BNY Mellon Saudi Arabia Controller
- Full EXPAT package
- Riyad, Ar Riyāḑ, Arabie saoudite
- CDI, Plein-temps
- BNY Mellon
- 16 nov. 17 2017-11-16
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
Overview Of BNY Mellon:
The Bank of New York Mellon Corporation (“BNY Mellon”), plus its subsidiaries, is an investments company.
BNY Mellon is a publically owned company having its stock listed on the New York Stock Exchange (NYSE: BK), it is incorporated in Delaware and has its headquarters in New York at 225 Liberty Street, New York, New York, USA. The Corporation owns key principal trading subsidiaries –one being The Bank of New York Mellon which undertaking asset and investment servicing in a number of countries and dates back to 1784 and is the oldest bank in the USA.
BNY Mellon group has been providing services to clients in Europe, the Middle East and Africa (EMEA) since the early 1900s. BNY Mellon remains committed to the region and is strongly positioned to provide products and services to institutions, institutional investors and, selectively, to individuals.
BNY Mellon is dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of 31 March 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.
BNY Mellon and group have circa 52,600 employees serving over 100 markets in 35 countries.
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.