Cash Management Officer jobs in Springfield, MA

The Opportunity

The Cash Management Consultant of the Cash Team will be responsible for managing the company’s bank accounts, cash accounting, cash balance and overall cash position. This includes ensuring all cash flows are properly accounted, all payout obligations are properly funded, and excess cash is communicated to the respective investment manager. The position is responsible for helping safeguard all cash transactions by maintaining strong process controls.

As a Cash Management Consultant you will work with all areas of the company, experiencing and supporting all of the cash flows, from the time revenue is coming into the company all the way through to the supporting investments. This is an opportunity to fully realize and experience how the company operates!! You will work in a fast paced, innovative, and collaborative environment, partnering with the lines of business, finance, investment management, technology, and compliance, helping create and deliver a top tier experience for our customers and policyholders.

The person in this position will report directly to the Head of Cash Management.

The Team

The Controllers Organization is comprised of highly skilled, collaborative problem solvers who are using innovative finance tools to move MassMutual – and the industry – forward. Team members demonstrate high levels of competence in the areas of accountability, agility, leadership and are focused on development. The team culture is collaborative, cross-functional, and uses old and new technologies combined with a focus on work/life balance.

The Impact:

The Cash Management Consultant of the Cash Team will have an impact on helping the company achieve its goals.

• Manage cash flow and daily cash positions for all MassMutual (and subsidiaries) bank accounts – ensuring all payout obligations are properly funded and excess cash is communicated to the respective investment manager for investment purposes
• Maximize return on cash by limiting cash left in the bank accounts and investing excess cash in the short term pool or Money Market Mutual Fund, includes monitoring, reporting, and analysis of bank/cash flow data, improving our cash return, and implementing cost savings processes
• Monitor cash position throughout the day. Determine if there is any excess cash to invest or if funds are needed to cover unanticipated obligations
• Account and reconcile prior and current day cash balances and transactions
• Complete the daily cash accounting and reconcile cash suspense accounts
• Initiate cash transactions to concentrate cash flows, invest in money market mutual funds, or execute foreign currency purchases
• Communicate/work with lines of business to anticipate, plan, and identify their daily cash flow needs
• Perform Cash forecasting, anticipating the upcoming cash positions, analyze and explain forecast to actual variances
• Identify and explain any general ledger variances, overdrafts, and large balances on a daily basis. Identifying trends and solutions to reduce a reoccurrence
• Oversee Cash Operations practices/procedures and proactively look for business process improvement and processes automation
• Build out the teams core cash management capabilities utilizing the Treasury Mgt System and SAP
• Serves as Subject Matter Expert for banking questions
• Adhere to governance and internal control procedures and maintain and consistently improve upon a strong control environment
• Projects as assigned

The Minimum Qualifications

• BS in business, economics, accounting, finance or related field
• 3 years of relevant cash management experience

The Ideal Qualifications

• CTP preferred
• Experience with bank relationships and offerings as well as various banking operations best practices, tools and technology
• Previous experience with cash accounting processes
• Familiarity with cash/bank management systems, Treasury Management Systems (TMS)
• Ability to proactively take ownership of projects and drive them through to completion.
• Ability to work with all level of personnel, staff, management and influence decision making
• Multi-tasking skills and ability to adapt to change
• Experience in best-in-class control execution/documentation
• Detail-oriented with demonstrated oral and written communication skills
• Ability to work independently and manage multiple projects and deadlines
• Experience with Microsoft Excel and Word
• Ability to monitor key controls to mitigate risk
• Analytical skills with particular attention to details

What to Expect as Part of MassMutual and the Team

• Regular meetings with the Cash Operations Team
• Focused one-on-one meetings with your manager
• Access to mentorship opportunities
• Networking opportunities including access to Asian, Hispanic/Latinx, African American, women, LGBTQ, veteran and disability-focused Business Resource Groups
• Access to learning content on Degreed and other informational platforms
• Your ethics and integrity will be valued by a company with a strong and stable ethical business with industry leading pay and benefits

#LI-RP1