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:
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:
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:
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
Source – State Street Website
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