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:
The Finance COE Specialist will be a critical member of the Client Profitability team responsible for providing strategic decision support, financial analysis, and reporting in conjunction with supporting the Global Services/Global Delivery business area. The Specialist will develop a thorough understanding of State Street’s business practices to effectively perform independent, complex reporting or analytics to support the ad-hoc needs of the businesses. Reporting to the Finance CoE Manager, the Specialist will be a critical member of the team responsible for providing strategic decision support, assist in the preparation of Monthly/ Quarterly Profit and Loss statements (P&Ls) by providing reporting and analysis for assigned clients, products and business units in conjunction with supporting the Client Product and Profitability business area.
The position requires excellent analytical, research and financial modeling ability, coupled with strong communication and time management skills. The successful candidate will be comfortable interfacing and presenting to senior and executive management, both within the finance team and operations.
Responsibilities & Tasks include: Collects and reviews expense and revenue allocations by client, product and business unitsCoordinates and manages the preparation of quarterly profit and loss statementsCommunicates with business units throughout the company to collect information for management reporting and analyses (e.g. Staffing and Service Department Allocations)Independently resolving the queries on Profit and loss statementCalculates and communicates internal charges to various organizations/ sub-divisions.Performs monthly, quarterly and annual reviews of processes and reports findings to management for process improvementsResponding to Client and Internal Stakeholders queries in a time bound fashion with keen attention to numerical details ensuring the ‘What’ and ‘Why’ aspects of queries are correctly addressed.Adhoc reporting, inquiry responses and project management as needed.Self-review of reporting & analytics deliverables for first pass accuracy and presenting analytical results, findings as needed.Serves as a subject matter expert on expense allocation related to the Global Services business area and provides guidance, training and oversight to less seasoned analysts.
Education and Experience: Bachelor’s degree in Finance with 7 – 9 years of relevant experience or Master’s with min 6 - 8 years of experience ideally covering multiple aspects of the following:Preparation and analysis of Financial Statement experience in a global settingFinancial services industry experience is preferredExperience with gathering, preparation and Consolidation and summary of various data buckets like revenue, expense, headcount etc for multi-national companiesMulti-dimensional profitability (business, product, client)Hand on working experience on Expense / Revenue allocationsVariance analysis and reporting of insights on a periodic basis with detailed commentaries.Critical understanding of numbers and ability to analyse Revenue and expense trends at a product and client level and establish underlying themes.
Skills/ Knowledge: This is a visible role. Excellent communication, organizational and presentation skills, and ability to present complex financial matters to management is required.Must be able to work in a fast-paced environment.Must possess strong communication skills with ability to participate in or lead conference calls and present financial results to financial and non-financial audiences at various levels of seniority.Pride of ownership with the ability to drive results within the Business.Solid business knowledge of financial services industry and various financial products.Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advanced levels of excel (pivot tables, formulas, excel workbook maintenance best practices) and MS Access.Working knowledge of Hyperion Profitability Cost Management, Hyperion Essbase, Salesforce 360.Knowledge of Spotfire, Tableau/ Cognos data analytics and visualization (or similar) a plus.Sound knowledge base of Financial services industry and various products.Self-motivated, Self-assured, and Self-managed with a result-oriented ownership mindset.Ability to multi-task and work under high pressure deadlines.
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