Close & Consolidation- Associate

Close & Consolidation
- Associate

Job Profile Bangalore

Functional Job Title : Associate 2 - Close & Consolidation
**Reports to**:
**COE Lead - Officer**

**Department/ Division**:
**Corporate Finance CoE, Bangalore**

**Background**:
Driven by the Beacon initiatives, functionalization of the corporate functions and re-alignment of the Finance Operating Model, State Street has established the
**Global Accounting Operations (GAO) organization** in 2017. GAO is a process-focused organization responsible for the
**majority of the record-to-report (R2R) activities **performed at State Street. Organizationally, it combines all groups performing these activities Globally and also includes Accounting Centers residing in State Street Shared Service locations in Poland, India and China. GAO organization is established on principles of
**Global Process Ownership and process excellence**, owning all aspects of business-as-usual activities within R2R areas and driving process improvements and automation Globally.

To achieve this objective, GAO has been structured into several distinct global units each is responsible for all aspects of selected major groups of R2R activities, such as Close & Consolidation, Revenue/Expense Accounting, Payroll Accounting, Intercompany Transactions, Specialized/Product Accounting, Cash/Deposit governance and others. Each global unit will be responsible for all aspects of business-as-usual activities within their group of processes, as well as process re-engineering and automation activities - this includes leading process assessments; driving process design and process re-engineering work; co-owning technology initiatives bringing automation to GAO organization, working in close collaboration with the teams in Finance Technology, Finance Re-Engineering, Data Management, and other partnership organizations.

**Basic Purpose of Job**:

- Adjustments to USGAAP
- Multiple internal entities
- Internal Break Analysis
- Purchases and sales
- Investment Accounting

In addition to Business As Usual (BAU) responsibilities as described above, this role will lead the process re-engineering, standardization, and automation efforts.

Responsibilities & Tasks Include:
**Business As Usual (BAU) Activities**:

- May be required to provide accounting analyses or research on critical and complex issues which may include variance analysis of accounting transactions related to the products supported.
- Participate in function specific projects as needed
- Ensure high quality and completion of deliverables within the committed timeframe. Team deliverables revolve around;

**Daily***:

- Preparing journal entries and analysing it with the backups
- Understanding the manual journal entry policy
- Understanding the Business Applications used at Statestreet
- Anaysing and investinging account balances of entity under its scope
- Monitor Suspense Activity
- Monitor Closolidation & Retained Earnings Breaks
- Monitor P/L movement and alalyse the reason for such movement
- Intercompany Breaks
- Monitor Cash Colloteral Moves

**Monthly**:

- Coordinate month-end close including prepare manual journal entries and export accounting system reports
- Prepare account reconciliations and certification
- Process adjustments to Treasury Data Repository (TDR), complete TDR data checks, and perform TDR reconciliations to ledger
- Assist in Regulatory Reporting.
- Assist in SEC reporting

**Quarterly***:

- Assist in Regulatory, SEC, and Internal reporting
- Perform CCAR CFO attestation control testing
- Perform SOX control testing
- Internal Aduit support

**Annual***:

- Response Audit queries and submissions of reports to Auditors and Tax Team.

**Ad-Hoc***:

- Prepare and update process narratives/procedures and flow charts
- Response to internal and external requests including variance analysis and inquires
- Participate in Ad Hoc projects and new transactions
- General ledger account requests
- Accounting systems maintenance and upgrade
- Perform analysis to support intercompany transfers, prepare automated transfer processing file, validate transfers, and prepare manual journal entries

**Process Re-Engineering, Standardization, and Automation**:

- Responsibility for ongoing process improvements
- Assist in implementation of the GAO process re-engineering and automation efforts

Job Requirements: Education and Experience:

- Master's Degree in Accounting, Chartered Accountant (CA) and Certified Public Accountant (CPA)/MBA-Finance with 3 plus years of progressive experience in R2R areas with major financial institutions
- Extensive practical experience and knowledge of the US GAAP and IFRS accounting standards for the above areas, experience with other accounting standards (German, etc.) is a plus
- In depth knowledge of Accounting for Certain Investments in Debt and Equity Securities ASC 320 former FAS115.
- Understanding of international regulatory landscape, experience with statutory accounting/reporting groups