Vice President, Financial Risk Management

JOB SUMMARY:

Boston Medical Center Health System (BMCHS) is a $6 billion integrated academic health care system whose purpose is to transform the outcomes of low(er) income and vulnerable populations in Massachusetts New Hampshire and beyond. Anchored by Boston Medical Center BMCHS has evolved to encompass six major entities: Boston Medical Center WellSense Health Plan Boston University Medical Group Boston HealthNet (a network of community health centers) Boston Accountable Care Organization and Clearway Health (a specialty pharmacy services provider).

BMC Health System occupies a unique position in the MA and US healthcare landscape. Over 60% of clinical care is in (near) full risk arrangements and there is a strong commitment to value based care and to addressing the core health drivers (social determinants of health) in the communities that BMCHS serves. BMCHSs patients disproportionately come from communities of color so BMCHS is deeply invested in addressing health inequities both within the organization and in partnership with community organizations. Through WellSense Health Plan BMCHS covers over 40% of all Massachusetts Medicaid members in exclusive payer-provider partnerships with eight accountable care organizations. Lastly BMCHSs academic enterprise provides a strong foundation of talent to study and disseminate its experience and to shape the health system more broadly.

The Vice President (VP) of Financial Risk Management is a key member of BMCHSs financial leadership team reporting directly to the Chief Financial Officer. This executive provides strategic direction oversight and leadership for BMCHSs treasury operations enterprise risk management and oversight over the management of BMCs investment portfolio. The VP plays a critical role in managing the systems capital structure optimizing balance sheet performance and safeguarding the organizations financial and operational health through effective risk mitigation strategies. The leader will oversee the health systems investment portfolios debt strategy banking relationships and liquidity planning investment management of our investment portfolio including management of external vendor partners and board reporting on investment performance etc. The role requires a strategic thinker with deep financial acumen strong leadership capabilities and a commitment to upholding the mission and values of BMCHS.

ESSENTIAL RESPONSIBILITIES / DUTIES:

Treasury & Capital Management

• Lead the development and execution of BMCHSs capital and debt strategies in alignment with organizational goals.
• Oversee cash management investment policies and short- and long-term liquidity planning.
• Manage banking relationships investment consultants and debt issuance refinancing and compliance.
• Evaluate financial market conditions to optimize capital structure and access to capital.
• Provide regular reporting and recommendations to the CFO and executive leadership regarding the organizations balance sheet financial risk exposures and liquidity.

Investment Management

• Provide strategic oversight of BMCHSs investment portfolios including operating funds endowments and retirement plan assets.
• Serve as the primary liaison to external investment vendors; oversee performance fees and compliance with investment policy.
• Prepare and present investment performance updates and strategy recommendations to the Board.
• Regularly review and update investment policies to reflect evolving market conditions organizational priorities and fiduciary responsibilities.
• Lead internal investment governance process and ensure adherence to risk liquidity and allocation targets.

Enterprise Risk Management (ERM)

• Develop lead and mature an enterprise-wide risk management framework and risk governance model.
• Identify assess and monitor key financial operational and strategic risks across the organization.
• Partner with leaders across the health system to develop and implement risk mitigation strategies.
• Serve as the executive lead on risk-related committees providing strategic insights and recommendations to senior leadership and the Board
• Own the cost of risk for the enterprise manage insurance portfolio and work with third parties to frame choices/trade-offs/costs of insurable risks
• Own and manage the financial management of the captive insurance entity ($140M of assets and $25 of annual insurance costs management vis a vis claims)

Leadership & Collaboration

• Supervises direct reports including performance management and talent development.
• Foster a culture of accountability continuous improvement and collaboration.
• Serve as a strategic advisor to the CFO and other members of the executive leadership team.
• Partner with legal compliance operations and clinical teams to support enterprise objectives.

(The above statements in this job description are intended to depict the general nature and level of work assigned to the employee(s) in this job. The above is not intended to represent an exhaustive list of accountable duties and responsibilities required)

REQUIRED EDUCATION AND EXPERIENCE:

Bachelors degree in Finance Accounting Business Administration or related field required

Minimum of 15 years of progressive leadership experience in treasury risk management or related financial disciplines ideally within a complex healthcare or not-for-profit environment.

PREFERRED EDUCATION AND EXPERIENCE (If none please enter N/A):

MBA preferred.

CERTIFICATIONS LICENSES REGISTRATIONS REQUIRED (If none please enter N/A):

N/A

CERTIFICATIONS LICENSES REGISTRATIONS PREFERRED (If none please enter N/A):

CPA or CFA preferred.

KNOWLEDGE SKILLS & ABILITIES (KSAs) (If none please enter N/A):

• Strong understanding of capital markets financial risk modeling and investment management
• Proven ability to lead cross-functional teams build consensus and drive strategic initiatives in complex organizations.
• Excellent communication negotiation and relationship management skills.
• Deep understanding of healthcare regulatory environment and risk management best practices.
• Demonstrated ability to engage with Boards and executive teams on high-level strategic initiatives.
• Strong analytical and critical thinking skills with a systems-level perspective.

Compensation Range

Compensation Range:

This range offers an estimate based on the minimum job qualifications. However our approach to determining base pay is comprehensive and a broad range of factors is considered when making an offer. This includes education experience skills and certifications/licensures as they directly relate to position requirements; as well as business/organizational needs internal equity and addition BMCHS offers generous total compensation that includes but is not limited to benefits (medical dental vision pharmacy) discretionary annual bonuses and merit increases Flexible Spending Accounts 403(b) savings matches paid time off career advancement opportunities and resources to support employee and family well-being.

NOTE: This range is based on Boston-area data and is subject to modification based on geographic location.

Equal Opportunity Employer/Disabled/Veterans

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