Senior Accounting Policy Manager

4 weeks ago

New York, New York, United States Citigroup Inc. Full time

The Accounting Policy Group at Citigroup Inc. is responsible for researching and implementing technical accounting matters for both internal and external clients under US GAAP and IFRS.

Internal clients include the CFO and controllers group, financial reporting, and various businesses within each segment. External clients include treasury, finance and accounting executives at our corporate and financial institution clients.

A seasoned expert in transaction structures, their associated accounting implications, and an ability to lead in a changing environment is needed to ensure that Citigroup manages its accounting risks.

This leader must be able to anticipate, identify and mitigate accounting risks to both achieve the proper GAAP accounting for segment transactions and avoid surprising senior management with earnings-related impacts.

A key challenge is that transactions are so varied and present new fact patterns that this leader must be able to work with the accounting policy team and its clients to arrive at the correct accounting decision each time.

Citigroup's Segments Accounting Policy team is responsible for supporting Citi's five business segments on accounting policy matters.

Specifically, the team is responsible for the interpretation and implementation of new accounting standards, application of US GAAP to the business segments' products, assessment of complex transactions, review of Citigroup's consolidated and subsidiary standalone financial statements to ensure compliance with US GAAP, interaction with the businesses and control functions on accounting matters, and providing accounting training for members of the Finance organization.

In-depth knowledge of the industry and direct competitors' products/services is also necessary in order to contribute to the commercial objectives of the business.

The job is likely to be involved in both internal and external negotiations which will have a major impact on the area managed, and possibly on other related areas and organization as a whole requiring coordination and integration across units.

The Head of Segments Accounting Policy, which reports to Citi's Global Head of Accounting Policy and Head of Compensation and Benefits Controller, is responsible for managing the Segments Accounting Policy team.

Supporting Citi's Global Head of Accounting Policy in managing relationships with internal audit, external auditors and regulators on accounting matters relating to Citigroup's segments.

Key Responsibilities:

  • Participate in accounting policy enforcement and ensures that Citigroup's business activities are in conformity with generally accepted accounting principles (GAAP).
  • Assist in facilitating the proper implementation of new accounting standards mostly US GAAP but also IFRS, disseminates information on current accounting topics and recent developments that affect Citigroup and acts as a source to obtain recent presentations and corresponds with external standard setters and regulators.
  • Advise business heads and managers regarding the accounting implications of new products and changes to existing products.
  • Prepare and deliver presentations to facilitate firm-wide education of new or changing accounting requirements to ensure that management understands the impact of new standards and regulations
  • Research and prepare detailed documentation to support accounting conclusions of new/modified products and complex transactions, including memos written by staff
  • Recruiting, developing and retaining exceptional talent for Accounting Policy and Finance overall
  • Reviewing and approving new products and structured transactions and participating in the New Product Approval Committee process
  • Providing oversight of the Segments Accounting Policy team, including reviewing and approving the accounting conclusions of direct reports
  • Provide accounting training (on existing and new pronouncements) to Local Finance and Business teams.
  • Participate in the development of Citigroup's Global accounting policies and positions.
  • Communicating significant accounting policy matters to the Global Head of Accounting Policy and senior management
  • Interaction with senior members of the businesses, Finance, Risk and other control functions
  • Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.

Requirements:

  • 15+ years experience in Big 4 Accounting Firm with focus on banks or equivalent experience in Policy group of major financial institution
  • The successful candidate will have the ability to multi-task while working on long-term projects
  • Ability to work autonomously as an effective member of a dynamic team, and manage change while developing the staff
  • Personality that demands excellence in all work products, motivating and holding staff accountable for performance
  • Practical knowledge of US GAAP, specifically in regards to financial instrument accounting. Knowledge of Regulatory Reporting / Basel issues
  • Bachelors/University degree, Master's degree preferred

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