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Responsible for accurate Statutory and U.S. GAAP accounting of public and private fixed income and equity securities for Northwestern Mutual and related entities. Lead the ongoing data integrity processes to ensure the accuracy of the securities system and its associated financial processing routines in recording the assets, income, and gains and losses of securities investments held by Northwestern Mutual and related entities. Lead the quarterly process of accounting for and reporting impairments. Maintain and coordinate the Model Audit Rule documentation related to securities investments and the impairment process. In support of the Assistant Director research and recommend appropriate actions on new accounting guidance impacts to Statutory and U.S. GAAP Reporting. This position will also act as the lead representative from Investment Accounting on all PAM upgrade projects.
Primary Duties and Responsibilities
- Supervise the monthly closing of the Portfolio Asset management (PAM) securities system and its associated financial processing routines providing the last layer of detailed quality assurance over the recording of assets, income, and capital gains of Northwestern Mutual and related entities to ensure that proper Statutory and U.S. GAAP principles are applied. Includes quality assurance over the pricing/valuation of securities for public equities, public fixed income, including high yield and hybrids securities, convertibles, and highly complex structured securities as well as private equities (internal valuations) and private fixed income and private structured securities (matrix priced) to ensure the amounts are recorded timely and accurately.
- Oversee the process to ensure the investment Security Master Files (SMF) within the PAM system are accurate regarding new security acquisitions, subsequent transactions, new reporting guidance and updated prepayment assumptions for structured securities. Must understand the various securities well enough to be able to engage all of the groups mentioned above to ensure accurate set up while providing this last layer of detailed quality assurance.
- Work with MSA and NM Investment Management Company to obtain cash flow data needed to complete prepayment assumption analysis for bifurcation of gain or loss on structured security sales between IMR (interested related) and AVR (credit related) and the quarterly impairment process to ensure compliance with complex accounting guidance.
- Implements the process of creating and maintaining analytical tools that help facilitate the accurate reporting of securities investments on a Statutory and U.S. GAAP basis. These tools include, but are not limited to yield analysis reports, asset valuation reports and income validation reports.
- Assist the Investment Accounting Securities (IA-Securities) Reporting Group in meeting reporting requirements for investments held on PAM.
- Coordinate the preparation and maintenance of all watch list analytical reports needed to conduct quarterly Statutory and U.S. GAAP impairment discussions and accounting. Review the quarterly and annual reporting related to impairments including internal management reporting and regulatory required reporting and footnote disclosures in the both the Audited Financial Statements and Annual Statement Schedules.
- Coordinate across several departments the Model Audit Rule documentation related to securities and impairments.
- Lead representative from Investment Accounting on PAM upgrade projects which includes evaluating new system functionality and its impact on Investment Accounting, coordination of project efforts with the IA-Securities Reporting Group and various Information Systems groups, and identifying problems and improvement opportunities related to the reporting and financial processing components of PAM.
- Work with Assistant Director to provide technical research and support to NM Controller constituencies and all investment management constituencies in MSA and NM Investment Management Company. Also assists with high-level technical accounting research in support of Director, Controller and CFO.
- Responsible for the coordination of the IA-Securities Group portion of internal audits, which include audits related to Model Audit Rule.
- Meet high standards for career development and performance management for all assigned staff.
- Bachelor's degree in accounting required with 7-10 years work experience.
- Certified Public Accountant required.
- Proven understanding of Statutory and U.S. GAAP accounting principles.
- Strong financial reporting background, accounting systems experience, understanding of securities investments and demonstrated decision making and analytical skills.
- Strong written and oral communication skills.
- Also, this position requires an ability to effectively maintain relationships with the Investment Accounting Securities Reporting Group, other departments, external auditors, etc.
- A high degree of personal initiative and self-motivation is required.
- Experience with the PAM securities system.
Great pay package, 401K, Company sponsored retirement plan, Educational assistance, Performance based incentive pay, Medical, dental and vision insurance, Parental leave, Caregiver time off….and more!
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W e are an equal opportunity/affirmative action employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, gender identity or expression, sexual orientation, national origin, disability, age or status as a protected veteran, or any other characteristic protected by law.
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