Management Project

MICHAEL SELTENREICH, CPA

*** ***** **** *****@*********.*** 516-***-**** - Cell

Garden City, NY 11530 516-***-**** - Home

SUMMARY:

Accomplished senior financial professional in Investment Banking, Insurance and Financial Services industries.

Extensive background in financial management, operations, and information technology. “Detail Oriented”

Strategic forward thinker adept in identifying strategic and tactical solutions execution to improve company profitability.

Focused on financial internal and external reporting, cost transparency, cost savings, process improvement, cash management, project management, tax management, human capital optimization, and allocations.

Achieved change through leveraging strong leadership, mentoring team to progress to the next level, cross-functional team building, and problem-solving identifying root cause. (Top-Down and Bottom-Up)

Integrate financial expertise with the ability to monitor the entire project cycle and work with teams to evaluate the progress and monitor deliverables. A key person in an organization with a cross-functional “lens”.

SKILLS LIST:

Financial Management (Budget, Forecast, Actuals, Variance analysis), Procurement management (VRM), Project Management, Operations re-engineering and improvement, Metrics (KPI), Client Profitability, Expense optimization, Cost Benefit Case analysis, Operational Risk Management, C-Level relations, Stakeholder Relationship Management, Systems Business analysis & output report generation design, System integration, Oracle, SAP, PeopleSoft, Essbase Hyperion.

EXPERIENCE:

COMMERZBANK, New York, NY 2013 – October 2016

Consultant (completed 3-year + financial transformation assignment)

Head of Technology Finance and Control

Managed all functions of financial management. (MYP, Budget, Forecast, Actuals, and Variance analysis)

Designed and create financial and cost accounting models to effectively support reporting and analysis sourcing data from Oracle general ledger, Data-Warehouse, and other systems (i.e. Time Management).

Enabled technology to optimize and reduce expenses by determining and understanding the true cost of project development, infrastructure, and operations support services which sharpened the focus on cost savings.

Conceptualized strategic roadmap for IT Cost Transparency initiative for Business Stakeholders to understand IT costs and agree on service levels. Resulted in a collaborative partnership with the business to achieve expense optimization. Included creation of Intercompany charge-back methodology framework which was leveraged by Commerzbank Group in Frankfurt, Germany and by other foreign regions.

Improved the Business Stakeholder’s understanding of IT Infrastructure costs by directing an initiative to capture storage, server, and database inventories and define methodologies to allocate costs. Focused on Equipment Life Cycle management to reduce HW maintenance costs and recover original investment through resale of used equipment.

Created the first central inventory of all contracts (SW, HW maintenance, outsourced services, SOWs, etc.) to effectively support procurement renewal and improved budgeting, forecasting, and overall expense analysis processes. Supported a Vendor Risk Management initiative program required by regulatory agencies.

CREDIT SUISSE 2001- 2013

Vice President

Chief Operating Officer (Line Business Manager) for Global Fixed Income IT (2007 to 2013)

Managed financial and operational functions with $225MM budget and 850+ resources.

Optimized IT spend within financial budget. Responsible for MYP, Budgets, Forecast, Actuals, and Variance reporting. Managed human capital planning including critical hiring control, deployment to low-cost locations, outsource consulting SOWs with vendors, license & maintenance contracts, and reference data for FX, Rates, Credit, eCommerce, Repo, Commodities, Structured Products sub-product lines.

Integrated portfolio demand, financials and program delivery with the monthly cost accounting reporting. Enabled Fixed Income IT sub-product lines to align supply and business demand to cost accounting actual/forecast/budget.

Synthesized at a macro level Fixed Income IT reporting of “change the bank” and “run the bank” services in reporting to CIO, COO, and IB Front Office.

Monitored project delivery and partnered with PMO and project staff to ensure that projects were delivered timely and within budget.

Analyzed end user functionality requirements for new Project Portfolio Management system. Designed financial and project management output reports.

