BNY Mellon Saudi Arabia:
BNY Mellon recognises Saudi Arabia’s Vision 2030 is designed to transform the Saudi economic landscape, including the redistribution of state assets among various sovereign entities and away from traditional holdings. In addition. international holdings of Saudi's sovereign funds are expected to grow due to the proposed IPO of Aramco and other state companies, and a greater allocation towards international assets, from $790bn in 2016 to a forecast $1.9trn in 2021.
BNY Mellon views the establishment of a Saudi presence as a key opportunity and vital to custody/service assets distributed among various Sovereign Wealth Funds and aid BNYM's existing relationships and allow it to foster new ones. BNY Mellon sees a business future and is committed to a presence in Saudi Arabia at a time of significant reform of the Saudi market and financial services.
Proposed Legal Structure of BNY Mellon Saudi Arabia:
Incorporation of a single shareholder joint stock company in the Kingdom is required to meet CMA licensing requirements. This new company will be called BNY Mellon Saudi Arabia. The single shareholder and proposed parent company is BNY International Financing Corporation (IFC), a US incorporated intermediary holding company that is itself controlled by the US Institutional bank, The Bank of New York Mellon. The Bank of New York Mellon is controlled by The Bank of New York Mellon Corporation.
Riyadh based Legal Entity Controller, reporting to the EMEA Controller, for the KSA based subsidiary of the IFC responsible for the financial governance, oversight of control environment and reporting of the entities. In addition, the candidate will have to opportunity to provide the relevant management committees with financial and regulatory insight.
Locally, the Controller will report to the Chief Executive Officer (CEO) of the BNY Mellon Saudi Arabia.
An in depth understanding of accounting standards (both local and US) will be required to ensure the general ledger is complete, accurate and reflects the proper application of GAAP & Corporate Accounting Policies (CAP). The role will work closely with the auditors over the reporting cycle for both the local statutory audit and the US Group audit. In addition an understanding of regulatory requirements is needed to support the both capital and liquidity regulatory reporting requirements. The role will maintain relationships with the relevant management committees, providing advice on regulatory & accounting matters, proactive insight into issues and ensure the financial needs are met.
The role will also be responsible for maintaining a robust control environment and provide control & oversight of the offshored accounting and reporting groups.
The role is supported by the EMEA Controllers teams based in both the Regional Shared Service Centre ( RSSC) based in Manchester (UK) and the Global Delivery Centre (GDC) based in Chennai (India). In addition, the Controller will be supported by EMEA Head of Regulatory Reporting and indirectly by the EMEA based control specialists.
EMEA Controllers Team:
The EMEA Controllers is a senior professional team with broad technical, control, reporting and management experience responsible for the EMEA legal entities. They are responsible for ensuring the books and records are correct, the control environment is robust and the reporting is timely and accurate to all stake holders. In addition we are responsible for managing and driving change to meet regulatory requirements and improve the control/operational environment.
• Represent EMEA Controllers at management committee and other governance meetings
• Present legal entity financial information– principal focus will be statutory and regulatory reporting.
• Coordinate with Head Office teams to support internal and external audits and statutory reporting as required
• Work closely with KPMG to ensure a smooth audit process
• Coordinate across the group to meet audit deliverables
• Articulate accounting judgments and interpretations
• Legal entity restructurings/business developments/acquisitions/disposals (statutory/regulatory perspective)
• Accounting impact of new business/products including the impact on regulatory capital
• EMEA Controllers representative on projects impacting BNY Mellon Saudi Arabia
• Provision of guidance and implementation process for GAAP changes
• In collaboration with the EMEA Tax lead identify and plan for meeting changes to the tax reporting in KSA.
• Review reporting (statutory accounts, Board packs, Rep letters, regulatory self- assessments e.g. ICAAPs, policies, regulatory returns, capital and liquidity dashboard, capital)
• Control and oversight of accounting flows, changes to processes, and reconciliations
• In conjunction with the EMEA Tax team, ensure compliance with VAT and Corporate Tax requirements of the BNY Mellon Saudi Arabia.
Policy & Controls
• Maintain compliance with GAAP and CAP for US and local books
• In collaboration with the EMEA Head of Regulatory Reporting identify and plan for meeting any rule changes/ new requirements to the regulatory reporting in KSA
• Oversight of control environment
• SOX and Internal audit Compliance
• Critically assess processes and drive incremental improvements
• Support change initiatives for the UK and region where necessary
• Actively participate in and contribute to projects which impact the BNY Mellon Saudi Arabia to deliver reporting capabilities for new and updated regulations.
• In this role the Controller is to work towards goals that are aligned with those of Finance and also BNY Mellon as well as taking responsibility for meeting their personal training and development goals.
• Support EMEA CFO team as needed on an ad hoc basis
• Support Saudi CEO in developing the local business as needed
• Experience in the Financial Services industry , preferably KSA
• Senior management experience including internal and external stakeholder management
• Adaptable, flexible and proactive
• Strong leader with proven record
• Controls oriented with a background in working with offshore service centres
• Good communication and interpersonal skills
• Good decision maker, responsible and accountable
• Deadline driven with effective time management and ability to work under pressure
• Client orientated and results focused
• Able to manage risk in a highly regulated and controlled environment
• Ability to establish and develop effective relationships
• Highly motivated, fast learning and proactive with an ability for problem solving
Technical Skills, Knowledge, Systems Knowledge (and associated skill level)
• Qualified accountant with a number of years post qualification experience
• Significant years of experience in the Financial Services industry
• Significant Statutory and Regulatory reporting experience
• Experience of a fast moving, highly controlled, multi-national/functional organisation.
For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments & safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: bnymellon.com/careers.
Finance helps our internal clients outperform over time. At BNY Mellon, Finance serves our internal clients by providing world-class accounting operations and control and decision support while instituting world-class change management. Global Procurement is responsible for establishing the programs to acquire products and services for BNY Mellon by employing deep category knowledge and commodity expertise, coupled with an understanding of the needs of our businesses and business partner groups. The Corporate Treasury group is responsible for managing the investment portfolios and the liquidity and capital positions of the various subsidiary banks and of BNY Mellon.
BNY Mellon is an Equal Employment Opportunity Employer.
Primary Location: Saudi Arabia-Ar Riyad-Riyadh
Internal Jobcode: 85086
Requisition Number: 1914874