Controller Vice President
Resume:
James Ward 914-***-****
*** *. ******** **** **********@*******.***
Orangeburg, NY 10962
Professional experience includes:
Financial Reporting Securitizations ABCP Conduit
Legal Entity Controller Product Controller Branch P&L Corporate Controller Portfolio Sales & Acquisitions Risk Management Budgets and Forecasts IT Projects / Process Automation Treasury JP Morgan Chase & Co. - New York, NY May 2008 – Present Investment Banking and Financial Services Company
Bear Stearns & Co. Inc. was acquired by JP Morgan Chase & Co. on June 1, 2008 Vice President, Securitized Products Group, Firmwide External Reporting Controller - VIEs
May 2017 – Present
Responsible for leading the firmwide reporting on variable interest entities (VIEs) and securitizations exposures and activity.
Responsible for the VIE footnote in the firm’s 10-Q/10-K financial statements and all related VIE disclosures throughout the financial statements.
Provide guidance to Line of Business controllers for making consolidation assessments on trading inventory and significant transactions with special purpose entities.
Review the firm’s VIE reporting and disclosures with those of industry peers to assure that we are in conformity with best reporting practices.
Submit data and reports to regulatory reporting teams and provide reconciliations for any differences in RAP/GAAP reporting.
Review and adjust risk weighted asset reports used to report on capital allocations to lines of business and to maintain compliance with regulatory capital and liquidity adequacy requirements. Vice President, Securitized Products Group, Product Controller/Legal Entity Controller January 2012 – May 2017
Subject matter expert for consolidations of VIEs. Assess and evaluate inventory positions and proposed trades/transactions for consolidation in accordance with the firm’s accounting policy and guidance under FAS 167/ASC 810.
Securitized Products Group (SPG) legal entity controller responsible to the integrity of the books and records for over 50 legal entities in the SPG. Evaluation of capitalization; quarterly reporting to Corporate Financial Reporting (CFR) for financial statement and regulatory reporting; monthly review of entity financial statements.
Quarterly review of the firm’s 10-Q/10-K financial statements with a focus on the VIE footnote disclosures.
Quarterly review of submissions for regulatory reports with respect to inventory positions and continuing involvement with firm sponsored securitizations.
Team leader on a work stream for the Securitization Strategic Reengineering Program. Firmwide initiative to automate the Securitization reporting regime.
Vice President, Securitized Products Group, Middle Office Operations, Whole Loans May 2008 – January 2012
Development and implementation of automated process to seamlessly update LMS, the front office inventory management system, from activity posted in SBO2000, the loan accounting system. Took ownership of responsibility for monthly updates to LMS based on servicer reports posted via SBO2000 for over 15,000 loans totaling over $5 billion in UPB. Updates include numerous financial and default data points for each loan as well as a comprehensive validation process to ensure that data entered is timely and accurate.
Development and implementation of GUARD, a proprietary reconciliation system, providing for completely automated reconciliation of LMS and general ledgers (SAP) with SBO2000. Data points include inventory status, UPB, price, market value, default status (foreclosure, bankruptcy, REO), lien position, deferred principal, delinquency status, servicer, general ledger balances, among others. Coordinated the effort with James Ward Page 2 of 3
front office traders, collateral analysts, IT professionals and accounting professionals to deliver a product to meet varying needs of each discipline. The system is also used to generate daily inventory reports and is a data repository readily available with daily snapshots of hundreds of data points for every loan.
Implementation of SBO2000 loan accounting system for over 30,000 loans. Implementation established a sub-ledger for the IB’s mortgage loan inventory and straight through processing ensures accurate and efficient updates to the general ledger that are fully supported by the balances and transaction maintained in the sub-ledger system. SBO2000 provides for a secure and controlled environment to account for loan transactions at all stages of a loan’s life including commitment, funding and acquisition, application of P&I payments and related fees, daily interest accruals, sales, servicing transfers, default administration and payoff and liquidation.
Bear Stearns & Co. Inc. - New York, NY May 2004 – May 2008 Managing Director, Fixed Income Business Unit Controller Investment Banking and Financial Services Company
Quarterly commentary and analysis for the MBS Desk including market commentary, executive summary and desk commentary. Coordinated the efforts of product controllers from Commercial, Residential and International desks and submitted commentary and analysis to senior management for use in press releases, earnings reports and SEC reporting. Streamlined the process through the use of technology increasing the productivity of the efforts of controllers across multiple desks.
