State Street - AVP - Expense Accounting COE Lead

Background:

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/Producting 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 Product Accounting Manager will be responsible for all aspects of US GAAP, IFRS, German accounting for Capital Markets products and day-to-day management of a team of 5-20 experienced Accounting professionals (the level specialists and analysts) that provide support to Global Product Controllers group. This individual will provide subject matter expertise in the area of accounting related to Capital Market Products which include:

- Investment Securities - Derivatives

- Loans - Stable Value WRAP

- Unused Commitments - Long Term Debts

- Letters of Credits - Preferred Stocks

- Credit Enhancements - Repo/Reverse Repo

In addition to Business As Usual (BAU) responsibilities as described above, this role will lead the process re-engineering, standardization, and automation efforts.

Responsibilities & Tasks Include:

Business As Usual (BAU) Activities:

- Collaborate closely with the onshore team to understand expectations and deliverable timelines and ensure that deliverables of the team are load balanced as compared to team staffing.

- Develop the team to adopt - owner's mind set - work independently, and effectively manage timelines

- Manage resources to assist with ad-hoc projects and new transactions to support the GAO Accounting controller group

- Lead the day to day activities of an accounting and reporting team that is performing Accounting & Reporting

- Performing managerial reasonableness reviews and discussing reporting & analytics deliverables prepared by the team to ensure results make sense, that messaging is on point for the audience and ensuring the core objective of the deliverable is met

- Provide support to key stakeholders of the team to present analytical results, findings

- First point of escalation within the local reporting line for dealing with issues (people/process/technology) and ensuring that compliance requirements are adhered to (e.g. company policies surrounding standard of conduct, information security, employment regulations)

- May be required to participate in or conduct a wide range of accounting and financial analyses on critical and complex issues which may include variance analysis and accounting transactions.

- May serve as a subject matter expert on a particular accounting transactions.

- Coaches the team and works with onshore leadership to establish the team member goals and gather feedback for performance appraisals.

- Participate in or manage function specific projects as needed

- Ensure completion of deliverables within the committed timeframe including assistance with development of deliverable plans, attending deliverable specific or recurring meetings between the team and the onshore team. Team deliverables revolve around;

Daily:

- Monitor FICC Repo/Reverse Repo

- Monitor deposit hedge, prepare manual journal entries and hedge designation summary

- Reconcile Summit derivatives market value to general ledger

- Reconcile the initial margin, variation margin, interest and fees for the derivatives traded with the central clearing house, CME, through the broker to general ledger and prepare manual reclass journal entries as necessary

- Monitor investment security realized gain/(loss) and prepare manual journal entries

- Monitor investment security purchase and sale activity

- Calculate WAB for USD securities in EUR Functional Currency Company

Weekly:

- Prepare off-book currency manual journal entries

- Prepare Regulatory reporting for FR2644

Monthly:

- Coordinate month-end close including prepare manual journal entries and export accounting system reports

- Prepare account reconciliations and certification

- Prepare hedge inventory

- Perform hedge effectiveness testing

- Process adjustments to Treasury Data Repository (TDR), complete TDR data checks, and perform TDR reconciliations to ledger

- Process Servicing Fee Invoice

Quarterly:

- Prepare Regulatory, SEC, Cayman Island Monetary Authority, and Internal reporting

- Perform CCAR CFO attestation control testing

- Perform SOX control testing

- Perform yield calculations for OTTI requests, process OTTI activity, and prepare manual journal entries

- Process Intercompany Tax Settlements

- Recalculate Intercompany Loan Payments and Authorize Transfer of Funds

- Perform Sign-off in Tax Stream

- Review Operating Cash Inventory

Semi Annually:

- Prepare Regulatory reporting for FR2436 and Cayman Island Monetary Authority reporting

Annual:

- Prepare Cayman Island Monetary Authority reporting

- Perform CIS control testing

- Process Trustee Fee Payments

- Calculate Management Fees

Ad-Hoc:

- Manual accounting for HFS loan portolio, non-accural, and allowance for loan losses

- Prepare hedge designation summary

- Prepare and update process narratives/procedures and flow charts

- Response to internal and external requests including variance analysis and inquires

- Participate in Ad Hoc projects and new transactions

- General ledger account requests

- Accounting systems maintenance and upgrade

- Perform user access reviews & certifications

- Perform analysis to support intercompany transfers, prepare automated transfer processing file, validate transfers, and prepare manual journal entries

Process Re-Engineering, Standardization, and Automation:

- Lead the process Re-Engineering, Standardization, Automation

- Responsibility for ongoing process improvements

- Responsibility for execution of right-placement strategy

- Implementation support of the GAO process re-enginerring and automation efforts

Job Requirements:

Education and Experience:

- Master's Degree in Accounting, Chartered Accountant (CA) and Certified Public Accountant (CPA)/MBA-Finance with 10-12 years of progressive experience in R2R areas with major financial institutions

- Extensive practical experience and knowledge of the US GAAP and IFRS accounting standards for the above areas, experience with other accounting standards (German, etc.) is a plus

- In depth knowledge of Capital Market Products (i.e. Derivatives and Hedging ASC815, Offsetting of Amounts Related to Certain Contracts FIN39, Accounting for Certain Investments in Debt and Equity Securities FAS115, Loans Accounting)

- In-depth knowledge of the supported products.

- Understanding of international regulatory landscape, experience with statutory accounting/reporting groups across several major international geographies.

- Experience of building and maintaining strong control environment (risk excellence, experience with SOX, RCSA controls, etc.), establishing policies, procedures and strong internal controls.

- Demonstrated leadership in improving/building-out the above process groups for multiple geographies and business areas

- Extensive experience of managing teams performing day-to-day accounting operations, month-end and quarter-end activities for the above areas of accounting

- Experience of leading re-engineering of R2R (record-to-report) processes and driving similar centralization of the end-to-end activities for the major financial institutions

Skills required :

- Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio), advance levels of Excel (pivot tables, formulas, excel workbook maintenance best practices)

- 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

- Senior-level communication skills, presentation skills, prior experience of interacting with multiple stakeholders (Legal Entity and Geography controllers) in NA, EMEA, APAC

- First or second level management expertise required

- Independent decision-making capabilities, demonstrated thought leadership

- Pride of ownership with the ability to deliver high quality results timely

- 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