Bangalore, India
Experience :
Manager
Closes on :
Jul 26, 2024
Functional Job Title: Balance Sheet Substantiation – Team Lead
Reports to: Balance Sheet Substantiation - Manager/Senior Manager
Department/Division: Controllers/Finance
Background:
Driven by the State Street Beacon initiative, functionalization of corporate functions, and re-alignment of the Finance operating model, State Street 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
- Project accounting
- Balance sheet substantiation and system to system reconciliations
- Transfer pricing
- Management allocations
- Financial Systems Support
Each global process is managed by a Global Process Owner (GPO) who owns all aspects of BAU production work, process re-engineering, and automation. The majority of GAO capacity (circa 80%) is concentrated in 2 Global and 2 Regional GAO Hubs where activities are organized by process.
Goal of the position:
The Team Lead in this role will be responsible for supporting the preparation of monthly balance sheet reconciliations. Additional responsibilities include:
- Partnering with Line Manager to drive process and controls improvements and process automation
- Ensuring successful delivery of Balance Sheet Substantiation projects/initiatives by partnering with internal and onshore teams
Key Responsibilities:
Business as Usual (BAU) Activities:
- Perform monthly balance sheet reconciliations for various assigned accounts on a timely basis to a high standard.
- Perform self-review and identify key risks and opportunities for improvement.
- Take full ownership of the timeliness and quality of output.
- Ensure that accounting processes and procedures support key business objectives.
- Prepare reconciliations in line with the Balance Sheet Reconciliation Policy.
- Record and clear open items on reconciliations in a timely manner.
- Adhere to proper reconciliation controls at all times.
- Identify and remediate process deficiencies.
- Assist in the development of additional controls and preventative measures.
- Support requirements gathering, gap analysis, and facilitate testing.
- Work closely with IT, vendor, and project team to improve the reconciliation process.
- Update procedures according to BSS Policy.
- Maintain SLA requirements and high Balanced Scorecard ratings.
- Escalate issues to line manager to avoid any unfavorable impact.
- Complete all requirements of the GAO Control Hub.
- Deliver monthly reporting activities assigned.
- Establish and manage key stakeholder relationships.
Process Re-Engineering, Automation, and Change Management:
- Partner with GPO, FRIBS, and Technology to drive process re-engineering and automation.
- Continuously improve processes leveraging GAO ideation and issue tracking frameworks.
- Collaborate with the transition management team and donor entities to ensure effective transitions into the Hub.
- Support the Line Manager in projects/initiatives of the Balance Sheet Substantiation Team.
Job Requirements:
Education and Experience:
- Bachelor/Master Degree in Finance or MBA
- 5-7 years of progressive business analysis experience in Balance Sheet Reconciliation and Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance
- Experience working with offshore support model
- Understanding of Oracle - Sub Ledger Accounting
- Practical experience and knowledge of US GAAP and IFRS accounting standards
- Technical experience in system design/interfaces and data flow into ERP system is a plus
Skills required:
- Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), with advanced Excel skills
- Knowledge of current technological platforms introduced by Oracle
- Understanding of company-wide financial architecture (GL, sub-GL technology)
- Strong attention to detail
- Problem-solving skills
- Organizational skills with the ability to multi-task and work under high-pressure deadlines
- Ability to work in a fast-paced environment
For further information, and to apply, please visit our website via the “Apply” button below.