Balance Sheet Substantiation – Manager
Functional Job Title: : Balance Sheet Substantiation – Assistant Manager Reports to : Balance Sheet Substantiation – Manager/Senior Manager 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: Assistant manager in this role will be responsible for supporting the preparation and review of monthly balance sheet reconciliations.
Partners with Line manager to drive process improvements, controls and process automation. Successful delivery of the Balance Sheet Substantiation Remediation Project for the assigned region. Responsibilities & Tasks Include: Business as Usual (BAU) Activities: Accountability for all Balance sheet reconciliation and certification processes assigned.
Ensure all the assigned balance sheet reconciliations are completed on a timely basis to a high standard. Perform self review and identify key risks and opportunities to improve. Ensure proper reconciliation controls are in place and are adhered to at all times.
Monitoring of control effectiveness Ensure all the open items on these reconcilaitions are correctly recorded and timely cleared. Keep a control over reconciliation activity to ensure all reconciliations are maintained in the best possible position.
Meeting the agreed SLAs without exceptions. Escalate any issues to line manager and avoid any unfavourable impact on process delivery. Ensure all the MI reports are delivered within the agreed timescale for updating Management of any issues and /or potential SLA breaches etc Maintaining high quality standard operating procedures.
Identifying potential risks and remediation of process deficiencies. Process Re-Engineering, Automation and Change Management Continuous process improvement leveraging GAO ideation and maintain tracking frameworks. Partners with Line managers to drive process and controls improvements and process automation.
Team Responsibilities Mentor junior accounting staff and help them professionally grow within the Accounting organization. Builds networks to enhance effectiveness and share knowledge. Job Requirements: Education and Experience: Bachelor/Master Degree in Finance or MBA Accounting Qualification (ACA, ACCA, CPA, CIMA) a plus 6-8 years of progressive experience in Balance Sheet Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance.
Experience in Balance sheet reconciliations process in a Shared Services environment a plus 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.
Independent decision-making capabilities, demonstrated thought leadership Pride of ownership with the ability to deliver high quality results timely Self-motivated, self-assured, and self-managed Strong attention to details Problem solving skill Highly organized with ability to multi-task and work under high pressure deadlines Must be able to work in a fast-paced environment About State Street Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability.
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