Balance Sheet Substantiation Manager

Job Description

Job Profile BangaloreFunctional Job Title: : Balance Sheet Substantiation ManagerReports to : Balance Sheet Substantiation Senior Manager/AVPDepartment/ Division : Controllers/FinanceBackground: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:

• The The BSS Governance team monitors quality and completeness of reconciliations to ensure they are compliant with Policies and Standard Operating Procedures.
• The manager in this role will Conduct a substantive review to assess the effectiveness of balance sheet account Reconciliations. Ensure account reconciliations comply with related policies and standards. Produce and coordinate materials for monthly and annual updates to Senior Management governance forums, Balance sheet substantiation council.
• Successful delivery of the Balance Sheet Substantiation Remediation Project for the assigned region.

Responsibilities & Tasks Include:Business as Usual (BAU) Activities:

• Accountability for the accounts assigned for the purpose of Balance Sheet Substantiation Governance (BSS Governance).
• Reconciliation execution and validation by reviewing the reconcilaitions and identifying the issues. Recording the issues in testing tracker and error log.
• Assesment of test results, agreeing on remediation and target dates. Issue log finalization, tracking of remediation plan.
• Regular Dashboard reporting with relevant metrics to key stakeholders and escalation of material open and unreconciled exceptions for management attention.
• Regular reporting on status of reviews, remediation plan details and closure of action items.Monthly presentation of metrics to the Balance Sheet Substantiation Council.
• Escalate any issues to various departmental heads/managers in the event of lack of action from their teams.
• 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.)
• Ensure adherence to various substantiation policies, review these policies on timely basis. Reconciliation policy trainings to other teams.
• 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 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
• 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).
• 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 and 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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Keyskills :
us gaapmusic makingbalance sheethigh pressureprocess designexternal auditshared servicesproblem solvingservice deliverymicrosoft officehyperion essbase