Regulatory Reporting Automation Leader – Data Integration
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The Controller’s Division is responsible for the Company’s financial statements, establishing corporate accounting policies, preparing SEC and regulatory reports and ensuring the adequacy of internal controls. The Division also manages and supports the Company’s General Ledger, Accounts Payable and Fixed Assets systems
The Automated Regulatory Reporting team is a component of the Enterprise Financial Reporting team which resides within the Finance division spanning. The Corporate Financial Reporting team consists of approximately 200 individuals with responsibility to ensure overall accuracy in report production across regulatory and SEC reporting and across all segments of the Company. The Automated Regulatory Reporting team is a newly created team within Corporate Financial Reporting with the responsibility to drive quality, execute effectiveness initiatives, and ensure strategic initiatives relating to the development of an automated regulatory reporting function are successfully accomplished. This group is dedicated to the development of a fully automated regulatory report production system.
The Enterprise Financial Reporting team is in a state of rapid and dynamic change with the intent of excelling amongst our peers in performance and structural efficiency. The Automated Regulatory Reporting team will be instrumental in achieving this goal. This team will provide the strategic oversight and decisions throughout regulatory report production and also throughout data provider, operational, and technology functions to develop and ensure accurate regulatory reporting. These responsibilities culminate in the development of an instrument level regulatory reporting system capable of generating regulatory reports on an automated basis. This team will be responsible for the strategic development and detailed control and review to ensure the system is designed and implemented to produce instrument level accuracy in regulatory report line-items across all relevant reports.
This team will act as an advocate for senior management in the execution of important strategic initiatives related to the automated production of regulatory reports. Primary responsibilities include ensuring that strategic initiatives are organized, communicated proactively, involve all necessary stakeholders, and executed effectively in-line with firm-wide initiatives as it pertains to automated regulatory report production.
A leader would be responsible for the reconcilement of the automated reporting against current report production, identification of anomalies, and the resolution of any inconsistencies. This will involve the coordination of report owners with controllers throughout the various business lines as well as the accounting operations and technology teams. This leader is responsible for the identification and successful resolution of report inconsistencies in a strategic manner to avoid significant reporting changes period over period.
Components of Role
Data Element Mapping: Identification of relevant data elements and determining alignment to specific regulatory report line items to generate accurate and consistent regulatory reports.
Report Reconcilement: Determine methodology and framework to facilitate the efficient reconcilement of automated reporting to current production and strategically resolve anomalies.
Review and Data Approval: Review data mapping is done supporting report production and opine as to the appropriateness to use such data in the production of automated regulatory reports.
Strategic Planning: Identification of SOR inconsistencies and data gaps that could impact report capability and work with all team members and report owners to ensure order and priorities are properly aligned
Report Automation: Developing reporting tool to generate regulatory reporting on an automated basis leveraging data element mapping
Support of Report Owner responsibilities, as necessary: This includes but is not limited to
Maintaining line of sight into end to end processes
Understanding and challenging all reported numbers, as appropriate
Understanding and coordinating implementation of report instruction changes
Partnering with support groups (Governance & Oversight, Data Management, Analytics, Change Management, and Technical Interpretations) to improve the control environment
This is a new leadership position that will be responsible for reporting transformation efforts within the Enterprise Financial Reporting Change Management team responsible for the development of a system and reporting logic to produce an accurate production of significant regulatory reports such as the FRY-9C, all supporting schedules, FR Y-14M, FFIEC 031/041, among many other reports.
Responsibilities may include, but not be limited to the following:
Drive transition of reports to the Lombard reporting system, utilizing the current data submission processes.
Strategically reconcile report production and build methodology to efficiently resolve reporting anomalies throughout the regulatory reports generated on an automated basis
Drive preparations for connecting the future centralized data warehouse (multi-year project) to the Lombard reporting system.
Help identify areas for consolidations of aggregated Vena submissions.
Help with miscellaneous projects assigned by the manager that require vast subject matter expertise.
Partner closely with the Financial Reporting, Data Quality, and Remediation Change Management team within the Financial Reporting group
The successful candidate will be a highly motivated team player and a self-starter who is accustomed to working in complex organizations, partnering with a diverse group of stakeholders, and achieving results. Additionally, the candidate should possess good professional presence and be accustomed to presenting material to senior executives and regulatory agencies. The candidate should be flexible, be able to withstand challenges and adapt accordingly.
Skillsets Needed for Success
Deep understanding of financial products (e.g., loans, securities, derivatives, etc.)
In-depth knowledge of line-item specific regulatory reporting guidance
Ability to document conclusions with well-founded supporting basis for policy decisions
Understanding of financial institution systems and general architecture
Analytical thinking with focus on anticipation of potential issues
Detail oriented with planning foresight across multiple functions
10+ years of experience in one or a combination of the following: project management, implementation, or strategic planning
Bachelor Degree in Finance
5+ years of management experience
Ability to lead projects/initiatives with high risk and complexity
Ability to organize and manage multiple priorities
Advanced Microsoft Office skills
Highly refined and professional verbal and written communications
Knowledge and understanding of capital markets: business and processes
Knowledge and understanding of regulatory reporting: Federal Reserve, OCC, and SEC
Strong analytical skills with high attention to detail and accuracy
Strong research and documentation skills
Management consulting experience at a top-tier consulting firm
Experience with general ledgers and accounting policies
Knowledge and understanding of corporate governance, financial reporting systems, legal