ss corp svcs mumbai

Global Accounting Operations Record to Report- Team Lead

Bengaluru
November 29, 2023
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Deadline date:

Job Description

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 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 TL will be responsible for the P&L and Balance Sheet reconciliations, reporting including regulatory and SEC reportings on a

daily, weekly, monthly and quarterly for FX Products. Work closely with other operational teams like FX Operations, Collateral

Operations, Global Cash Teams to resolve any issues causing breaks in the accounts monitored for FX products.

Responsibilities & Tasks Include:

Business As Usual (BAU) Activities:

§ Develop the team to adopt “owner’s mind set”, work independently, and effectively manage timelines

§ May be required to provide accounting analyses or research on critical and complex issues which may include variance

analysis of accounting transactions related to the products supported.

§ Develop subject matter expertise in all aspects of the products under responsibility including operational aspects of a

particular accounting transaction.

§ Participate in or manage function specific projects as needed

§ Ensure high quality and completion of deliverables within the committed timeframe. Team deliverables revolve around;

Daily

§ Monitor daily reconcinilations, proofs, and ensure the breaks are tracked to close. § Ensure the FX WSS FO reports are in sync to the GL

§ Prepare and review daily FX PNL across the North America region and work closely with the Traders to get confirmaitons and resolve any open issues. Weekly:

§ Prepare Regulatory reporting FC 1 and Weekly Fin 39 for Open FX exposures § Prepare and journalize the Cash collateral netting entry for FX Collateral exposures

Monthly:

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

§ Review/Prepare account reconciliations and certification

§ Perform month end tie outs for various products with FX source systems with the ledger

Quarterly:

§ Prepare Regulatory, SEC

§ Perform CCAR CFO attestation control testing

§ Perform SOX control testing Ad-Hoc:

§ 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

§ Responsibility for ongoing process improvements

§ Assist in implementation of the GAO process re-engineering and automation efforts

Job Requirements:

Education and Experience:

§ Master’s Degree in Accounting, Chartered Accountant (CA) and Certified Public Accountant (CPA)/MBA-Finance with 3-6 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 Derivatives ASC815, Offsetting of Amounts Related to Certain Contracts FIN39 Accounting

§ In-depth knowledge of the Derivatives.

§ 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, procedures and strong internal controls.

§ Experience working with muti-geographical processes process

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

of accounting

§ Experience with R2R (record-to-report) centralized processes