Global Accounting Operations Balance Sheet Substantiation – Emerging Lead

Posted by


Citi is currently undergoing a transformation aimed at modernizing and simplifying the bank. We are elevating our standards and reassessing our business practices. This involves nurturing a culture of curiosity and excellence, and transitioning to a mindset that is simpler and more data-driven. Our goal is to make Citi a more user-friendly workplace and enhance the client experience.

If you are prepared to be at the forefront of this transformation and elevate your career to new heights, we welcome you to join us!

Balance Sheet Substantiation – Manager/Senior Manager

Department/ Division: Controllers/Finance


In 2017, spurred by the State Street Beacon initiative and aiming for enhanced efficiency, State Street instituted the Global Accounting Operations (GAO). This function, propelled by a process-centric approach, shoulders the responsibility for all record-to-report (R2R) processes within Controllers, encompassing a range of crucial activities:

  1. Integrated close and intercompany processes
  2. Revenue accounting
  3. Expense accounting
  4. Specialized product accounting
  5. Oversight of cash and deposit management
  6. Management of accounts payable
  7. Project accounting
  8. Balance sheet substantiation and system-to-system reconciliations
  9. Handling transfer pricing matters
  10. Evaluation of client profitability
  11. Execution of management allocations
  12. Provision of Financial Systems Support

Each of these global processes is overseen by a dedicated Global India-jobs Process Owner (GPO) who holds responsibility for all aspects of Business-As-Usual (BAU) production work, process enhancement, and automation initiatives.

Structurally, GAO amalgamates all units worldwide engaged in these activities, amounting to approximately 500 employees as of the first quarter of 2019. The bulk of GAO’s operational capacity, around 80%, is concentrated in two Global and two Regional GAO Hubs, where activities are systematically organized based on processes:

  • The Global GAO Hub in Bangalore, India (operated in-house)
  • GAO Production Hub in Coimbatore and Chennai (a joint venture between State Street and HCL)
  • EMEA Regional GAO Hub in Krakow, Poland (operated in-house)
  • APAC Regional GAO Hub in Hangzhou, China (operated in-house)

The remaining 20% of activities are managed within Regional Service Delivery Teams, providing support to North America (NAM), Europe, Middle East, and Africa (EMEA), and Asia-Pacific (APAC) regions. These teams are structured by business unit and significant legal entity, serving as a crucial liaison between the Global and Regional Hubs and various stakeholders outside GAO, including Controllers, Financial Planning & Analysis (FP&A), Treasury, and Tax departments.

Importance of Global Accounting Operations

Heading: Navigating the Complexity of Global Accounting Operations

In today’s interconnected world, businesses operate across borders, leading to complex accounting structures and transactions. Global accounting operations encompass a wide array of activities, including financial reporting, compliance, and internal controls. Efficient management of these operations is paramount for organizational success and stakeholder trust.

Goal of the position

The emerging lead in this role will take on the responsibility of supporting the preparation and review of monthly balance sheet reconciliations. They will collaborate closely with the line manager to spearhead process improvements, reinforce controls, and drive process automation initiatives. Additionally, their mandate includes ensuring the successful delivery of the Balance Sheet Substantiation Remediation Project for the designated region.


The Institutional Credit Management (ICM) team serves as a crucial element of Citi’s First Line of Defense for wholesale lending and counterparty credit risk. Collaborating with businesses across Citi, ICM ensures the implementation of top-tier risk and control capabilities. Additionally, ICM contributes significantly to Citi’s transformation efforts by promoting a comprehensive focus on wholesale credit risk management throughout the organization.

As part of its ongoing commitment to excellence, ICM continually invests in processes, controls, systems, and governance to foster consistency and best practices across Citi. This facilitates closer alignment between business objectives and regulatory requirements. Central to these efforts is the Lending Transformation Program (LTP), a pivotal initiative within ICM aimed at revolutionizing the end-to-end wholesale lending process.

The primary objective of the LTP is to streamline the entire wholesale lending process, consolidating all remediation endeavors for loan product processing. This initiative seeks to establish a uniform target operating model characterized by enhanced processes, robust controls, and advanced technology. The ultimate goal is to achieve best-in-class processing capabilities to better support our client franchise.