Review and assessment of inventory positions in connection with compliance with the provisions of FAS 157 – Fair Value Measurements.
Headed up the Coupon Interest Control Group comprised of seven professionals responsible for reporting coupon interest income for the MBS desk portfolio totaling over $40 billion.
Implementation of loan level interest accrual process. Oversaw efforts to convert to a loan level interest accrual process to provide for a more accurate posting of income in a timely manner.
Assumed leadership role in creating a funding vehicle (ABCP conduit) to finance investments in mortgage- backed securities. Processes for trading, funding and financial reporting were reviewed and developed to accommodate the needs for this $7 billion facility used to fund whole loan inventory positions held pending execution of securitization transactions. Review and development of program documents establishing the entity and scope of business activity permitted under these agreements. As legal entity controller responsible for all external reporting including audited financial statements distributed to commercial paper dealers, swap counterparties and rating agencies.
ORIX USA Corporation - New York, NY May 2001 – April 2004 Vice President, Treasury Department
Financial Services Company with over $4 billion in assets
(Asked to accept new roles at parent company in New York when subsidiary relocated to Atlanta)
Risk management reporting and analysis including interest rate risk and foreign currency risk – Gap analysis, BPV analysis, value and earnings at risk analysis, recommendations to limit risks through the use of derivatives. Compliance with FAS 133, Accounting for Derivatives. Hedging relationships over 99% effective on $1 billion notional amount.
Leadership role in IT projects. As team leader of 15 instrumental in the preparation of budget and execution of project plans – consensus building between operational departments and outside software provider, migration of receivables portfolio from a legacy system to a widely used industry platform, reporting to a steering committee.
Budgeting and forecasting for treasury funding department including operational expenses, projected cost of capital. Current financing in excess of $3 billion. ORIX Financial Services, Inc. – Secaucus, NJ August 1991 – April 2001 Vice President and Corporate Controller
(Wholly owned subsidiary of ORIX USA Corporation)
Financial services company specializing in equipment financing and leasing and asset-based lending
Responsible for the overall accounting and financial reporting processes for the company. Audited financial statements, monthly closings, consolidated financial statements, budgets and forecasts, portfolio analysis, funding analysis. Total assets over $3 billion.
Negotiation and execution of eight securitization transactions totaling over $2.2 billion of receivables, four public issues, three commercial paper conduit programs. Development and review of monthly servicing reports for all securitization programs, ensure compliance with terms, representations and warranties contained in related agreements. Calculation of gains recorded in connection with these transactions James Ward Page 3 of 3
including evaluation of assumptions underlying the calculations. Primary contact for due diligence teams prior to execution and for subsequent compliance reviews by outside auditors and bank representatives.
Supervise and direct the efforts of a 14-person accounting department. Manage and supervise 18-person cash processing unit in Pittsburgh. Constant review of new technologies to improve operational performance. Implemented computer automation reduced staffing needs by 50%. Introduced direct debit and pay by phone customer payment options which reduced time and cost of processing customer payments, streamlined collection process and provided availability of funds up to 2 days quicker. Service Manufacturing Corp. – Hastings, NY October 1989 – April 1991 Controller
Preparation of monthly and annual audited financial statements and related footnote disclosures. Annual sales of $26 million.
Preparation of all tax returns including federal and state corporate returns, sales and use tax returns, payroll tax returns and personal tax returns for the owner of the company. Bennett, Kielson & Co, CPA’s – New Rochelle, NY June 1983 – September 1989 Supervisor
Preparation and review of financial statements and related footnote disclosures for audit, review and compilation engagements
Preparation of federal and state income tax returns Education, Memberships, Awards and Skills
Certified Public Accountant (February 1986)
Pace University – BBA Public Accounting (June 1983), trustee scholarship awarded for academic achievement
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
Computer skills include Excel, SBO2000, LMS, Akira, Cognos, Hyperion, Access, Word, Power Point, Project, Bloomberg, Quantum Treasury Management Systems, XL400 (query writing tool for downloading data from AS/400 mainframe)
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