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Global Accounting Operations, Balance Sheet Substantiation - Emerging Lead

State Street Corporation
Bangalore, India
Closing date
Jun 14, 2024

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Job Profile Bangalore

Functional Job Title: : Balance Sheet Substantiation - Emerging Lead
Reports to : Balance Sheet Substantiation - Manager/Senior Manager
Department/ Division : Controllers/Finance
Driven by the State Street Beacon initiative, functionalization of corporate functions and re-alignment of the Finance operating model, State Street has 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
  • Accounts payable
  • Project accounting
  • Balance sheet substantiation and system to system reconciliations
  • Transfer pricing
  • Client profitability
  • Management allocations
  • Financial Systems Support

Each global process above is managed by a Global Process Owner (GPO) who owns all aspects of BAU production work, process re-engineering, and automation.

Organizationally GAO combines all groups performing these activities globally - approximately 500 employees as of 1Q19.
Majority of GAO capacity (circa 80%) is concentrated in 2 Global and 2 Regional GAO Hubs where activities are organized by process:
  • Global GAO Hub in Bangalore, India (captive)
  • GAO Production Hub in Coimbatore and Chennai (State Street/HCL JV)
  • EMEA Regional GAO Hub in Krakow, Poland (captive)
  • APAC Regional GAO Hub in Hangzhou, China (captive)

Remaining 20% of activities reside within Regional Service Delivery Teams supporting NAM, EMEA and APAC regions. These teams are organized by business unit and material legal entity and act as an interface between Global and Regional Hubs and non-GAO stakeholders - Controllers, FP&A, Treasury, and Tax etc.

Goal of the position:
  • Emerging lead in this role will be responsible for supporting the preparation and review of monthly balance sheet reconciliations.
  • Partners with Line manager to drive process improvements, controls and process automation.
  • Successful delivery of the Balance Sheet Substantiation Remediation Project for the assigned region.

Responsibilities & Tasks Include: Business as Usual (BAU) Activities:
Perform and review 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 to improve. Work closely with other teams within GAO to ensure approved substantiation policies are adhered. Ensure all the open items on these reconcilaitions are correctly recorded and timely cleared. Ensure all agreed SLAs for the assigned processes are met. Accountable for the delivery of any monthly reporting activity assigned. Prepare high quality internal control documentation and standard operating procedures. Escalate any issues to line manager and avoid any unfavourable impact on process delivery. Establish strong working relationships with key stakeholders, own and proactively manage key relationships.

Process Re-Engineering, Automation and Change Management
  • Continuous process improvement leveraging GAO ideation and maintain tracking frameworks.
  • Partners with Line managers to drive process and controls improvements and process automation.

Job Requirements: Education and Experience:
  • Bachelor/Master Degree in Finance or MBA
  • 4-6 years of progressive experience in Balance Sheet Substantiation, Accounting Operations, Controllers, Business Controls, Finance & Risk Assurance.
  • Experience in Balance sheet reconciliations process in a Shared Services environment a plus
  • Experience and knowledge of the US GAAP and IFRS accounting standards
  • Hands on experience in creating and maintaining strong controls environment

Skills required:
  • Proficiency in Microsoft Office suite (Excel, Access, PowerPoint, Word, Visio),
  • Knowledge of Hyperion Essbase, Oracle Financials a plus
  • Pride of ownership with the ability to deliver high quality results timely
  • 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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