Job Description
About the Agency:
The Group Insurance Commission (GIC) seeks to hire a Chief Financial Officer (CFO). The GIC provides high-value health insurance and other benefits to state employees, retirees, and their survivors and dependents. The GIC also covers employees and retirees of housing and redevelopment authorities as well as certain municipalities that elect to join the GIC. The agency works with vendors selected through competitive bidding to offer cost-effective benefits produced with careful plan design and rigorous ongoing management. The agency's performance goals are to provide affordable, high-quality benefits and, as the largest employer purchaser of health insurance in the Commonwealth, to use that position to drive improvements in the health care system. The GIC's FY2025 total appropriation is over $3 billion. There are approximately 240,000 enrollees and over 435,000 people covered by the GIC.
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The GIC administers the Commonwealth's health, life, long term disability, flexible spending accounts, dental and vision insurance programs for some 435,000 state employees, retirees, and their dependents. These responsibilities are conducted pursuant to the authority vested in the agency by Chapter 32A and 32B as amended.
About the Position:
The Group Insurance Commission (GIC) is seeking a dynamic administrator for the position of Chief Financial Officer (CFO). As a member of the executive leadership team and reporting to the Executive Director, the CFO will oversee financial management, including long-term financial planning and analysis, as well as the annual budget process in partnership with the Executive Office of Administration & Finance and GIC senior staff. S/he will also define how financial analytics, along with other financial metrics including health care spending, delivery, rates and performance are determined and monitored.
S/he must possess strong financial acumen, be a versatile leader, and have the ability to synthesize and communicate complex financial information verbally and in writing. The CFO shall ensure that the Group Insurance Commission complies with the Commonwealth's finance laws, regulations, and reporting requirements.
The successful candidate will safeguard internal efficiencies and controls, ensure sound fiscal operations and data integrity, and refine consistent and reliable management reporting/tracking. This individual will establish and partner with senior staff to ensure awareness of key dates and events from a financial perspective and understand any corresponding business implications. The candidate will also provide strategic financial advice and identify and implement process improvements, internally and with our outside partners whenever possible.
Duties and Responsibilities (these duties are a general summary and not all inclusive):
- Direct and ensure the smooth operation of an efficient system of control within areas of responsibility including budget/revenue management, accounts receivable and payable, and financial regulatory compliance
- Supervise a team as well as interface with the Executive Office of Administration & Finance CFO where appropriate
- Mentor and develop staff in best practices for budgeting, financial analysis, accounting, revenue control, and auditing
- Advise agency financial management in establishing fiscal goals, objectives, and short and long-range forecasting to ensure consistency with overall mission in the delivery of benefits
- Serve as member of the executive leadership team; provide recommendations to Secretary for Administration and Finance on all policy, program, financial and political matters related to agency financials
- Ensure maintenance of appropriate internal controls and financial procedures, which comply with all federal and state laws and regulations
- Provide guidance and information to internal/external constituents including Commissioners, legislators, vendors, agency personnel and public forums by interpreting financial management policies, priorities and strategies
- Consult and collaborate with the Office of State Comptroller and State Treasurer's Office on fiscal practices and information sharing in support of business process improvement
- Establish/enhance and document repeatable, best-in-class processes and practices
- Participate in daily or weekly executive/management team meetings to discuss strategies, budget, priorities, and other concerns or issues
Preferred Qualifications:
- At least seven (7) years of full-time professional/managerial experience of which the major duties included financial oversight and fiscal management;
- Demonstrated success in the role of senior financial leader with a comparable or larger sized organization
- Knowledge of the principles and practices of financial management, including budgeting, forecasting, revenue/expense analysis, and cost allocation process and reporting; governmental and regulatory reporting requirements
- Experience in state government and health care preferred
- Proven understanding of financial practices applied to Generally Accepted Government Auditing Standards (GAGAS) and Generally Accepted Auditing Standards (GAAS)
- Leadership ability, especially related to program design and implementation demonstrating financial acumen; confidence and executive presence
- Strong analytical skills and experience translating a strategic vision into an operational model
- Record of managing a team of direct and/or indirect senior-level administrators; engaging and developing staff
- Ability to apply and explain pertinent laws, rules, regulations, policies and programs
- Skilled in exercising a high degree of initiative, judgement, discretion and decision making to achieve objectives; Critical thinking skills to identify alternative solutions
- Record of work in multidisciplinary teams that share and leverage the strengths of its members
- Proficient usage of Microsoft Office products including Excel and Outlook
Qualifications
MINIMUM ENTRANCE REQUIREMENTS:
Applicants must have at least (A) six (6) years of full-time or, equivalent part-time, professional, administrative, supervisory, or managerial experience in financial management work (i.e. budgeting, accounting, auditing, management analysis, program evaluation, financial reporting of program results), of which (B) at least two (2) years must have been in a supervisory or managerial capacity or (C) any equivalent combination of the required experience and substitutions below.
I. A certificate in a relevant or related field may be substituted for one (1) year of the required (A) experience.
II. A Bachelor's degree in a related field may be substituted for two (2) years of the required (A) experience.
III. A Graduate degree or higher in a related field may be substituted for three (3) years of the required (A) experience.
IV. A Doctorate degree in a related field may be substituted for four (4) years of the required (A) experience.
Comprehensive Benefits
When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future.
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An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply.
The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law. Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don't meet 100% of the job requirements. We encourage individuals who believe they have the skills necessary to thrive to apply for this role.