Senior Associate, International Accounting
- Jersey City, NJ, USA
- Permanent, Full time
- New York Life Insurance Company
- 25 Nov 17 2017-11-25
Senior Associate, International Accounting
New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
Under the general direction of the Asset Management Controllers ("AMC") Director of International Accounting and Reporting, this position will assist in the accounting-related support / oversight of New York Life Investment Management's ("NYLIM") international business. This role will help bring consistency to AMC's support of NYLIM's international business. The required support / oversight will differ based on NYLIM's international presence. For example, support for branch offices (e.g. Hong Kong, Korea, and Japan) will differ from support of limited purpose operating entities (e.g. NYL Investors - UK) or the support of foreign subsidiaries (e.g. Candriam, Ausbil, etc.). Furthermore, support related to the conversion of Candriam's and Ausbil's local financial statements to US GAAP will leverage business knowledge and expertise of their local accounting and finance teams. Importantly, this position will help document required accounting service levels for representative offices, branches, operating entities, and holding companies to support future business growth. This position will work closely with individuals in several departments in NYLIM and NYL.
- Assisting in ensuring the fiscal integrity of each international business through the enhancement and management of accounting systems and controls.
- Monitor controls and ensure compliance with both US and international reporting requirements
- Assist in ensuring that accounting policy issues are identified on a timely basis and that any conclusions reached by the Accounting Policy Team are appropriately implemented
- Manage and prepare ad hoc projects and analyses consistent to AMC's support of NYLIM's international business.
- In regards to NYLIM's holding entities over its respective international operations, ensure that proper US GAAP adjustments are properly booked and consolidations are appropriately completed.
- Ensure that all material and critical foreign local GAAP account balances, including intercompany balances and equity balances, are reconciled to the US GAAP account balances on a monthly basis.
- Assist in engaging and supervising any 3 rd party accounting service providers.
- Assist with the accounting infrastructure development for any new branches and the integration of existing accounting processes and controls for new international acquisitions.
- Assist in ensuring that appropriate record retention rules are applied for both US GAAP and foreign local GAAP reporting.
Foreign Branch Reporting
- Perform basic accounting & treasury functions where needed. This includes receiving, processing, and paying invoices related to NYLIM's international operations, including lease rental, payroll, T&E, tax payment, and other vendor related expenses.
- Ensure that accounting transactions are appropriately recorded under both US GAAP and foreign local GAAP requirements, including the calculation of foreign currency effects.
- Partner with the Corporate Tax Team to ensure compliance with tax reporting requirements, including the completion of the international cost-plus calculation templates and the preparation of locally compliant intercompany invoices.
- Ensure that all revenue sharing invoices are appropriately prepared according to the underlying economic events and the executed revenue sharing agreement between the respective foreign branch and company boutique.
- Ensure that the compilation of foreign local GAAP financial statements is appropriately prepared in a timely manner to meet the deadlines within the respective foreign location.
- Perform analytical procedures over the branch's financial results including year over year, quarter over quarter, and US GAAP versus foreign local GAAP comparisons.
Foreign Subsidiary Reporting
- Assist in ensuring that data integrity for the SAP financial statement feed is accurate and efficient on a monthly basis for each foreign subsidiary.
- Manage any US GAAP adjustments that need to be booked to the data up-loads received from the foreign subsidiaries on a periodic basis.
- Assist the foreign subsidiary's local management in analyzing the differences between US GAAP reporting and foreign local GAAP reporting.
- Communicate with local international senior management and local international accounting teams in regards to any new or unusual transactions that would warrant specific accounting on a periodic basis.
- Perform the reconciliation of the deferred compensation expense and equity ownership rights on a monthly basis.
- Bachelor's degree in Accounting and 3-5 years of professional accounting experience
- Experience in financial service industry and international accounting a plus
- Experience with a Big 4 firm or large international CPA firm a plus
- In depth experience preparing financial statements and cash flows
- Knowledge of generally accepted accounting principles, procedures and standards
- Strong analytical skills with the ability to interpret, synthesize, and present financial information
- Proficient in Microsoft Office, Word, Excel, PowerPoint and SAP general ledger. Proficiency in Workiva, Wdesk, Microsoft Project and Microsoft Visio a plus
- Ability to plan, initiate and complete work assignments independently and with minimum direction
- Strong communication skills
- Strong interpersonal skills with the ability to work collaboratively with others and to build trust and positive working relationships.
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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.