Balance Sheet Substantiation, Assistant Vice President

State Street.
Bangalore, India
Not disclosed
16 May 2022
30 May 2022
Contract type
Full time
Experience level

Functional Job Title: Balance Sheet Substantiation – AVP

Reports to: Balance Sheet Substantiation - VP

Department/ Division: Controllers/Finance


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:

  • Ability to understand financial systems architecture, drive efficiencies and develop governance framework
  • Accountable for all Technical aspect of the Oracle ARCS application
  • Facilitate with GPO, T and Project teams to drive process controls, improvements to drive seemless functioning of BAU
  • Successful delivery of the Balance Sheet Substantiation Remediation Project

Key responsibilities

  • Requirements gathering, Gap Analysis and Facilitate testing, record deviations, close gaps and ensure seemless BAU transitions
  • Creation of BRDs, and FSDs, for project simulations.
  • Trouble shoot technical queries and factor expected BAU results in the observations.
  • Creating procedures and keeping current procedures up to date per BSS Policy
  • Co-ordinate with IT, Business and project teams on ‘Release Cycles’ per definite frequencies
  • Provide walk-throughs of the release cycle elements and demonstrate operational feasibility or glitches.
  • Co-ordinate in UAT/Post Go Live Support for the business
  • Ensure that accounting processes and procedures are followed and completed to support and reinforce key business objectives
  • Performing and reviewing statutory (SOX) controls in line with Group internal guidelines
  • Development of additional controls and identification of preventative measures
  • Business analysis and feasibility study efforts to further develop the global control framework for accounts governance
  • Work closely with IT, Vendor and project team to improve the reconciliation process
  • 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
  • Implementation support of the GAO process re-engineering and automation (accounting technology roll-out, new entities set up, restructures, conversions)
  • In the target state, accountable for Balance Sheet Substantiation of specific sub teams’ operational delivery as well as accountable for the application all level module process design and effectiveness

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 Process Engineering, Balance Sheet Substantiation, Accounting Operations, Business Controls, Finance & Risk Assurance
  • Experience of managing Controllership teams in a Shared Services environment
  • Experience of building and maintaining strong control environment (risk excellence, experience with Application/Module testing, Simualtions, controls, etc.), establishing policies, procedures and strong internal controls.
  • Experience of implementing accounting technology (Oracle, SAP) or Operational Projects in any large firms.
  • Extensive experience on Testing on Oracle and have experience working with Oracle support
  • Exposure to Oracle - Sub Ledger Accounting
  • Experience and knowledge of the US GAAP and IFRS accounting standards.

Skills required:

  • Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)
  • Possess good levels of understanding of current technological platforms introduced by Oracle, viz: workday, ARCS, Oracle Cloud platforms, forms/reports, other development tools etc.
  • Proficient in writing procedures, functions, FSD and Interpreting BRDs.
  • Proven ability to conceptualize, design and implement solutions
  • 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

For further information, and to apply, please visit our website via the “Apply” button below.

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