AVP - Transfer Pricing
Functional Job Title: Transfer Pricing AVP
Reports to: Vice President, Intercompany, Transfer Pricing and CDAG
Department/ Division: Corporate Finance Global Accounting Operations, GAO
Driven by the Beacon initiatives, functionalization of the corporate functions and re-alignment of the Finance Operating Model, State Street has established the Global Accounting Operations (GAO) organization in 2017. GAO is a process-focused organization responsible for the majority of the record-to-report (R2R) activities performed at State Street. Organizationally, it combines all groups performing these activities Globally and also includes Accounting Centers residing in State Street Shared Service locations in Poland, India and China. GAO organization is established on principles of Global Process Ownership and process excellence, owning all aspects of business-as-usual activities within R2R areas and driving process improvements and automation Globally.
To achieve this objective, GAO has been structured into several distinct global units each is responsible for all aspects of selected major groups of R2R activities, such as Close & Consolidations, Revenue/Expense Accounting, Payroll Accounting, Intercompany Transactions, Specialized/Product Accounting, Cash/Deposit governance and others. Each global unit will be responsible for all aspects of business-as-usual activities within their group of processes, as well as process re-engineering and automation activities – this includes leading process assessments; driving process design and process re-engineering work; co-owning technology initiatives bringing automation to GAO organization, working in close collaboration with the teams in Finance Technology, Finance Re-Engineering, Data Management, and other partnership organizations.
Basic Purpose of Job:
- Lead the team to administer accounting of the transfer pricing policies for approximately 150 legal entities and branches worldwide.
- Lead the monthly legal entity transfer pricing calculations and share results with key stakeholders
- In addition to Business As Usual (BAU) responsibilities as described below, this role will lead the process re-engineering, standardization, and automation efforts.
Responsibilities & Tasks Include:
Business As Usual (BAU) Activities:
- Transition the various Transfer Pricing calculations and policy adherence across geographies and legal entities to the centralized unit to ensure consistent, controlled, accurate and timely production of the calculations
- Working in close collaboration with the offshore team, coordinate the Transfer Pricing processes for various geographies across different time zones and teams, taking into account the local regulatory and organizational needs
- Monitor the monthly legal entity transfer pricing entries posted by legal entities, follow up and address discrepancies in a timely manner per the corporate close timeline
- Support the monthly and quarterly SOX and other certification processes
- Lead analysis of intercompany postings and elimination entries needed for corporate consolidation
- Oversee the Transfer Pricing budget and forecast calculations
- Oversee the preparation of annual legal entity transfer pricing true up for all legal entities
- Co-ordinate business inputs to ensure they are received in timely manner and analyze there trend and impact on the Transfer pricing calculations
- Assist with annual reporting requirements for external auditors, the IRS (Internal Revenue Service) in the US and other local country reporting requirements in other State Street jurisdictions
- Ensure execution of appropriate controls supported by documented policies and procedures across the relevant groups
- Provide timely data, reporting and needed analytics to senior management and other key stakeholders
- Support regulatory requests and associated regulatory reporting
- Adhere to Model Risk Management guidelines for on-going monitoring results of Transfer Pricing and Recovery Resolution Planning models. Ensure documentation requirements are keep current with model revisions and changes
- Instill a culture within the team of ongoing self-assessment to continuously better the effectiveness and the efficiency of the process
- Ensure significant attention to Risk Excellence to ensure compliance with internal policies and regulatory standards
- Develop and maintain a high performing CoE team that is highly motivated to effectively deliver on the business as usual activities and support the transformation efforts
- Assist the Global Process Owner (GPO) in implementation of Global Legal Entity Transfer Pricing policy for newly acquired/formed legal entities
- Assist the GPO in implementation of new Transfer Pricing production systems, as needed and end to end process to ensure accurate, consistent and efficient execution of transfer pricing policies for material intercompany transactions on a global basis
- Build out reporting capabilities to improve effectiveness of data analytics
- Assist the GPO in analyzing changes to business unit etc. hierachicies, and adjust the TP calculations as needed
Education and Experience:
- Master’s Degree in Accounting or Chartered Accountant (CA) with 8-10 years of progressive experience in the Transfer Pricing, Close and Consolidation process with a large financial services firm or advisory/consulting firm
- Extensive experience and knowledge of US GAAP, IFRS required, experience with other accounting standards (German, etc.) a plus.
- Detailed understanding of the end-to-end company-wide Transfer Pricing and Intercompany policies
- Demonstrated leadership in build-out of accounting processes for multiple geographies and business.
- Understanding of international regulatory landscape, experience with statutory accounting/reporting groups across several major international geographies
- Experience of building and maintaining strong control environment (risk excellence, experience with SOX, RCSA controls, Regulation W, etc.), establishing policies, procedures and strong internal controls
- Extensive experience of managing teams performing day-to-day accounting operations, month-end and quarter-end activities for the above areas of accounting
- Experience of leading re-engineering of R2R (record-to-report) processes and driving similar centralization of the end-to-end activities for the major financial institutions
- Advance levels of Excel a necessity (pivot tables, formulas, excel workbook maintenance best practices) and strong knowledge of working with Access databases preferred.
- 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.
- 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
- Pay specific attention to details and recognize variances in results with strong analytics
- 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
For further information, and to apply, please visit our website via the “Apply” button below.