Director-Investment Accounting Operations

  • Cogent Infotech Corporation
  • New Haven, CT, USA
  • Jun 22, 2022

Job Description

Job Description

The Client is in need of a Director for the Investments Accounting OperationsGroup.

This is a Direct Hire need.

There is some flexibility with the salary, ok to submit candidates at higher salary, just note it when submitting.

Bonus potential for this role is in the 6%-12% range.

Manager prefers local candidates, who can be onsite 3 days per week. They are onsite Tues, Wed, Thurs; working remotely Mon & Fri.

Job Description


Responsible for ensuring the proper accounting and reporting for the portfolio of investments and its related entities, performing detailed analysis of investment results and communicating to senior management. Is a key partner with third party administrator (Clearwater Analytics) and responsible for the accuracy of investment information in regulatory filings and financial statements and its related entities, as well as, related disclosures. Manages the relationships with actuarial, investments and other areas to ensure that investment information disseminated across the copany is complete, accurate and timely. Supervision of senior investment accountants or other positions on either a project level or on a full-time basis.

Core Responsibilities

  • Manages the activities of the investment accounting operations, including directing, advising and managing direct reports; makes recommendations on hiring, performance appraisals and related employment issues.
  • Trains or provides appropriate training for employees; coaches, provides feedback, counsels and motivates employees.
  • Responsible for user administration of the investment accounting software systems, including current internally hosted system. Reviews material provided for updates to the investment accounting software maintained by third party administrator to ensure changes and impact is understood and communicated to staff. Creates control reports within the investment accounting software systems to verify output and troubleshooting.
  • Review the investment portfolios on a quarterly basis and evaluate for potential impairments (OTTI) on a STAT, GAAP and IFRS basis and work closely with Chief Accountant and Portfolio Asset Managers to determine the amount of any OTTI, if any.
  • Perform monthly closings for investment accounting software systems, prepares and uploads journal entries into general ledger and reconciles the investment accounting subsidiary investment ledgers to the general ledger. Review all data for completeness and accuracy and perform and document analysis of investment results and provide to senior management.
  • Performs or supervises quality control procedures and other reconciliations to ensure that data produced by investment accounting systems third party administrator is accurate and complete.
  • Prepare/oversee the preparation of statutory financial reporting schedules including all necessary investment schedules (monthly, quarterly, annually) footnotes and general interrogatories, NAIC valuation, year-to-date reconciliations for U.S. and Canadian insurance operations and related entities.
  • Lead preparation of the Annual Rating Agency Surveys.
  • Perform research of accounting literature for new investment products or scenarios, documents the conclusions and work with K of C independent auditors to gain approval. Monitor changes in accounting principles (STAT, GAAP & IFRS) to determine impact on the K of Cs and related entities current investment portfolios and/or future strategies. Maintains Investment Accounting policy and procedures.
  • Analyze potential new investments and determine projected impact to risk based capital or other relevant metrics.
  • Develop, document and implement controls and procedures in accordance with Model Audit Rule (MAR).
  • Analyze potential new investments and determine projected impact to risk based capital or other relevant metrics.
  • Key liaison with portfolio asset managers, external and internal audit and state examiners.

Essential Competencies

Professionalism/Personal Accountability, Collaboration and Teamwork, Communication, Flexible and Adapts to Change, Service to Customers and Clients

Additional Competencies for Directors: Strategic Planning, Talent Development, Leadership

Skill Qualifications


  • Detail oriented with strong analytical and problem-solving skills
  • Strong leadership and people management skills, with demonstrated ability to effectively coach and develop a team
  • Strong communication and interpersonal skills
  • Strong organizational and coordination skills to support multi-tasking
  • Sound judgment

Systems/Technical Knowledge:

  • SAP, Clearwater and PAM for Mortgages is preferred
  • Strong computer software knowledge and experience, with investment accounting software knowledge desirable
  • Microsoft Office, including Word, Excel and PowerPoint

Education and Experience Qualifications


  • BS in Accounting or Finance
  • 9-12 years of investment accounting experience or equivalent combination of training and experience, with insurance industry experience preferred
  • Solid understanding of complex investments, including but not limited to private placements, commercial mortgage loans, private equity securities and alternative investments
  • In-depth knowledge of financial reporting and related close cycle in the general ledger


  • CPA, CFA and/or MBA is strongly preferred

Key Leadership Behaviors

  • Sets a clear strategic direction
  • Adapts to change quickly
  • Fosters mutual trust
  • Follows through on actions, promises, and assignments
  • Demonstrates high ethical standards
  • Lives, leads, manages, and works with integrity
  • Accepts responsibility for own actions
  • Leverages the strengths of each team member
  • Treats others with respect and empathy
  • Creates a working environment that motivates high individual performance