State Street Corporation is an American financial services and bank
holding company headquartered at One Lincoln Street in Boston with
operations worldwide. It is the second-oldest continually operating
United States bank; its predecessor, Union Bank, was founded in 1792. State
Street is ranked 15th on the list of largest banks in the United States by
assets. It is one of the largest asset management companies in the world with
US$3.1 trillion under management and US$38.8 trillion under custody and
administration. It is the second largest custodian bank in the world and
it is considered a systemically important bank by the Financial
Stability Board.
The company is ranked 247th on
the Fortune 500 as of 2019 The company is on the list of the
banks that are too big to fail published by the Financial
Stability Board.
The company is named
after State Street in Boston, which was known as the "Great
Street to the Sea" in the 18th century as Boston became a flourishing
maritime capital. The company's logo includes a clipper to reflect
the maritime industry in Boston during this time
VACANCY DETAILS :-
QUALIFICATION – CA / CPA
DESIGNATION –
ASST. MANAGER
– RRA
EXPERIENCE – 6-8 Years
LOCATION - HYDERABAD
INDUSTRY – FINANCIAL CONSULTING
ABOUT THE ROLE
Basic Purpose of Job: The
Regulatory Reporting Assurance (RRA) department is a first line of defense
group in the Controller’s Organization within Corporate Finance. The RRA Basel
team is responsible for the independent verification of controls and processes
over global regulatory reporting, specifically Basel, and areas of high risk
and enhanced regulatory focus. The primary focus of the team is the review and
assessment of the quality of information pertaining to reporting, compliance
with relevant regulations and the assessment of relevant risk management
programs. The team works closely with other functions across Finance,
Regulatory Reporting Governance, Risk Management and Business Units, as well as
other assurance functions. This is an opportunity to join a growing group and
actively participate in its development and maturity, to learn about key
current regulatory requirements and gain an understanding of all areas of the
company’s business
RRA Has a
Mission To
·
Provide credible challenge
to management to drive compliance with regulatory and policy requirements
·
Support executive
management and the board by reporting on the effectiveness of key financial and
regulatory processes
·
Advise in the proactive
identification of operational and compliance risks and effective mitigation
strategies through effective business partnership
·
Offer risk and control
insights to improve business results predicated on collaborative business
partnerships Key Responsibilities:
·
Execute a framework to test
if the internal systems supporting compliance with regulatory requirements and
expectations are properly designed, documented and implemented and include
appropriate governance and data quality controls
·
Perform risk assessments to
identify areas requiring detailed testing
·
Participate in reviews,
including assessing the internal control environment, developing testing
strategies and reviewing control and sample data testing
·
Participate in discussions
with process and control owners to assess inherent risks, identify controls and
control gaps, by conducting walkthroughs
·
Challenge, assess, detail
test the design and operating effectiveness of controls
·
Identify, document and
maintain evidence supporting process and controls objectives. Lead the
identification and risk assessment of issues and work with management to track
issues to resolution
·
Draft recommendations and
liaise with the business units to remediate risks, findings and gaps identified
during the validation process
·
Provide updates to
management as needed
·
Facilitate completion of
assigned deliverables and explain results
·
Cultivate relationships
across the Finance organization and Corporation with key constituency groups,
such as Regulatory Reporting, Product Controllers, Operations, Treasury,
Technology and Risk
·
Develop subject matter
expertise in Basel regulatory requirements, best practices and expectations
·
Identify and drive
transformation efforts to further enhance the functionality of RRA as a first
line of defense team
Job
Requirements
Education and Experience:
·
Bachelor’s Degree in
Accounting, Chartered Accountant (CA) and/or Certified Public Accountant (CPA)
with 6-8 years of progressive auditing/regulatory experience; preferably
financial services and/or Big 4
·
Certified Internal Auditor
(CIA) / Chartered Financial Analyst (CFA) certification or candidate is a plus
·
Familiarity with Basel, FRB
regulations and SEC requirements associated with the Financial Services
Industry
·
Knowledge/work experience
in IT General control testing and Data Analytics is a plus Skills/ Knowledge:
·
Understanding of the
internal control environment
·
Knowledge of US Basel
regulations and US regulatory reports like FFIEC 101, FFIEC 102, FFIEC 031,
Pillar 3 disclosures, etc.
·
Knowledge of banking
products and services, especially loans, deposits, securities and derivatives
·
Auditing skills and
experience in the review and interpretation of regulatory requirements
·
Analytical and critical
thinking abilities; able to develop and convey a point of view
·
Strong oral and written
communication skills; ability to effectively challenge and influence
·
Demonstrated solid
interpersonal skills and the ability to work collaboratively across all
organizational tiers. A strong customer service mindset is a must
·
Must be proactive and a
goal oriented strategic thinker with ability to identify creative solutions
·
Demonstrated ability to
manage workloads and prioritize deliverables; ability to be flexible
·
Strong attention to detail
and accuracy
·
Ability to multi-task and
take on a challenging workload and assignments
·
Ability to be proactive
with minimal direction, ability to work independently and meet deadlines
·
Ability to thrive in a team
environment, working collaboratively with others
·
Inquisitive and curious
about business and functions, strong desire to learn
·
High energy and positive
attitude
·
Professionalism,
dependability, integrity and trustworthiness combined with a cooperative
attitude
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