Job Classification:

Finance & Accounting - Finance & Accounting

The VP, External Reporting is a direct report of the Senior Vice President, Corporate Controller and is a member of his leadership team. This role has oversight for four units, and is comprised of a total of approximately 80 associates plus 35 offshore resources, with key responsibilities noted below. Many of these responsibilities are focused around the quarterly GAAP financial close for consolidated Prudential Financial, Inc. (PFI) and the quarterly Statutory close for Prudential Insurance Company of America (PICA) and a number of other insurance and captive subsidiaries, as well as investment entities. This individual participates in the quarterly results review meetings of all the businesses/functions and has significant interaction with the Business Group Controllers, Actuarial, Investor Relations and SEC Counsel.  Further, this role works closely with the Corporate Controller in preparation for Audit Committee materials, such as drafting of talking points for reviewing earnings and significant disclosures as well as the coordination of the annual Controller’s Report. Lastly, this position has oversight for the AOI Committee.

Responsibilities include:

GAAP Consolidation

• Ownership of consolidated PFI GAAP ledger including establishment of financial close requirements/guidelines and oversight responsibilities for the maintenance of ledger and other financial reporting tools;

• Preparation and analysis of PFI consolidated financial statements, including various footnote disclosures, for inclusion in Forms 10Q and 10K filed with the SEC;

• Performance of consolidation controls to ensure accuracy and completeness of PFI financial statements, including reconciliation of consolidated equity and analysis of consolidated balance sheet, income statement, and cash flow statement.

• Preparation of Quarterly Financial Supplement (QFS) and Earnings Release Tables for Prudential Financial Inc., including calculation of Return on Equity;

• Development of quarterly Annotated Earnings Release package for review with Disclosure Committee, Audit Committee, and New Jersey Department of Banking & Insurance;

• Implementation of new accounting and/or disclosure standards, including management of restatement process, as needed;

• Ownership of iXBRL Filing of the 10Qs and 10K for PFI and certain non-accelerated SEC filers;

• Filing of all TIC reports for PFI and its subsidiaries, as required; and

SEC Reporting

• Ownership of coordination of PFI’s Quarterly Form 10-Qs and 10-Ks filed with the SEC and ensuring full compliance with SEC disclosure requirements (utilizing financial statements prepared by GAAP Consolidation per above);

• Development of quarterly Disclosure Committee presentation of proposed new disclosures for their review and approval;

• Preparation of Management’s Discussion and Analysis (MD&A) within the Form 10Qs and 10Ks including attributing drivers, explaining the segment results and identifying known trends and uncertainties;

• Preparation of various disclosures in the footnotes within the Form 10Qs and 10Ks;

• Analysis of peer disclosures and monitoring of SEC Comment Letters to ensure PFI disclosures are incorporating best practices and industry standards;

• Coordination, calculation and reporting of actual Earnings Per Share (EPS) in the 10-Qs and 10-Ks, QFS and Earnings Release tables;

• Calculation of forecasted weighted average diluted shares outstanding (to calculate diluted EPS) and end of period diluted shares outstanding (to calculate BVPS);

• Active role in the review of the quarterly Earnings Release and related Earnings Call presentation. Also, active role in the review of the various presentations that are sent to the SEC Reporting Unit for input including Investor presentations, executive leadership communications describing quarterly results, and many other presentations and/or communications;

• Represent the Controllers organization in Prudential climate Change working groups and provide subject matter expertise in associated financial reporting and disclosures; and

• Administration and coordination of the comfort letter process related to new debt issuances.

Issues Management and Investments Reporting

• Oversight and execution of various governance processes related to the quarterly GAAP financial close process for Consolidated PFI external filing to the SEC; 

• Identification, documentation, monitoring and communicating accounting issues through weekly discussions with stakeholders to ensure timely resolution, and common PFI/PwC understanding, of all issues.  Manage documentation process for summarizing significant issues in the “Audit Committee Accounting Matters” and to communicate to PFI Senior Management and Audit Committee supplementing their review of quarterly PFI results and SEC filings;

• Review PFI financial reporting errors, together with FACT, to provide materiality impacts and control deficiency recommendations to SOX Advisory Council, PFI Controller, and PFI CFO for review and conclusion on internal controls over financial reporting (ICFR) implications. Analysis of materiality includes current and prior period errors and provides conclusions to PFI Controller regarding need for PFI restatements or disclosure;

• Perform analysis of impacts of all GAAP Approximations to ensure they remain immaterial;   

• Coordinate annual consolidated Goodwill Impairment analysis and conclude on need for impairment; and

• Oversight of approximately 100 GAAP audited subsidiary financial statements to ensure compliance with FASB, the SEC and other regulatory bodies, as well as consistency with Consolidated PFI disclosures, providing recommendations for potential efficiencies, and status updates to the PFI Controller.  Audited and unaudited entities include General Account investment entities and PGIM legal entities; and 

• Facilitation of AOI (operating earnings non-GAAP measure) Committee governance, including managing the agenda, participating in the discussion and decisions related to AOI treatment, recording minutes and presenting decisions to the CFO for approval.

Insurance Reporting

• Coordination of the production and preparation of various Statutory quarterly and annual statutory financial statements and filings, which are filed with the state insurance departments and the NAIC (filings include quarterly blue books and annual audits and green books (for Separate Accounts) for PICA, PLAZ, PLNJ, PLIC as well as annual unaudited Statutory filing for captive insurance entities;

• In conjunction with Accounting Policy, responsible for interpreting, establishing, communicating and directing the implementation of Statutory accounting policy;

• Responsible for coordinating variance analysis of Statutory results, including development of Management’s Discussion and Analysis and other internal/external analysis, responding to inquiries from various state and other regulators regarding financial trends and development, as well as preparing presentations on Statutory results for certain Board of Director and Audit Committee meetings;

• Ownership of coordination and governance of non-accelerated filers Quarterly Form 10-Qs and 10-Ks filed with the SEC and ensuring full compliance with SEC disclosure requirements and development and presentation of quarterly Disclosure Committee materials;

• Ownership of reinsurance reporting impacts across legal entities, as well as development of processes and execution of reinsurance driven TPAs with external parties;

• Preparation and governance of Separate Account Reporting including audited financial statements and regulatory filings; and

• Oversight for the implementation, monitoring and testing of key controls for the Corporate Statutory reporting process as part of the Company’s Management’s Report on Internal Controls in conjunction with the NAIC Model Audit Rule; and

• Coordination of state specific financial reporting and the guaranty fund assessment process for all 50+ states and territories, as well as support for rating agency reporting in conjunction with Treasurers.

Qualifications:

• Bachelor’s degree in Accounting or Finance.

• CPA preferred.

• SEC reporting and GAAP accounting experience.  Big 4 experience a plus.

• 15+ years’ experience desired.

• Strong technical, analytical, organizational and problem-solving skills.

• Ability to manage multiple responsibilities under tight time frames.

• Ability to effectively partner and build relationships

• Comfortable presenting to, and interacting with, Senior Management, External Auditors and Regulators

• Strong oral and written communication skills.

• Highly motivated, team player that is detail oriented.

• Ability to work extended hours during peak periods