Balance Sheet Substantiation - Manager Balance Sheet Substantiation - Manager …

State Street Corporation
in Bangalore, Karnataka, India
Permanent, Full time
Be the first to apply
Competitive
State Street Corporation
in Bangalore, Karnataka, India
Permanent, Full time
Be the first to apply
Competitive
State Street Corporation
Balance Sheet Substantiation - Manager
Job Profile Bangalore

Functional Job Title: : Balance Sheet Substantiation - Manager
Reports to : Balance Sheet Substantiation - Senior Manager/AVP
Department/ Division : Controllers/Finance
Background:
Driven by the State Street Beacon initiative, functionalization of corporate functions and re-alignment of the Finance operating model, State Street has established Global Accounting Operations (GAO) in 2017. GAO is a process-driven function responsible for all record-to-report (R2R) processes within Controllers including:
  • Integrated close and intercompany
  • Revenue accounting
  • Expense accounting
  • Specialized product accounting
  • Cash and deposit governance
  • Accounts payable
  • Project accounting
  • Balance sheet substantiation and system to system reconciliations
  • Transfer pricing
  • Client profitability
  • Management allocations
  • Financial Systems Support

Each global process above is managed by a Global Process Owner (GPO) who owns all aspects of BAU production work, process re-engineering, and automation.

Organizationally GAO combines all groups performing these activities globally - approximately 500 employees as of 1Q19.
Majority of GAO capacity (circa 80%) is concentrated in 2 Global and 2 Regional GAO Hubs where activities are organized by process:
  • Global GAO Hub in Bangalore, India (captive)
  • GAO Production Hub in Coimbatore and Chennai (State Street/HCL JV)
  • EMEA Regional GAO Hub in Krakow, Poland (captive)
  • APAC Regional GAO Hub in Hangzhou, China (captive)

Remaining 20% of activities reside within Regional Service Delivery Teams supporting NAM, EMEA and APAC regions. These teams are organized by business unit and material legal entity and act as an interface between Global and Regional Hubs and non-GAO stakeholders - Controllers, FP&A, Treasury, and Tax etc.

Goal of the position:
  • Person in this role would be responsible managing a team of senior associates engaged in preparation and review of monthly balance sheet reconciliations and substantiation process. Including but not limited to taking accountability for the teams performance, process delivery, continuous Improvement and implementing new controls.
  • Successful delivery of the Balance Sheet Substantiation Remediation Project for the assigned region.

Responsibilities & Tasks Include: Business as Usual (BAU) Activities:
End-to-end accountability for all Balance sheet reconciliation and certification processes assigned to the team. To actively identify opportunities to re-engineer processes by challenging the current controls, procedures, reorganise work and constantly improve the quality such that team's efficiency continues to improve. Ensure all the balance sheet reconciliations are completed on a monthly basis to a high standard. Perform review and identify key risks and opportunities. Ensure all the open items are followed up and timely cleared. Keep a control over reconciliation activity to ensure all reconciliations are maintained in the best possible position. Escalate any issues to various departmental heads/managers in the event of lack of action from their teams. Maintaining complete and accurate inventory of processes and standard operating procedures.Identifying risks and Ideation of new controls, tracking and remediation of process deficiencies; monitoring of control effectiveness. Timely provision of accurate and complete set of data to internal and external GAO and non-GAO stakeholders (e.g. GAO Service Delivery Teams, BU Controllers, FP&A, SEC reporting, external audit, etc.) Meeting SLA requirements and maintaining high Balanced Scorecard ratings. Ensure adherence to various substantiation policies, review these policies on timely basis. Certification of self and team members on all trainings rolled out by the Learning and Development teams from time to time.

Process Re-Engineering, Automation and Change Management
  • Continuous process improvement leveraging GAO ideation and maintain tracking frameworks.
  • Implementation support of the GAO process re-engineering and automation (accounting technology roll-out, new entities set up, restructures, converstions)
  • In the target state, accountable for Balance Sheet Substantiation of specific sub teams' operational delivery as well as accountable for the process design and effectiveness.

Team Management Responsibilities
  • Accountability for the day to day management of a team of professionals.
  • Understand individual needs of team members and arrange training programs, development activities.
  • Assist and mentor team members by maintaining a personal development plan in order to ensure that business objectives are met.
  • Promote continuous process improvement culture in the team.
Job Requirements: Education and Experience:
  • Bachelor/Master Degree in Finance or MBA
  • Accounting Qualification (ACA, ACCA, CPA, CIMA) a plus
  • 8-10 years of progressive experience in Balance Sheet Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance.
  • Experience in controllership or reconciliations process in a Shared Services environment.
  • Extensive experience and knowledge of the US GAAP and IFRS accounting standards.
  • Hands on experience in creating and maintaining strong controls environment.

Skills required:
  • Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)
  • Knowledge of Hyperion Essbase, Oracle Financials (ARCS) would be an advantage.
  • A natural go-getter attitude, data-driven, detail oriented, hands on, having a sense of urgency and the ability to follow through and implement process improvements.
  • Strong technical accounting, collaboration and team handling skills.
  • Independent decision-making capabilities, demonstrated thought leadership.
  • Pride of ownership with the ability to deliver high quality results timely
  • Strong analytical and ability to analyze and summarize complex financial transactions
  • Highly organized with ability to multi-task and work under high pressure deadlines

Company Overview

From technology and product innovation to corporate responsibility and community development, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people - strengthening markets, building communities and creating opportunities for growth.

We owe that longevity to the commitment, expertise and creativity of our employees. Our continued success depends on our ability to attract and develop the best talent in the industry. That's why we're keenly focused on employee development, corporate citizenship and inclusion.

For us, success comes in the mark we make as an organization - for the industry, our clients, our communities and each other.

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