Legal Entity Cost Allocation Lead
About Northern Trust:
Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally. With over 130 years of financial experience and nearly 20,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Northern Trust is one of the largest banking institutions in the United States and one of the oldest banks in continuous operation. As of December 31, 2021, it had $1.6 trillion in assets under management and $16.2 trillion in assets under custody / administration.
We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.
Working with Us:
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve!
We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why we are honored to receive the following awards in 2021:
- Gender Equality Index Member, Bloomberg
- Top Financial & Banking Company, Black EOE Journal, Hispanic Network Magazine, Professional WOMAN'S Magazine
We’d love to learn more about how your interests and experience could be a fit with one of America’s best banks and most sustainable companies! Build your career with us and apply
This position will have overall responsibility for the Corporation’s Legal Entity Cost Allocation subfunction, including: Direct responsibility for the legal entity cost allocation subfunction of the Corporation and its subsidiaries, both domestic and international. Assist in establishing the legal entity cost allocation methodology for the Corporation and its subsidiaries and oversee the execution and maintenance of these allocations. Collaborate with subject matter experts in Corporate Finance, Corporate Tax, and local Finance stakeholders, as required, to ensure local accounting, regulatory, and tax considerations are being met. Assist in the intercompany agreement process, including liaising with the appropriate Finance and Tax teams to ensure the cost allocation methodology and transfer pricing policies are maintained across all the entire group. Review and update, as necessary, the processes to record and settle intercompany payments and receipts, along with any required currency, regulatory or Treasury considerations. Provide support to the local Finance stakeholders in meeting management, auditor, and tax authority requirements and inquiries.
- Works closely with Corporate Accounting, Corporate Tax, Management Reporting Planning & Analysis (MRP&A) and local Finance stakeholders to review existing management reporting cost allocations and confirm alignment with accounting and tax requirements, as applicable
- Works with an outside advisor and MRP&A to develop and implement legal entity cost allocation capabilities in SAP, including integration with the management reporting platforms in SAP
- Assists in implementing solutions where existing management reporting cost allocations do not meet legal entity allocation requirements
- Coordinates and collaborates with cross-functional subject matter experts to maintain global policies, processes, corporate governance, and controls to address legal entity cost allocation accounting, tax, and regulatory requirements
- Reviews and updates the existing operating model and manages the process of intercompany settlement of the cost allocations, including invoicing, recording and settling of the allocated costs
- Collaborates with subject matters experts and key stakeholders to identify, assess, and implement any necessary changes due to changes in the business, corresponding management reporting allocations, or accounting and tax requirements
- Provides support to local Finance stakeholders to ensure intercompany service agreements are aligned with the cost allocations and compliant with transfer pricing policies and in understanding the accounting, regulatory and tax impacts of cost allocations
- Owns the internal controls related to legal entity cost allocations and the settlement of the allocated costs
- Maintains the legal entity cost allocation system in SAP.
- 15-year minimum accounting or finance experience in a financial services environment or large multinational corporation
- Bachelor’s degree in Accounting or Finance is required. MBA, CPA Certificate, or other advanced degree a plus
- Experience working with legal entity or management reporting cost allocation programs preferred
- Experience with change management and driving organizational change
- Experience working with SAP preferred
- Strong analytical, leadership and problem solving skills with the ability to multi-task and work on projects that are large in scope, cross-functional and technically difficult
- Ability to develop and maintain strong relationships with diverse group of senior stakeholders across various levels of the organization
- Strong accounting and finance knowledge and business acumen
- Excellent communication and analytical skills to communicate and consult with internal and external stakeholders
- Ability to directly and indirectly manage teams
For further information, and to apply, please visit our website via the “Apply” button below.