SMBC
Regulatory Reporting QA Associate
SMBC, Jersey City, New Jersey, United States, 07390
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $83,000.00 and $120,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
Regulatory Reporting Quality Assurance (RRQA) performs independent risk-based reviews to assess the integrity of U.S. Regulatory report filings and their underlying transaction-level data.
The RRQA Associate will contribute to the success of quarterly assessments, supporting planning, testing execution, and reporting. Assessments will be focused on a variety of U.S. Regulatory reports (e.g., FR Y-9C—Consolidated Financial Statements for Holding Companies; FR 2052a— Complex Institution Liquidity Monitoring Report) and key products (e.g., loans, deposits, derivatives, securities). The Associate will also assist with continuous monitoring activities and perform validation of completed issue remediation actions. The RRQA Associate will take direction from Testing Leads and work in a collaborative team environment with significant opportunities to grow skills, obtain regulatory report and product knowledge, and lead work segments.
In RRQA we value continuous learning and development, requiring our team members to complete continuing professional education and encouraging further learning by providing a variety of learning opportunities.
Role Objectives
Review and understand business processes and workflows that contribute to regulatory report production, including inputs (e.g., data sourcing), outputs (e.g., report line-items, schedules), and internal controls (e.g. reconciliation, variance analysis, manual adjustment review).
Support assessment planning, scoping, and sampling by identifying risks from analysis of reported values, variances, and transaction-level data, and from performance and documentation of process and control walkthroughs.
Evaluate internal controls for design and operating effectiveness, and transaction-level data for accuracy and proper classification in accordance with regulatory report instructions.
Maintain RRQA’s high standards for workpaper documentation—including testing procedures, assumptions, conclusions, issues, and root causes—to support RRQA’s assessment conclusions and ongoing monitoring.
Perform follow-up testing to validate the sufficiency and appropriateness of activities performed to remediate RRQA-identified issues.
Qualifications and Skills
Bachelor’s or higher degree in business with a concentration in Accounting, Finance, Business Analytics, or similar field.
2 or more years of experience in an audit role (internal audit or public accounting) or internal control assessment role with knowledge of auditing standards and procedures.
Strong oral and written communication skills
Additional Requirements
Familiarity with financial and/or regulatory reporting processes, related data processes (e.g., capture, sourcing, staging, transformation, and consumption), and data quality concepts (e.g., key data, data accuracy and completeness).
Familiarity with banking regulations and products are a plus.
SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $83,000.00 and $120,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
Regulatory Reporting Quality Assurance (RRQA) performs independent risk-based reviews to assess the integrity of U.S. Regulatory report filings and their underlying transaction-level data.
The RRQA Associate will contribute to the success of quarterly assessments, supporting planning, testing execution, and reporting. Assessments will be focused on a variety of U.S. Regulatory reports (e.g., FR Y-9C—Consolidated Financial Statements for Holding Companies; FR 2052a— Complex Institution Liquidity Monitoring Report) and key products (e.g., loans, deposits, derivatives, securities). The Associate will also assist with continuous monitoring activities and perform validation of completed issue remediation actions. The RRQA Associate will take direction from Testing Leads and work in a collaborative team environment with significant opportunities to grow skills, obtain regulatory report and product knowledge, and lead work segments.
In RRQA we value continuous learning and development, requiring our team members to complete continuing professional education and encouraging further learning by providing a variety of learning opportunities.
Role Objectives
Review and understand business processes and workflows that contribute to regulatory report production, including inputs (e.g., data sourcing), outputs (e.g., report line-items, schedules), and internal controls (e.g. reconciliation, variance analysis, manual adjustment review).
Support assessment planning, scoping, and sampling by identifying risks from analysis of reported values, variances, and transaction-level data, and from performance and documentation of process and control walkthroughs.
Evaluate internal controls for design and operating effectiveness, and transaction-level data for accuracy and proper classification in accordance with regulatory report instructions.
Maintain RRQA’s high standards for workpaper documentation—including testing procedures, assumptions, conclusions, issues, and root causes—to support RRQA’s assessment conclusions and ongoing monitoring.
Perform follow-up testing to validate the sufficiency and appropriateness of activities performed to remediate RRQA-identified issues.
Qualifications and Skills
Bachelor’s or higher degree in business with a concentration in Accounting, Finance, Business Analytics, or similar field.
2 or more years of experience in an audit role (internal audit or public accounting) or internal control assessment role with knowledge of auditing standards and procedures.
Strong oral and written communication skills
Additional Requirements
Familiarity with financial and/or regulatory reporting processes, related data processes (e.g., capture, sourcing, staging, transformation, and consumption), and data quality concepts (e.g., key data, data accuracy and completeness).
Familiarity with banking regulations and products are a plus.
SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.
We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.