Senior Manager - Balance Sheet Substantiation

State Street.
Bangalore, India
Not disclosed
21 Jun 2022
04 Jul 2022
Contract type
Full time
Experience level

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/Operational aspect of the Oracle ARCS application
  • Accountable for all Balance Sheet Substantiation activities in the Hub
  • Facilitate with GPO, T and Project teams to drive process controls , improvements to drive seemless functioning of BAU
  • Ability to partner with internal and onshore teams and ensure successful delivery of Balance Sheet Substantiation projects/initiatives
Key Responsibilities

Business as Usual (BAU) Activities

  • Accountable for all operational reconciliation and substantiation processes performed in the Balance Sheet Substantiation Team (growing scope as more processes are transitioned from high cost locations to the hub)
  • Requirements gathering, Gap Analysis and Facilitate testing, record deviations, close gaps and ensure seemless BAU transitions
  • Creation of BRDs, and FSDs, for project simulations.
  • Full ownership of timeliness and quality of the output, no backfall on donor entities or onshore Service Delivery Teams
  • Assisting the team to ensure that accounting processes and procedures are followed and completed to support and reinforce key business objectives
  • Reviewing statutory (SOX) controls in line with Group internal guidelines
  • 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; identifying and remediation of inconsistent design of controls within the same tower; monitoring of controls effectiveness
  • Assist in 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
  • Adhere to and complete all requirements of the GAO Control Hub
  • Oversight of JV processes and output, escalation point for JV who have a matrix reporting into the Hub
  • Timely reporting 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.)

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 process design and effectiveness
  • Partner with various teams and ensure successful delivery of the projects/initiatives of Balance Sheet Substantiation Team
Job Requirements:

Education and Experience:
  • Bachelor/Master Degree in Finance or MBA
  • Accounting Qualification (ACA, ACCA, CPA, CIMA)
  • 10+ years of progressive Business analyst in Balance Sheet Reconciliation and Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance
  • Experience of supporting and maintaining strong control environment, establishing policies, procedures and strong internal controls.
  • Experience of managing Controllership teams in a Shared Services environment
  • Experience of working with offshore support model
  • Strong understanding of Oracle - Sub Ledger Accounting
  • Extensive practical experience and knowledge of the US GAAP and IFRS accounting standards.
  • Technical experience in System design/Interfaces and data flow into ERP system is a plus
  • 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 implementing accounting technology (Oracle, SAP) in a major institution
Skills required:
  • Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)
  • Proficient in writing procedures, functions, FSD and Interpreting BRDs.
  • Possess good levels of understanding of current technological platforms introduced by Oracle, viz : workday, ARCS, Oracle Cloud platforms, forms/reports , other development tools etc.
  • 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
  • First level management expertise required
  • Good communication skills, presentation skills, prior experience of interacting with multiple stakeholders across regions
  • Independent decision-making capabilities, demonstrated thought leadership
  • 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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