Investment Governance Consultant

  • location: Minneapolis, MN
  • type: Contract
  • salary: $25 - $35 per hour
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job description

Investment Governance Consultant

job summary:
Now Seeking: Investment Governance Consultants

Our Client - A Nation leading provider of Financial Services within the Banking Industry is in need of three Investment Government Consultants to join their team and assist with a highly sensitive CECL Modeling and Accounting implementation project.

If you are well versed in looking over investment contracts and possess a strong understanding and knowledge of Investment Funds (regulations, compliance) within a Fortune 500 Bank or an Investment Firm, we'd love to hear from you!

Phase one of this implementation project has just been completed, and phase two is ready to start rolling out.

With that said, we are ready to move on selecting those qualified and interested, so apply now!

location: Minneapolis, Minnesota
job type: Contract
salary: $25 - 35 per hour
work hours: 8 to 5
education: Bachelor's degree
experience: 0 Years
What is CECL Modeling and Accounting?

The Financial Accounting Standards Board (FASB) has released new guidance that may impact your allowance and impairment processes. The guidance is on current expected credit loss (CECL) measurement and calculation. Financial Instruments - Credit Losses - Measured at Amortized Cost (Subtopic 326-20) represents a significant change to impairment accounting under U.S. Generally Accepted Accounting Principles (GAAP).

The CECL standard will be a significant change to the methodology and accounting financial institutions use to measure and recognize their credit loss impairment. And while it is nominally an "accounting" change, the anticipated impact on financial institutions' operations and processes is likely to be far more extensive.

CECL affects all institutions with financial assets measured at amortized cost. This includes U.S.-based banks, foreign banks with U.S. reporting obligations, insurance institutions, and nonfinancial institutions with an active treasury or financing group.

The CECL accounting change to measuring credit losses is a significant shift from an incurred losses model to an expected lifetime credit loss model. It affects the credit risk organization, including credit and financial data capture, including related systems, financial reporting, analysis, and internal control.

Implementation Dates:

For public business entities that are Securities and Exchange Commission (SEC) filers, CECL is effective for interim and annual periods beginning after December 15, 2019 (i.e., January 2020).

For all other entities, the standard is effective for annual periods beginning after December 15, 2020 (i.e., January 2021).

All entities may choose to early adopt starting with fiscal years beginning December 15, 2018.

CECL's requirements include the following significant changes to current U.S. GAAP around impairment accounting:

Lifetime expected credit loss model - CECL will change a significant aspect of the current allowance estimates. The standard shifts the allowance estimate from an incurred to an expected credit loss model.

CECL removes the "probable" threshold for estimating the allowance under current U.S. GAAP SFAS 5 (ASC 450-20) requirements. As a result, almost all financial assets measured at amortized cost will have an allowance.

Reasonable and supportable forecasts - In addition to past events and current conditions, the credit loss estimate will consider reasonable and supportable forecasts of future conditions.

Summary of Phase 1 (already completed):

  • Managing requests coming into a shared email inbox
  • Deciphering and summarizing prospectuses at a top level
  • Moving millions of dollars
  • Setting up investment vehicles and new deals in multiple interactive databases
  • Being the "go-to" to team member to make it happen
  • Researching issues, discrepancies, and system rejects
  • Managing and ad-hoc projects
  • Responsible for performing assigned analyses and projects to solve a variety of business issues
  • Compiles and mines data from a variety of sources
  • Responds to requests for specific, customized reports
  • Ensures adherence to regulations and policies
Summary of Phase 2 (ready to take place and primary responsibilities of candidates selected for this role):

The chosen candidates will be doing deep diving into security review. This organization and department believe in good, clean data. The chosen candidates will be manipulating it, summarizing and organizing it utilizing exceptional Excel skills.

They want the chosen candidate to be experience reading contracts and legal documents/prospectuses within the Investment field; testing, grabbing documents at all stages of the workflow, changing and recommending correcting, and building efficiencies around the work flow.

They anticipate this position moving into and ad-hoc Project Management role as for they have multiple projects coming up. Thus, they want the chosen employee to feel comfortable with taking the initiative and running with the project.

Qualifications & Attributes Needed:

Strong understanding and knowledge of Investment Funds (regulations, compliance) within a Fortune 500 Bank or an Investment Firm.

Previous work experience working with Investments and/or demonstrated knowledge.

Strong data analysis experience.

Work flow and testing experience.

Strong detail-orientation and analytic abilities.

Proven ability to prioritize and switch gears in a time-sensitive environment.

High level of initiative, and sense of urgency.

Ability to work well under pressure.

If you wish to apply, please send your qualified resume directly to: | 612-313-7932

skills: Bank Investments
Equal Opportunity Employer: Race, Color, Religion, Sex, Sexual Orientation, Gender Identity, National Origin, Age, Genetic Information, Disability, Protected Veteran Status, or any other legally protected group status.

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