ICM is currently seeking a highly motivated and dynamic accounting project manager with expertise in wholesale lending. The ideal candidate should possess a comprehensive understanding of the product life cycle, associated accounting events, and the supporting operating model. This includes proficiency in transaction management, reporting, controls, data and technology requirements, balance sheet management, and key metrics.

This role offers an exciting opportunity to work on a fast-paced program with senior-level engagement, including interactions up to the Board level. Moreover, it presents excellent prospects for career advancement, providing exposure to the holistic front-to-back accounting process and valuable learning opportunities.

Emerging Lead in Balance Sheet Substantiation

Heading: Embracing Innovation: The Emerging Lead in Balance Sheet Substantiation

As technology continues to advance, the landscape of balance sheet substantiation is witnessing significant changes. Automation, data analytics, and artificial intelligence (AI) are revolutionizing traditional processes, offering new opportunities for efficiency and accuracy. The emergence of innovative solutions is reshaping how organizations approach balance sheet substantiation.

Responsibilities & Tasks Include

Business as Usual (BAU) Activities:

Performing and reviewing monthly balance sheet reconciliations for various assigned accounts promptly and to a high standard is a key responsibility in this role. This entails conducting self-reviews to identify significant risks and opportunities for improvement. Collaboration with other teams within GAO is essential to ensure adherence to approved substantiation policies. Additionally, it’s crucial to ensure that all open items on these reconciliations are accurately recorded and cleared in a timely manner, while meeting agreed Service Level Agreements (SLAs) for the assigned processes.

The role also involves being accountable for the delivery of any monthly reporting activities assigned, alongside the preparation of high-quality internal control documentation and standard operating procedures. Any issues encountered should be promptly escalated to the line manager to mitigate unfavorable impacts on process delivery.

Establishing robust working relationships with key stakeholders and taking ownership of and proactively managing these relationships is paramount for success in this role.

Process Re-Engineering, Automation and Change Management

Continual process improvement is facilitated through leveraging GAO ideation and maintaining tracking frameworks. This involves partnering closely with line managers to propel enhancements in processes and controls, as well as driving initiatives for process automation.

Job Requirements

Education and Experience:

Candidates for this position should hold a Bachelor’s or Master’s degree in Finance or Business Administration (MBA) and possess 4-6 years of progressive experience in areas such as Balance Sheet Substantiation, Accounting Operations, Controllership, Business Controls, and Finance & Risk Assurance.

Additional preferred qualifications include experience in balance sheet reconciliation processes within a Shared Services environment, as well as familiarity with US GAAP and IFRS accounting standards.

Moreover, candidates should have hands-on experience in establishing and maintaining a robust controls environment.

Qualifications and Competencies

The ideal candidate for this position should have 10 or more years of experience in project management and business analysis, coupled with a qualification as a Chartered Accountant or CPA and a strong understanding of financial product GAAP accounting practices. A Bachelor’s degree is required, while a Master’s degree is preferred.

Candidates must possess extensive experience in wholesale lending or similar lending/fixed income products, along with a proven track record of delivering results in process and organizational change. Additionally, they should demonstrate proficiency in control design and metrics, a commitment to quality, and acute attention to detail.

Effective change management and project management skills are essential, as well as strong organizational leadership and influencing capabilities. The ability to communicate clearly and persuasively, both orally and in writing, is crucial. Candidates should exhibit a proactive approach to problem-solving, effective prioritization and multitasking abilities, and a keen sense of urgency and ownership. They should also thrive in high-pressure environments and tight deadlines.

Skills Required

The ideal candidate should demonstrate proficiency in the Microsoft Office suite, including Excel, Access, PowerPoint, Word, and Visio. Knowledge of Hyperion Essbase and Oracle Financials would be advantageous.

Furthermore, candidates should exhibit a strong sense of ownership and a track record of delivering high-quality results in a timely manner. Attention to detail, problem-solving skills, and the ability to work well under pressure are essential. The candidate should also be highly organized, capable of multitasking, and comfortable working in a fast-paced environment.


Balance sheet substantiation remains a cornerstone of global accounting operations, ensuring financial integrity and transparency. As organizations navigate evolving challenges and embrace emerging trends, optimizing balance sheet substantiation processes is paramount. By leveraging technology, fostering compliance, and embracing efficiency-driven strategies, organizations can unlock value, mitigate risk, and thrive in today’s dynamic business environment.

Leave a Reply

Your email address will not be published. Required fields are marked *