Accounting / Finance

State Street is Hiring Bachelor’s/Master’s (Finance)/MBA As Emerging Leader – Record to Report Role At Bangalore Full Time

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State Street - Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success. Our promise to maintain an environment where every employee feels valued and able to meet their full potential infuses our company values. It’s also part of our commitment to inclusion, development and engagement, and corporate social responsibility. You’ll have tools to help balance your professional and personal life, paid volunteer days, and access to employee networks that help you stay connected to what matters to you. Join us. As an Affirmative Action/Equal Opportunity Employer, we consider applications for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

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Background:

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
Transfer Pricing and Intercompany
Revenue accounting
Expense accounting
Specialized product accounting
Cash and deposit governance
Balance sheet substantiation (BSS)
Client profitability and 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 2021.

Majority of GAO capacity (circa 80%) is concentrated in 2 Global and 2 Regional 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 period close activities for the designated Tower and Business Unit/Entity.These activities encompass manual journal entries, review and clearing of suspense /intercompany breaks and analysis of balances to ensure accuracy of manual entries.
Preparation of management reports and submission of data for various Regulatory and Financial Reports
Investigation, monitoring and clearing of open reconciling items/exceptions in the Balance Sheet Reconciliations working with various Towers and JV
Actively support various process improvement initiatives

Responsibilities & Tasks Include:

Business as Usual (BAU) Activities:

Responsible for processing of manual journal entries for the designated Tower and BU/Entity during month close. Preparation of various reports which includes providing inputs for quarterly/six monthly/annual Regulatory and Financial reporting. Investigate, clear, and monitor all outstanding exceptions reported as part of Balance Sheet Substantiation. Prepare Client Profitabilty Statements and variance commentaries Timely escalation and reporting of issues to Line managers and Global Process Owners Support various audits and ensure all information requests are provided in a timely manner Ensure all agreed timelines and accuracy standards for the assigned processes are met. Prepare and maintain process documentation and standard operating procedures. 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’s 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

Source – State Street Website

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Job Overview

Date Posted: Posted 1 year ago
Location: Bangalore
Job Title: State Street is Hiring Bachelor’s/Master’s (Finance)/MBA As Emerging Leader – Record to Report Role At Bangalore