Day in the Life - Controllers, Internal Audit & Corporate Treasury
Introduction to the Possibility Summit
Overview of the session focus areas:
Day in the life of Controllers, Internal Audit, and Corporate Treasury
Another session with GBM (Global Banking and Markets) to follow
Housekeeping notes:
Ensure microphones are muted during presentations to avoid interruptions.
Use the "raise hand" feature for questions to maintain order and minimize distractions.
Avoid annotating slides during presentations.
Welcome and Introductions
Presenter: Brianna Henson
Role: Vice President in Human Capital Management at Goldman Sachs
Responsible for America's Controllers campus recruiting
Office: Dallas
Experience: Two years with Goldman Sachs
Team introductions:
Sharman Sharif: Associate in Dallas office, five years with the firm.
Jose Lapalle: Vice President in Controllers for Asset Management Division, seven years with the firm.
Overview of Controllers
Definition and Main Functions of Controllers
What is Controllers?
Financial oversight function at Goldman Sachs.
Three Main Functions:
Manage Financials and Regulatory Obligations:
Involves overseeing the firm's compliance with financial regulations across markets.
Measure Profitability:
Assessing the profitability of Goldman Sachs’ diverse range of products and services.
Analyze and Report Key Data:
Ensuring accurate reporting of financial data to stakeholders including investors and regulators.
Operational Scope of Controllers
Where Controllers Operate:
Integral touchpoints throughout all areas where Goldman Sachs operates.
Maintaining the Firm's Reputation:
Role is highlighted as an independent control for safeguarding the firm’s reputation through accurate reporting.
Specific Roles within Controllers
Jose Lapalle's Role in Controllers
Position: Vice President covering Auto Control in the Asset Management Division
Product Focus: Business Development Company (BDC) akin to a private equity fund
Main Functions:
Valuation of Private Investments:
Quarterly performance assessments by contacting companies for updates.
Profit and Loss Reporting:
Ensuring accurate communication regarding returns to investors.
Compliance Reporting:
Involvement in 10-K and 10-Q report preparation.
Structure of Controllers Department
Key Groups Within Controllers:
Corporate Controllers:
Prepares and analyzes overall financials for Goldman Sachs and its subsidiaries.
Regulatory Controllers:
Focused on compliance, interpreting regulations across various markets Goldman Sachs operates in.
Product Controllers:
Prepares profit and loss reports for specific products and provides support to trading desks.
Skills Required for Controllers Roles
Core Competencies Needed:
Accounting Knowledge:
Knowledge gained through training; firms focus on on-the-job learning.
Analytical Mindset:
Ability to question and understand the rationale behind tasks.
Communication Skills:
Essential for collaboration across teams due to the cross-functional nature of work.
Time Management:
Ability to manage various projects and deadlines effectively.
Team Player Attitude:
Collaboration and excitement about working with diverse teams are key.
Internal Audit Division
Introduction to Internal Audit
Presenter: Huberto Maldonado
Role: Vice President in technology audit
Experience: Almost eight years, with a cybersecurity master's from Georgia Tech
Purpose and Functions of Internal Audit
Core Objective:
Risk mitigation through evaluation of the effectiveness of controls within the firm
Analogy for Internal Audit Activities:
Staircase analogy:
Handrails and mats serve as controls to mitigate risks of falling.
Auditors assess whether these controls are effective.
Independence of Internal Audit
Unique Positioning:
Reports directly to the audit committee, independent from the rest of the firm.
Audits all divisions including Controllers, Regulatory and Risk Governance.
Internal Audit Process Overview
Typical Day in the Life of an Internal Auditor:
Starts with meetings for status updates on audits.
Projects have defined timelines, typically quarterly deliverables.
Audit Lifecycle:
Planning and Scoping:
Establish meetings to review policies, procedures, and controls.
Execution:
Conduct tests to evaluate the effectiveness of controls.
Reporting Findings:
After discussions and agreements with departments, findings are documented.
Skills Required in Internal Audit
Technical Proficiency Needed:
Understanding of code and technology (Java, SQL, Python).
Creative Thinking Abilities:
Candidates should think outside the box for testing scenarios.
Analytical Skills:
Assessing whether controls effectively mitigate risks being audited.
Corporate Treasury Division
Overview of Corporate Treasury
Presenter: Tiffany Coffey
Role: Project Manager at Goldman Sachs
Experience: Nearly two years at the firm
Primary Functions of Corporate Treasury:
Manages the firm's liquidity, funding, and balance sheet.
Critical Role:
Like a construction project manager, liaises between multiple teams to identify and solve operational problems.
Day-to-Day Activities in Corporate Treasury
Typical Day:
Involves planning and prioritizing tasks, managing multiple projects, and ensuring effective communication within teams.
Professional Growth in Corporate Treasury
Strategies for Career Advancement:
Open conversations with managers about career aspirations and taking on more responsibilities to enhance skills.
Key Qualities for Candidates in Corporate Treasury
Desired Traits:
Understanding of balance sheets, attention to detail, and good communication skills are critical.
Final Remarks and Question Session
Audience Interaction
Open floor for audience questions directed toward various presenters covering Controllers, Internal Audit, and Corporate Treasury roles.
Participants encouraged to share insights and connect on specific roles for further understanding.