Global Accounting Operations _ Balance Sheet Substantiation - Assistant Vice President

Global Accounting Operations _ Balance Sheet Substantiation - Assistant Vice President

State Street Corporation

Global Accounting Operations _ Balance Sheet Substantiation - Assistant Vice President

Details of the offer


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 PERCENT ) 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 PERCENT 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:

Accountable for all operational Balance Sheet Substantiation activities in the Hub
Partners with GPO to drive process and controls improvements and process automation
Successful delivery of the Balance Sheet Substantiation Remediation Project
Responsibilities & Tasks Include: Business as Usual (BAU) Activities:

End-to-end accountability for all operational reconciliation and certification processes performed in the Hub (growing scope as more processes are transitioned from high cost locations to the hub) Full ownership of timeliness and quality of the output, no backfall on donor entities or onshore Service Delivery Teams Oversight of JV processes and output, escalation point for JV who have a matrix reporting into the Hub 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.) Maintaining robust controls environment: maintaining complete and accurate inventory of processes, risks and controls; timely flagging, tracking and remediation of process, communication and controls deficiencies; maintaining up to date inventory of standard operating procedures; identifying and remediation of inconsistent design of controls within the same tower; monitoring of controls effectiveness Meeting SLA requirements and maintaining high Balanced Scorecard ratings

Process Re-Engineering, Automation and Change Management

Partnering with GPO, FRIBS and Technology to drive process re-engineering, automation and change management
Continuous process improvement leveraging GAO ideation and issue tracking frameworks
Partnering with transition management team and donor entities to ensure effective and efficient transition of activities into the Hub
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
Talent acquisition, training and development, succession planning, nurturing strong second layer
Performance management, performance reviews, career planning and coaching
Partnering with GPO and Global Head of GAO in creating a self-sustaining center of excellence

Job Requirements: Education and Experience: Bachelor/Master Degree in Finance or MBA
Accounting Qualification (ACA, ACCA, CPA, CIMA)
10-12 years of progressive experience in Balance Sheet Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance
Experience of managing Controllership teams in a Shared Services environment
Extensive practical experience and knowledge of the US GAAP and IFRS accounting standards
Experience of building and maintaining strong control environment (risk excellence, experience with SOX, RCSA controls, etc.), establishing policies, procedures and strong internal controls.
Experience of leading redesign, centralization, standardization and automation of R2R processes
Experience of implementing accounting technology (Oracle, SAP) in a major institution
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
Knowledge of Spotfire, Tableau, Cognos data analytics and visualization (or similar) a plus
Conceptual understanding of company-wide financial architecture (GL, sub-GL technology, specialized tools) applicable to the above process groups of processes
Senior-level communication skills, presentation skills, prior experience of interacting with multiple stakeholders (Legal Entity and Geography controllers) in NA, EMEA, APAC
First or second level management expertise required
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 analytical and ability to analyze and summarize complex financial transactions
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


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