Financial Business Manager – Technology COO IB Applications Development Product Lines (2004 to 2007)

Created IT’s first “Book of Work” capturing all global projects to be developed. Enhanced the ability of IBIT product lines (i.e. Equity IT, Fixed Income IT, etc.) to effectively manage $1BB+ Applications Development project portfolio. Directed “roll-out” and communicated training to 150+ global managers.

Increased engagement of IB Front Office during the annual planning process. (Equities, FID). Formulated a new “bottom- up” project activity budget and forecasting process for 2007. Improved accountability and cost transparency across IT.

Identified additional cost capacity to achieve IB Front Office 2007 development demands while achieving expense efficiencies. Improved IB Front Office ability to rebalance budgets across IT (“fungible budget”).

Financial Business Manager – Technology COO IB Client Relationship Management (2001 to 2004)

Partnered with Global CFOs and COOs in Investment Banking, Private Equity, and Equity Research Front Office Divisions to understand IT services and costs. Identified project cost drivers and evaluated benefit and fair charge back to the business. “Face for IT” during the transformation from vertical silo to an enterprise shared service organization.

Reduced IBD Division expenses by multi-millions through analysis of application system development, infrastructure based costs, centrally managed, and market data spend.

Improved methodology process to cost-up and chargeback $1BB in IBIT costs to IB Businesses. Defined and created specifications for Time Management reporting system. Project costs allocation based on time replaced labor study methodology.

ALLIED INSURANCE BROKERAGE OF NORTH AMERICA 1998-2001

(Subsequently acquired by AON Insurance Services)

Chief Financial Officer

National Insurance Brokerage firm with 12 Divisions in 7 States. Managed 65 staff in Finance, IT, & Insurance operations.

Managed all functions of financial management (MYP Budget, Forecast, Internal & External reporting, Cash management, Tax, and External CPA Audit.)

Partnered with President to achieve a Strategic Business Turnaround. Instituted comprehensive budget process, conducted Profit Center “Book of Business” profitability analysis, and drove expense reduction.

Performed project management role in the implementation of a new insurance application system. Facilitated integration into operations with a “Top-Down” and “Bottom-Up” approach. Worked closely with the vendor to modify software functional requirements to support re-engineered workflow processes.

Designed and established a centralized “Shared Service” insurance operation in NY to service all back office functions for profit centers located across the US. Directed the re-engineering & streamlining of insurance operations. Sharpened focus on new business and client service resulting in a 25% reduction in costs while eliminating the backlog of insurance tasks. Reduced operational risk.

Increased net profit through business acquisitions. Integrated acquisitions and start-ups both from a financial and operational standpoint. Performed due diligence for company acquisitions and roll-ups. Developed IRR valuation models to support acquisition price and rate of return objectives.

ROYAL SUN ALLIANCE GLOBAL RISK INSURANCE, NA 1993-1998

Treasurer, Financial Officer (Controller equivalent)

Multinational Property & Casualty Insurer of Global Risks with millions of dollars in revenue.

Managed all functions of financial management (MYP Budget, Forecast, Reporting, A/R, A/P, and Reinsurance)

Developed state-of-the-art P&L reporting system. Created management reports assessing business performance. Automated data capture thereby eliminating data entry functions.

Devised a global network process for moving funds among 70 worldwide affiliated companies by the establishment of an internal central clearinghouse in the UK. Reduced transactions by 40%, and decreased staffing by 35%. Significantly reduced foreign exchange costs and related banking fees.

ADDITIONAL EXPERIENCE:

ALEXANDER & ALEXANDER, INC. VP Finance, IT, and Administration

FRANK B. HALL & CO., INC. Eastern USA Supervising Internal Auditor

EDUCATIONAL/PROFESSIONAL:

Adelphi University, Garden City, NY. Certified Public Accountant, NY State

B.B.A. in Accounting, Cum Laude

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