MISSION: The Texas Education Agency (TEA) will improve outcomes for all public-school students in the state by providing leadership, guidance, and support to school systems.
This position is in the Permanent School Fund (PSF), a $34 billion perpetual public fund endowment that helps finance the state’s public schools.
Reporting to the Deputy Executive Administrator, the Director leads the Operational Due Diligence (ODD) function of the PSF, focusing on assessing the business, operational and risk environment of PSF counter parties such as investment advisors, fund managers and service providers. Responsibilities will include supervising the team, developing, implementing and executing tailored, ongoing risk assessment and mitigation plans, monitoring third party advisors and participating in the investment selection process. All asset classes are subject to these due diligence efforts. The position works under minimal supervision, with extensive latitude for the use of initiative and independent judgement.
A successful candidate must be honest and ethical in all work, recognize the requirements of confidentiality, and be intellectually curious about business internal controls and best practices in the financial industry.
Applicants who are strongly being considered for employment must submit to a national criminal history background check.
Relocation assistance is not available for this position.
A skill-based exercise may be administered at the time of interview.
Lead, supervise, and develop a high-performing team of ODD staff; this includes identifying development objectives to ensure continuous growth in investment knowledge and interview and writing skills and supporting the selection and hiring of all team members
Set the vision for the ODD function by establishing goals and objectives, maintaining an annual strategic plan, implementing tailored due diligence methods, and documenting the processes, data intakes, procedures and outcomes of ODD efforts
Lead and actively participate in the operational due diligence of potential new investments with traditional and alternative asset managers which includes making written and oral recommendations to the appropriate governing committee, working with asset managers to implement enhancements to operational infrastructure/internal control environment, and providing on-going monitoring and reevaluation as required
Lead and actively participate in the operational due diligence of potential and existing major service providers such as the custodian and investment advisors, which includes making written and oral recommendations to the appropriate division contract administrators and providing on-going monitoring and reevaluation as required
Manage the annual fiscal year data intake processes for the real estate and private equity asset classes by collaborating with the portfolio teams, receiving and cataloging manager reports, analyzing financial statements and regulatory filings and ensuring that valuation policies are documented and understood by the PSF Valuation Committee
Perform other related work and duties as assigned
Education: Graduation from an accredited four-year college or university with a degree in accounting, finance or business administration is required.
Experience: At least eight (8) years of experience in evaluating internal control environments and performing operational risk management of investment management organizations with a minimum of three (3) years supervising and leading staff. Prefer experience with public accounting/audit/advisory firms, hedge funds, private equity, real estate, fund administrators, or, dedicated due diligence firms.
CPA, CFA, MBA or similar certifications are preferred
Proven track record of team management
Knowledge of securities accounting, procedures, capital market operations; research techniques; statistical concepts/methods and their application to research analysis; various financial data systems; and of macroeconomics.
Knowledge of local, state, and federal laws and regulations relevant to the investments industry and of the principles and practices of public administration
Specific knowledge of the hedge fund, private equity and real estate investment industries is a plus.
Strong understanding of risk frameworks and evidence of practical experience in interviewing, analysis and documentation of operational risks
Understanding of operational processes within financial institutions, of current cyber-security risks and knowledge of investment strategies and instruments
Able to employ strategic interview techniques to elicit information
Skill in financial statement analysis, analytics and in the use of computer software programs, particularly advanced Word, Excel and PowerPoint skills
Flexible, organized and able to handle multiple and shifting priorities while ensuring attention to detail; uses sound, independent judgment to make decisions
Able to communicate clearly and effectively, both verbally and in writing, including writing management reports and making public presentations
Strong customer-service mindset and the ability to communicate to a diverse group of internal and external customers
Maintains effective and professional relationships with a diverse group of internal and external staff
Exhibits a strong work ethic, is reliable, and works effectively and collaboratively as part of a team
Possesses a desire to self-reflect, give/receive feedback and continuously improve
Willing to fill a need, solve a problem, anticipates risks, and demonstrate initiative to strategically advance efforts of the PSF
Acts in accordance with the Chartered Financial Analyst Institute code of ethics and standards of professional conduct and in accordance with the standards established by the Texas Ethics Commission for state employees
Must be able and willing to travel both domestically and internationally
About Texas Education Agency
The Texas Permanent School Fund is a $34+billion perpetual endowment fund that benefits the public school children of Texas. Fiduciary authority for the fund lies with the State Board of Education and the fund is administered by the investments Division of the Texas Education Agency. The Texas Permanent School Fund is a division of the Texas Education Agency. TEA is an equal opportunity employer.
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