Corporate Finance: Firmwide Financial Accounting & Reporting - General Ledger Suspense Clearing - Analyst

Job Description

The Firmwide Financial Accounting & Reporting organization (FFAR) is responsible for the accuracy, integrity and timeliness of the Firm’s financial results – books and records, while providing reporting to both internal and external clients.

The FFAR organization closely examines the general ledger, operating systems and infrastructure controls across the entire lifecycle of the business to ensure the firm’s financial information is accurately depicted for reporting and regulation purposes. This financial information is used by external analysts to assess the firm’s financial position; by management to make sound financial decisions; by investors to make informed decisions; and by regulators to supervise and examine the firm appropriately.

The most common functions and activities owned by Firmwide Financial Accounting and Reporting include but are not limited to the following: financial analysis, financial consolidation, reporting, balance sheet reconciliation/certification/substantiation, general ledger reconciliation reporting & governance, inter-entity control and governance, suspense analysis and clearing, manual accounting/bookings to the general ledger and operating systems, and executing the month end close process.

Suspense Clearing:

• The suspense process prevents invalid data from posting to the general ledger (SAP). Items suspend (are rejected from posting into the general ledger) due to reference issues. ONLY items originating from product systems can suspend (manual entries do not suspend, as edit/validation rules are in force up front). “Soft” errors actually post to suspense (an account that resides on the general ledger), “hard” errors block the entire file/document and stop the batch from posting to ANY account.
• Suspense clearing is a daily, manual process to move rejecting items to the proper posting location. Successful suspense clearance relies upon effective communication between LOC teams and LOB controllers.
• Suspense is caused by multiple issues – including but not limited to: SAP account missing, invalid or unavailable; cost center missing, invalid or unavailable in the target LE; SAP profit or cost center is missing or invalid based on data-source and SAP LE; redirected product system missing accounts in schema; non-migrated entity missing legacy to SAP mapping.
• The identification and daily clearance and resolution of suspense is a highly manual and time consuming process (requires significant FTE support)
• Identification and resolution of root cause issues resulting in suspense is time consuming and challenging - many occur far upstream
• Enforcement is a challenge – ensuring systems provide “good” reference data quality at point of origin is difficult – need methods to enforce correction of existing and new suspense causes Job Description
• Understand reference data quality requirements and standards for incoming data sources in order to help identify, research and correct items rejecting from the ledger on a daily basis.
• Work with team members and managers to improve turnaround time for item resolution, while keeping in mind the need for strategic resolution of new suspense drivers (assisting where possible, making recommendations for improvements or fixes where appropriate).
• Actively and proactively engage with LOB’s and other appropriate business partners in addressing root cause of suspense items and issues – identify systems and LOB’s causing suspense, obtain corrections, validate accuracy of correction, and ensure processing and release of suspense is completed accurately.
• Manage data requests into and out of the group as needed, serving as liaison between data suppliers and data users, including line-of-business and legal entity controllers
• Continually review the overall control environment around the suspense clearing function, making recommendations to reduce operational risk to the firm wherever possible
• Constantly work to mobilize change in order to simplify processes and enhance controls
• Drive aspects of production of the monthly metrics reporting, as requested or as required Skills:
• Knowledge of GAAP accounting standards very helpful
• Solid verbal and written communication skills
• Basic understanding of General ledger; prior exposure to relevant function an added advantage
• Solid accounting skills - exposure to accounting close processes, chart of accounts etc. would be very helpful
• Ability to work and multi-task in a fast paced, sometimes high pressure environment
• Ability to balance multiple priorities and execute in a constantly changing environment
• Comfort liaising with key business partners including line of businesses, Legal Entity Controllers and risk managers
• Ability to build and maintain partnerships within the various product aligned businesses and across other corporate financial, treasury, and accounting groups in order to help clear rejected items
• Ability to learn and understand business drivers – working knowledge of financial products and services or ability to quickly get up to speed
• Strong analytical skills: Ability to quickly understand workings of a complex processing system and general ledger systems across the infrastructure and their interrelationships and dependencies.
• Strong team player; ability to coordinate & establish strong connections across global teams (North America and India). Continually review the overall control environment that supports daily processing, either supporting or actually making recommendations to reduce operational risk to the firm wherever possible
• Constantly work to mobilize change in order to simplify processes and enhance controls
• Support the production of the monthly metrics reporting, as requested or as required
• Good organizational and problem-solving skills
• Excellent attention to detailed sets of data, able to successfully manipulate large sets of data
• Excellent team player, who enjoys being part of a winning team, with very good partnering skills
• System Operating: SAP, CDGL

All internal moves will normally take place on the same grade and same salary. Salaries are reviewed annually in February. Exceptions to the rule regarding transfer on current salary may include a move between geographic locations. J.P. Morgan is a global leader in financial services, offering solutions to the world’s most important corporations, governments and institutions in more than 100 countries. We have a sophisticated local market presence in Europe, Middle East and Africa which is complemented by staff around the world who support our growth and serve our clients 24 hours a day, 365 days a year. We are excited to expand our team in Poland and we’re looking for collaborative, innovative and dedicated individuals to join us in our new corporate centre in Warsaw. Bring us your expertise and you’ll be part of a global community, working with people around the world and with a company that’s committed to investing in you and making a success of this key new location for our business. Required Experience:

• Bachelor’s degree in Accounting, Finance, or Business,
• Good understanding of accounting (GL) - minimum 1 year of experience with GL Accounting,
• Experience in SAP would be an asset,
• Knowledge of Business Planning and Consolidations (BPC platform) very helpful,
• Experience with financial reporting systems (like CDGL) helpful, or good ability to learn new systems,
• Good knowledge of MS Office applications, proficiency in MS-Excel,
• University graduate required with some prior related work experience helpful,
• Fluency in both written and spoken English,
• Proficient Communication Skills,
• Disciplined with focused & result oriented approach,
• Ability to prioritize and handle several tasks at once with multiple deadlines will be important,
• Learning mindset and willing to go extra mile to achieve organizational objectives,
• Problem solver, good with numbers and analysis,
• Familiar with or able to quickly learn industry standards and regulations,
• Knowledge of firm’s products and services.

About J.P. Morgan Chase & Co: J.P. Morgan serves one of the largest client franchises in the world. Our clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.1 trillion. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of clients and consumers under its JPMorgan and Chase, and WaMu brands. JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer.