For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America's best banks (2015) and one of America's best-managed companies (2014).
As a result of growth and due to increasing regulatory burden and industry expectations, we need to increase our operational risk and oversight by developing and fostering a stronger first line of defense (FLoD) strategy, where the Finance team itself, through its daily activities and proactively monitoring can identify and respond to risk in real time.
The role of Manager of Risk Accounting will provide leadership to identify, measure, monitor and shape the risks related to the internal control environment affecting both controls over financial reporting and operational controls within the Accounting organization (accounting, tax, SEC and bank regulatory reporting) through proactive identification of risks and opportunities. This role will ensure sound governance, oversight and execution of the financial and operational risks and controls as part of our Sarbanes Oxley (SOX) program, including key operational, regulatory and compliance related controls within Finance. The role will be responsible for managing all SOX and operational controls related design, implementation, documentation and self-testing to ensure we meet the requirements for the Company's SOX program as well as detect and prevent noncompliance with policies and procedures in advance of internal and external audits. This highly visible position will work closely with the CFO and the Finance management teams to ensure transparency and understanding of financial reporting and operational issues, opportunities, and the environment both for now and as we experience change from internal factors, such as growth and new business lines, and external factors, such as new regulations and industry expectations.
This is a senior management position that reports to the Chief Accounting Officer. This person will work closely and liaise between key stakeholders both within Finance management and across the organization with Risk & Controls (SOX), Compliance, Internal Audit, External Audit, Enterprise Risk Management, Legal, and the other Risk Managers. The general responsibilities are as follows:
Assess, measure, and monitor the Finance governance and risk profile, including determination of real vs perceived risk. Collaborate with Finance management to develop key business control strategies.
Maintain a complete and current inventory of all the material Finance processes and functions, with the associated key risks and their thresholds.
Exercise judgment and influence, and if needed, assist Finance management on the development, implementation and monitoring of strategies, policies, processes, and controls to reduce risk and ensure legal and regulatory compliance.
Manage, communicate and provide periodic reporting and metrics to Finance management on the mission, strategies, and key issues of the risk governance framework.
Proactively manage the relationships with internal Finance groups and the second and third lines of defense
Highlight control breakdowns, inadequate processes, and unexpected events and implement corrective actions quickly to address process and control deficiencies.
Stay abreast and knowledgeable of the related regulatory, industry and compliance requirements in which Finance must meet in order to satisfy our regulators and anticipate industry trends or changes.
Analyze complex regulatory and industry requirements and the "right size" application of those requirements.
Ensure all pertinent regulatory and rule changes are incorporated timely.
Participate and provide guidance for new initiatives and product expansions, including determination of mitigating controls.
Promote open and effective communication between Legal, Internal Audit, Compliance, ERM, External Audit and finance management on risk issues and risk management methodologies.
SOX Specific Responsibilities
Perform annual risk assessment for identifying significant accounts and risks for reporting; done independently and then validated with 2nd line (SOX)
Coordinate, update and maintain all SOX related artifacts including walk-throughs, narratives and process / control specific flow charts
Ensure quarterly that all items are current and reflective of actual practices
Provide changes to controls if underlying processes have changed or new items / risks added top scope of the business 2nd line would have to concur with the controls design and risk mitigation
Create / manage quarterly program of self-testing / certification to support the business units quarterly certification under Section 302 of SOX
Establish / manage ongoing program of procedure documentation and training within the department related to SOX and internal control processes / activities
Manage program specific to manual controls including spreadsheets and data received / sent out by the department to ensure integrity of data used and integrity, completeness and accuracy of data provided to downstream stakeholders for ICOFR purposes (MRC checklists, IPE controls, etc.)
Monitor and manage all Entity Level Controls within the department
Audit coordination manage and facilitate all external and internal audit related matters including quality and delivery of audit schedules, follow up questions and resolution, etc.
Facilitate and manage all SOC 1 reports applicable to the business
Provide overall governance, dashboard reporting, tracking against deliverables, and issue escalation timely
Bachelor's Degree in management, finance, economics, related field or equivalent experience and MBA preferred
8 years working in the financial services industry with managerial level experience
In-depth business or functional expertise as well as knowledge of applicable policies and procedures required
Experience in SOX controls for financial reporting required
Experience in risk, business controls or compliance management preferred
Strong leadership, critical thinking and collaboration skills required
Ability to influence peers, colleagues and managers across business and divisional lines to take action on complex, technical or sensitive topics with companywide impact
Self-starter and disciplined manager who proactively will reach out as needed
Ability to work tight timelines and manage multiple competing priorities while delivering sound results
Excellent presentation and interpersonal skills required
Working knowledge of Microsoft products required
Experience at a Big 4 Accounting firm preferred
SVB Financial Group