State Street

Balance Sheet Substantiation - Vice President

State Street
Bangalore, India
Not disclosed
08 Jun 2023
16 Jun 2023
Approved employers
Approved employer
Contract type
Full time
Experience level


Driven by the company-wide objective to functionalize corporate functions and strengthen Finance operating model State Street has established Global Accounting Operations (GAO) in 2017. GAO is a process-driven organization responsible for all record to report processes including Integrated Close and Consolidation, Balance Sheet Substantiation and Management reporting like reconciliations, substantiation, global payment hub, APAC Service Delivery, and allocations and strategy execution.

Organizationally GAO combines all groups performing these activities globally – approximately 500 employees. Majority of GAO capacity (~90%) is concentrated in the Global Finance Centres (GFC) and GAO Production Team (SSHCL JV) where activities are organized by process:

  • Global GAO GFC in Bangalore, India (captive)
  • EMEA Regional GAO GFC in Krakow, Poland (captive)
  • APAC Regional GAO GFC in Hangzhou, China (captive)
  • GAO Production teams in Coimbatore and Chennai (State Street/HCL JV)

The remit of this role covers all operational BAU and transformation activities for the Balance Sheet Substantiation (BSS) Tower.

Goal of the position:

  • Originates and drives standardization and transformation efforts across BSS tower
  • Owns the policy, systems and processes for reconciliation and substantiation
  • Drive the Balance Sheet Substantiation Council meetings engaging senior stakeholders across controllers organization
  • Instills the culture of risk excellence and the spirit of continuous improvement in the control environment
  • Ability to understand financial systems architecture, drive efficiencies and develop governance framework
  • Accountable for all Technical/Operational aspect of the Oracle ARCS application

Responsibilities & Tasks Include:

Business as Usual (BAU) Activities:

  • End-to-end accountability for all operational accounting processes performed in the GFC
  • Full ownership of timeliness and quality of the output, no backfall on donor entities or onshore Service Delivery Teams
  • Timely provision of accurate and complete set of data to internal and external GAO and non[1]GAO stakeholders (e.g. GAO Service Delivery Teams, BU Controllers, FP&A, SEC reporting, external audit, etc.)
  • 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; maintaining up to date inventory of standard operating procedures; identifying and remediation of inconsistent design of controls within the same tower; monitoring of controls effectiveness
  • Meeting SLA requirements, and achieving performance metrics consistently

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 sending locations to ensure effective and efficient transition of activities into GFC
  • 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 application all level module process design and effectiveness

Team Management Responsibilities

  • Accountability for the day to day management of a team of ~20 employees (3-4 direct reports)
  • Talent acquisition, training and development, succession planning, nurturing strong second layer
  • Performance management, performance reviews, career planning and coaching
  • Partnering with Head of BSS & Reporting in creating a self-sustaining center of excellence

Job Requirements:

Education and Experience:

  • Bachelor/Master Degree in Finance or MBA
  • Accounting Qualification (ACA, ACCA, CPA, CIMA)
  • 12+ years of progressive experience in Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance
  • Experience of running a large (20+) team in a Shared Services environment
  • Proven track record in building and running a successful Accounting Operations COE within a major financial institution
  • Experience of leading redesign, centralization, standardization and automation of Balance Sheet substantiation activities
  • Hands on experience in creating and maintaining strong controls environment
  • Up to date knowledge of current US GAAP and IFRS standards

Skills required:

  • Demonstrated thought leadership: clear vision of what good is and ability to challenge status quo
  • Excellent execution and project management skills: ability to structure a work effort and take it to completion
  • Strong stakeholder management skills: understanding the impact on stakeholders, proactive and preemptive communication, ability to influence seniors
  • Appreciation of cultural differences within geographically diverse teams
  • Ownership and accountability mind set, self-motivated, self-starter attitude
  • Excellent communication skills: ability to analyze, interpret and communicate complex issues at senior level
  • Highly organized with ability to multi-task and work under pressure
  • Good understanding of the building blocks of financial technology architecture
  • Strong grasp of Microsoft Office, Hyperion Essbase, Oracle Financials, Spotfire, Tableau, Cognos is a plus

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

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