- The Cash & Deposits Accounting Governance Senior Associate will be responsible for all aspects of State Street general ledger cash, deposit and related accounts recording activity from both manual and automated product accounting system sources.This individual will provide subject matter expertise in the area of Cash and Deposit Accounting which includes:
- Accurate classification of accounts for US GAAP, IFRS and regulatory reporting
- External cash account agreements compliance with accounting guidance
- Ongoing reviews of dormant/unused client and STT internal-use accounts
- The Cash Governance SME 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, accounting transactions and interpretation of formal account agreements. They may also serve as a subject matter expert on particular accounting transactions and coordinate product mappings with multiple STT units
- In addition to Business As Usual (BAU) responsibilities as described below, this role will lead the process re-engineering, standardization, and automation efforts.
Responsibilities & Tasks Include: Business As Usual (BAU) Activities:
- 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
- Assist with ad-hoc projects and new transactions to support the GAO Cash and Deposit Accounting Governance group
- Lead the day to day activities of an accounting and reporting team that is performing Accounting, Reporting, Analysis and Tracking
- 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)
- Research & validate findings with discernment & context, identify gaps and recommend solutions which may include operational and/or system changes.
- 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 :
- Ensure timely review and tracking of responses to account reviews
Weekly:
- Prepare off-book currency manual journal entries (and at quarter-end)
Monthly :
- Coordinate month-end close activities including:
- Prepare manual journal entries for offsets to USD system clearing accounts for non-US site backvalues
- Extract accounting system reports
- Review select cash, deposit and related clearing/suspense accounts to assist with resolution of exceptions
- Prepare notifications for sites to review and resolve if necessary ledger-only primary nostro overdrafts
- Prepare Regulatory reporting for FDIC and Fed schedules for backvalue impacts
- Prepare status / tracking management reporting
- Coordinate month-end close including prepare manual journal entries and export accounting system reports
Quarterly:
- Perform Operating Cash account inventory
- Perform Cash Detect control review
- Perform SOX control testing, including identification of new non-client accounts
- Prepare manual journal entries for aggregate IBS backvalues
- Prepare IBS buy and sell clear suspense account analysis for commingled interest and non-interest bearing accounts
Annual:
- Perform CIS critical spreadsheet control testing
- Prepare and update SOX process narratives, procedures and flow charts
- Cycle reviews of external cash account agreements, mapping and internal STT ownership
- Cycle reviews of dormant client and STT internal-use accounts
- Cycle reviews and filings of abandoned/unclaimed property
- Cycle reviews for account exceptions such as for duplicate, test and accounts against closed funds
- Cycle reviews of business unit self-testing for compliance with guidance
Ad-Hoc:
- Respond to internal and external requests including variance analysis and inquires
- Participate in ad hoc projects as SME for new transactions, new systems, new products, new sites, regulatory and accounting changes
- Review and approval for new non-client account openings
- General ledger account research requests
- Accounting systems maintenance and upgrades
- Perform user access reviews & certifications
List of Cash and Deposit Accounting systems :
- IBS, HOGAN, SEI, WallStreet, Intrader, T24 (beginning 2019) and manual sub ledgers for some legal entities
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-engineering and automation efforts
Job Requirements: Education and Experience: - Master's or Bachelor's degree in Accounting with 5-7 years of progressive experience in R2R areas with major financial institutions
- In depth knowledge of Cash and Deposit accounting, including related clearance and settlement activities
- Understanding of international regulatory landscape, experience with statutory accounting/reporting groups across several major international geographies.
- Experience with managing dormantand understanding principles of applicable regulations.
- 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
- 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
- GAAP accounting guidance including US and IFRS and regulatory reporting requirements preferred
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
- Strong communication skills, presentation skills, prior experience of interacting with multiple stakeholders (Legal Entity and Geography controllers) in NA, EMEA, APAC
- 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
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