Financial Accountant

Financial Accountant

State Bank of India (SBI), with a storied history dating back over 200 years to the founding of the Bank of Calcutta in 1806, stands today as a multinational, public sector banking and financial services powerhouse. Supporting India's massive US$3.4 trillion economy, SBI serves an extensive customer base of over 460 million globally. As a Fortune 500 member and India's largest commercial bank in terms of assets, deposits, branches, and workforce, SBI is predominantly owned by the Government of India. Its vast network encompasses more than 22,000 branches, including operations in over 30 countries across continents, and features over 65,000 ATMs. SBI offers a comprehensive array of financial services, including banking, leasing, securities,





and credit-related businesses, tailored to a diverse clientele including non-resident Indians (NRIs). SBI Australia (SBIA), a key overseas operation established in 1998, plays a pivotal role in bolstering India-Australia trade relations, offering trade finance products and aiding Indian corporates in integrating with the Australian economy.

Job Summary:

The Financial Accountant is responsible for preparing and managing various financial reports, regulatory returns, and key performance data. The role involves ensuring compliance with APRA, ASIC, and ATO requirements, supporting statutory audits, and assisting in the preparation of financial statements, budgets, and performance reports. The Financial Accountant will also be responsible for data validation, asset management, and maintaining the accuracy of the bank’s MIS systems.

Key Responsibilities:

A. Regulatory Reporting:

• APRA & ABS Returns: Prepare daily, monthly, quarterly,





and annual regulatory returns in compliance with APRA and ABS prudential standards.

• APRA Queries: Investigate and prepare responses to APRA regarding monthly and quarterly financial movements.

• ASIC Lodgments: Prepare ASIC forms for lodging financial statements of foreign entities.

B. Financial Reporting:

- Preparation of Financial Statements: Prepare monthly, quarterly, and annual financial reports including:
- Balance sheet and related annexures
- Profit and loss statements and annexures
- Consolidated financial statements
- Derivatives returns in accordance with accounting standards
- BOPL (Balance of Payments and International Investment) Assets and Liabilities
- Audit Coordination:





Liaise with auditors to plan and manage statutory audits and respond effectively to audit queries on a quarterly and annual basis.

C. Tax Compliance & Reporting:

- Liaison with Tax Authorities: Work with tax consultants and the Australian Tax Office (ATO) for lodgment of income tax returns and transfer pricing documentation.
- GST & Tax Management: Ensure accurate and timely lodgment of tax returns and ensure compliance with GST, PAYG, and other applicable tax regulations.

D. Performance Reporting & Budgeting:

- Performance Indicators: Prepare monthly performance reports on key financial indicators and ratios for management.
- Budget Preparation: Assist in preparing the annual budget by liaising with various stakeholders for budget inputs and compiling data into the final budget document.
- Asset and Liability Reporting:





Prepare reports related to the banking book, such as currency-wise, sector-wise, maturity-wise, and country-wise breakdowns of assets and liabilities.

E. Data Validation & MIS System Management:

• KPI Reporting: Validate and provide data related to the bank's key performance indicators (KPIs) and financial parameters.

• Daily Monitoring: Work on the bank’s MIS system to monitor daily asset and liability positions.

• Data Integrity: Investigate and ensure correct coding of existing and new accounts in the MIS system to produce accurate system-generated reports.

F. Fixed Asset Management:

• Fixed Assets Register: Record and book fixed assets, maintaining an up-to-date and accurate fixed asset register.

G. Compliance & Reporting to AUSTRAC:

• AUSTRAC Reporting:





Report on processed and unprocessed foreign transactions to AUSTRAC, ensuring compliance with financial reporting obligations.

• Transaction Monitoring: Monitor daily transactions by scrutinizing the daily trial balance to ensure no discrepancies or non-compliant activities.

H. Three Lines of Defense Responsibilities:

• Daily Risk Management: Manage daily risk management activities and implement controls and actions established by senior management.

• Risk Documentation: Maintain and update the risk register, document identified risks, and track mitigation actions.

• Routine Analysis: Perform routine risk analysis, conduct stress testing, and self-assess the adequacy of processes and controls.

• Issue Management:





Record issues and incidents in the GRC tool, conduct root cause analysis, and develop appropriate remediation actions.

• Reputational Risk Awareness: Monitor daily activities for potential reputational risks and flag concerns promptly.

• Adherence to Risk Culture: Uphold a positive risk culture that aligns with organizational values and the risk management framework.

• Training: Ensure timely completion of all required risk management training programs.

Qualifications:

• Education: Bachelor’s degree in finance, Accounting, Business Administration, or a related field.

• Experience: 3-5 years of experience in financial reporting, MIS, or regulatory reporting within the banking or financial services industry.

• Certifications: CPA, CA,





or other relevant certifications are an advantage.

Skills:

• Financial Reporting Expertise: In-depth understanding of financial reporting standards and regulatory compliance (APRA, ASIC).

• Data Analysis: Strong analytical skills with proficiency in handling large datasets and identifying key trends in financial data.

• MIS Proficiency: Experience with financial management systems and MIS tools, with a focus on data validation and report generation.

• Attention to Detail: High level of accuracy in preparing financial reports and ensuring compliance with internal and external standards.

• Communication: Strong verbal and written communication skills, especially in dealing with auditors, regulators, and internal stakeholders.

Additional Information:







• Work Environment: Office-based role with potential interactions with external auditors, regulators, and internal stakeholders.

• Travel: Minimal travel required, primarily for audit meetings or training purposes.

▶️ Financial Accountant
🖊️ State Bank of India Australia
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