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. BMCHS’s 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, BMCHS’s 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 BMCHS’s financial leadership team, reporting directly to the Chief Financial Officer. This executive provides strategic direction, oversight, and leadership for BMCHS’s treasury operations, enterprise risk management and oversight over the management of BMC’s investment portfolio. The VP plays a critical role in managing the system’s capital structure, optimizing balance sheet performance, and safeguarding the organization’s financial and operational health through effective risk mitigation strategies. The leader will oversee the health system’s 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 BMCHS’s 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 organization’s balance sheet, financial risk exposures, and liquidity.

Investment Management

• Provide strategic oversight of BMCHS’s 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:

Bachelor’s 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 258,500 – 374,500

Compensation Range:

$0.00- $0.00

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 market-competitiveness. In 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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