Director Enterprise Financial Forecasting, Systems & Performance Analysis

Company :
Highmark HealthJob Description :

JOB SUMMARY

This job leads the Enterprise process to develop consolidated financial forecasts, provides periodic reporting to the board of directors and external stakeholders (e.g., Rating Agencies, PID), and works on strategic decision support analysis for the CFO and Executive Leadership team. The incumbent requires interaction with a wide array of internal and external customers, including Senior Executives, in various areas of the Organization, including the Finance, Actuarial and Cost and Budgeting departments, as well as with other operational areas and subsidiaries of Organization. Discusses business initiatives with VPs, SVPs and EVPs outside of Finance for which financial analysis is completed prior to being approved; and discusses results of financial analysis, corporate initiatives, and financial modeling findings with executive management within Finance, including the Enterprise CFO and with those outside of finance (in particular subsidiaries).

ESSENTIAL RESPONSIBILITIES

• Perform management responsibilities to include, but are 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; develop and implement policies and programs as necessary; may have budgetary responsibility and authority.
• Oversees the development, maintenance and control of the financial planning system applications utilized for financial plan and forecast consolidation, budget development, and detailed operating expense (actual vs. budget) reporting. Ensure analysis and reconciliation of financial planning system data, while building / maintaining a reporting center of excellence (COE) leveraging Oracle, Tableau and other tools. Expand support for business unit leaders to educate, standardize, reconcile and solve issues in submitting data to the financial planning system and extracting / standardizing reports.
• Coordinates the annual and three-year planning efforts, which includes working with Divisional CFOs, their staff, the actuarial department and others to understand the current projected financial performance, risks and opportunities across the full composition of the Organization's portfolio of companies. This includes development of materials and participation in presentation to the senior leadership of the Organization. This responsibility also includes working with executive management (Presidents, CFO's and Health /Subsidiary EVP's) to familiarize them with the process, to socialize results and to understand inputs / thoughts they have on the planning process.
• Directs the corporate financial planning efforts, including completing the work necessary to recommend corporate financial targets to the CFO and CEO and modeling of scenarios related thereto and interacting with subsidiaries CFO's to cascade corporate financial targets to each entity and the business lines within those entities.
• Oversees/consolidates actual financial results for the full complement of the Organization's Health divisions to understand business drivers, reasons for actual vs. plan variances and necessary corrective actions. This involves working with subsidiary CFO's and staff, the treasury and cost management analysis units to analyze and interpret financial results in the context of the financial plan and presenting the results of the consolidated analysis to the CFO. The position also prepares all Board-level and all employee level financial presentation materials for delivery by the CFO or CEO.
• Leads the Organization performance management efforts including the development of enterprise level KPIs, incentive plan design and metrics, and actionable reporting to guide enterprise-level decision making. This also includes oversight of the incentive compensation calculation, validation, and financial / metric reporting process for the Board of Directors, including the long-term and all employee incentives programs. Share monthly results and analytics of performance with Executive leadership, including the CFO, COO and CEO.
• Coordinates the Organization's relationship with the various credit rating agencies (Standard & Poor's, AM Best and Moody's). This includes fielding and answering inquiries from the agencies, gathering information necessary for reporting to the rating agencies, managing the annual rating cycle, preparing presentations for meetings with them, coordinating the meetings (including attendance by executive management).Provides detailed modeling for the Organization's CFO of enterprise capital transactions and articulate implications on Risk Based Capital to support Executive Decision making.Lead enterprise wide efforts associated with building and enhancing performance management capabilities to ensure that both strategic and operational performance targets are met through deep partnership with business unit and enterprise executive leadership teams including CFO's, COO's and CEO's Partner with CFO, CHRO and business unit Presidents and CFO's to develop and monitor the metrics associated with the Annual Employee Incentive Plans (AEIP) and Long Term Incentive Plans (LTIP) tied to both business unit and enterprise wide strategic and operational plans.
• Act as trusted advisor and resident subject matter expert (SME) on activities impacting projected enterprise financial performance to numerous C-Suite executives including but not limited to the CFO, COO and CEO.
• Ad-Hoc Responsibilities: This position is called upon to direct the completion of, or to specifically complete, various projects or analysis at the request of the VP, Enterprise Finance Strategy and Support Services and the CFO. Prior examples of ad-hoc responsibilities include participating in the evaluation of the acquisition of a subsidiary company, coordinating business arrangements between the subsidiary and the parent and presenting financial results to non-finance audiences.
• Other duties as assigned or requested.

EDUCATION

Required

• Bachelor's Degree in Finance, Accounting, Business or related field, or relevant experience and/or education as determined by the company in lieu of bachelor's degree

Preferred

• Master's Degree in Business Administration

EXPERIENCE

Required

• 7 years in Finance
• 5 years in a management role, including 2 or more years managing high-level analysts
• 5 years of constructing/analyzing financial statements from both a GAAP and Statutory perspective, as well as working with financial concepts that are unique to the insurance industry, including risk-based capital and underwriting activity
• 3 years of presenting (written and oral) financial results to executive audiences with varying levels of financial understanding.
• 3 years in a Payer or Provider setting

Preferred

• 3 years of working with the Organization's products / companies

LICENSES or CERTIFICATIONS

Required

• None

Preferred

• None

SKILLS

• An understanding of the proper construct of financial statements from both a GAAP and statutory perspective and the elements of risk-based capital and underwriting activity. The incumbent must understand the various components of underwriting results and have a strong understanding of the factors impacting the development of revenue, claim expense and operating expenses and their interrelationships
• Change management experience in establishing, socializing and gaining acceptance for new corporate level processes
• Driver-based economic modeling development capabilities

Language (Other than English):

None

Travel Requirement:

0% - 25%

PHYSICAL, MENTAL DEMANDS and WORKING CONDITIONS

Position Type

Office-based

Teaches / trains others regularly

Frequently

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

Rarely

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

Never

Physical work site required

Yes

Lifting: up to 10 pounds

Constantly

Lifting: 10 to 25 pounds

Occasionally

Lifting: 25 to 50 pounds

Rarely

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.

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