres to the ethical and legal standards and behavioral expectations as set forth in the code of business conduct and company policies.
As a component of job responsibilities, employees may have access to covered information, cardholder data, or other confidential customer information that must be protected at all times.  In connection with this, all employees must comply with both the Health Insurance Portability Accountability Act of 1996 (HIPAA) as described in the Notice of Privacy Practices and Privacy Policies and Procedures as well as all data security guidelines established within the Company’s Handbook of Privacy Policies and Practices and Information Security Policy. 
Furthermore, it is every employee’s responsibility to comply with the company’s Code of Business Conduct. This includes but is not limited to adherence to applicable federal and state laws, rules, and regulations as well as company policies and training requirements.

Highmark Health and its affiliates prohibit discrimination against qualified individuals based on their status as protected veterans or individuals with disabilities and prohibit discrimination against all individuals based on any category protected by applicable federal, state, or local law.

We endeavor to make this site accessible to any and all users. If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact the email below.

For accommodation requests, please contact HR Services Online at HRServices@highmarkhealth.org

California Consumer Privacy Act Employees, Contractors, and Applicants Notice