Full Job Description
Background :
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 Balance Sheet Substantiation and Management reporting like reconciliations, substantiation, Global payment Hub, APAC Service Delivery and client profitability and allocations and strategy execution
Organizationally GAO combines all groups performing these activities globally – approximately 500 employees as of Dec20.
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 activities listed below as well as standardization and automation of processes performed in the Global GAO GFC in India, Poland and China. The role provides oversight over GAO Production teams in SSHCL JV as it relates to BSS and management reporting activities.
Each global process within the perview of this role is led by a Global Process Owner (GPO) who owns all aspects of BAU production work, process re-engineering, and automation for this process and who will report to this role.
BSS and management reporting activities includes the following:
Balance Sheet Substantiation
Client P&L and Allocations
Strategy & Execution
Global Payment Hub
Control Hub
APAC Service Delivery
The role will have a direct reporting line into the GFC Head (SVP) in Bangalore and a matrix reporting line into Global Head of Global Accounting Operations (MD) in London.
Goal of the position:
Overall Global Proess Owner accountable for all BSS and Management reporting operational accounting activities across GFC locations and SSHCL JV
Originates and drives standardization and automation efforts across GAO BSS and management reporting
Instills the culture of risks excellence and the spirit of continuous improvement in the control environment
Represents GAO team in senior governance meetings and in communication with company leadership
Responsibilities & Tasks Include:
Business As Usual (BAU) Activities:
End-to-end accountability for all operational accounting processes performed in the GFC (growing scope as more processes are transitioned from high cost locations to the GFC)
Full ownership of timeliness and quality of the output, no backfall on donor entities or onshore Service Delivery Teams
Oversight of JV processes and output, escalation point for JV who have a matrix reporting into the GFC
Timely provision of accurate and complete set of data to internal and external GAO and non-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)
Team Management Responsibilities
Accountability for the day to day management of a team of 150 employees (5-6 direct reports)
Talent acquisition, training and development, succession planning, nurturing strong second layer
Performance management, performance reviews, career planning and coaching
Partnering with Global India Finance Centre and Global Head of GAO 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)
15 – 20 years of progressive experience in Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance
Experience of running a large (50+) 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 and management reporting processes
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, aility 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
Stong grasp of Microsoft Office, Hyperion Essbase, Oracle Financials, Spotfire, Tableau, Cognos is a plus