What Does A Controls Analyst Do?

WHAT DOES A CONTROLS ANALYST DO?

Published: August 16, 2024 - The Controls Analyst assists in developing project proposals and pricing, streamlining the initiation process for project documents, and submitting them for approval. Reviews contract terms and utilizes project control tools to optimize financial outcomes, while facilitating the development of work breakdown structures with the project team. Maintains financial oversight through internal systems, establishing work plans for forecasting, and managing month-end reporting to highlight project performance and financial variances.

A Review of Professional Skills and Functions for Controls Analyst

1. Project Controls Analyst Duties

Project Cost Monitoring: Continually monitor, track, review, and forecast project cost and expenses, including monitoring forecast man-hour plans and reviewing forecasts from Planner/PMs for permanent staff.
Dashboard Tracking: Track the utilization of Project Contingency and Procurement allowance as part of Project Dashboards.
Accounts Receivable Management: Ensure Accounts Receivable and Work in Progress amounts are up to date and follow up on any overdue or outstanding amounts.
Dashboard Maintenance: Maintain and update the dashboard by project for invoicing forecast and coordinate with PM to ensure all documents are provided timely for raising invoices in ERP. Raise red flags.
ERP Management: Run the Projects Close Module in ERP as per closing deadlines/Month End timetable.
Project Accounting: Perform Project Accounting month-end closing process, ensure accuracy and completeness in all items impacting P&L / BS.
Balance Sheet Analysis: Perform monthly BS review and analysis, ensure quality BS recon as well as aged items in BS are followed up and cleaned up and provide sign-off.
Compliance Assurance: Ensure compliance with NOV Finance Policies, IFRS/GAAP, and respective accounting standards of local markets and ensure that financial statements are prepared in accordance with accounting standards & corporate policies.
Financial Reporting: Preparation of MOR, forecasts, budgets, and variance analyses.
Capital Management: Working Capital Management, coordination with Treasury on Cash Flow forecasting and Cash Net Working Capital.
Billing and Collection Improvement: Improve billing and collection processes, maximizing cash collection by working closely with business management and ensuring accurate provision for bad debts.
System Enhancement: Working on ERP system enhancement and using other software for Finance function transformation.
Additional Responsibilities: Perform other assigned duties as may be required in meeting company objectives.
Financial Analysis: Analysis of Actual vs. Forecast vs. Flash and reporting for assigned Projects.
Oracle Maintenance: Ensure Oracle is UpToDate for Budget rebaseline, Margin changes, and VORs.

2. Project Controls Analyst Details

Forecast Process Stewardship: Drive, Coordinate and steward the monthly forecast process working with operations to ensure all financials are loaded timely and accurately.
Project Cost Maintenance: Maintain standard project cost analysis processes and procedures.
Cash Flow Management: Maintain project cash flow, P&L, Balance sheet and coordinate with BU Controller for any cash flow associated risks on a weekly basis.
Collections Monitoring: Close monitoring of collections/open AR working with Credit and PMs.
Budget Coordination: Coordinate the Project budget with Proposal team and designated Project manager upon contract award (based on as-sold budget) for upload to system.
Contract Terms Understanding: Understand the Key commercial terms of the contract (billing, SLAs, Termination clause, Performance obligation, later payment interest etc.) along with Revenue recognition checklist as prepared by BU Controller and approved by HQ.
Variance Reporting Support: Support monthly presentations with the preparation of variance reporting.
Balance Sheet Preparation: Prepare Project related Balance sheet notes. Critical Focus on CIEX, BIEX, WIP, Accruals.
Project Performance Review: Review monthly project performance reports (PPR) with project managers, reflecting the projects' current financial position and forecast costs at completion.
Project Alignment Ensuring: Ensuring alignment with project schedules, committed costs, remaining costs to complete and reconciliation to Project module system.
Forecast and PO Coordination: Coordinate with Project Planner & PM for Forecast input and PO progress on major PO (category 1 as per WSP Policy).
PO Validation: Validate the PO evidence input by Procurement and PMs and enforce it is of acceptable standards.
Accounting Position Paper Preparation: Preparation of accounting position papers based on the latest project forecast and/or contract amendments/change orders.
Risk Register Maintenance: Maintain Red and Green flags (Risk Register) of all Projects.
Contractual Guarantees Management: Ensuring Letters of Credit and other guarantees are in place and meet contractual obligations.

3. Credit Controls Analyst Responsibilities

Credit Application Management: Perform credit application capture in GBR for new deals and changes in existing deals.
Collaboration for Information Gathering: Collaborate with O&E colleagues to obtain incremental information.
Issue Escalation: Escalate issues to application owners & Credit Middle superiors.
Administrative Support: Provide general administrative support.
Quality Assurance and Review: Provide first-line quality assurance and perform annual reviews.
Technical Knowledge Utilization: Utilize technical knowledge of credit analysis, GBR, and subscription finance to support Credit Middle colleagues.
Policy Adherence: Adhere to, and demonstrate a strong facility with, Group underwriting standards and Credit Policies and Procedures.
Credit Process Management: Assume responsibility for credit content and quality as well as management of the credit process including application preparation, internal bank systems/grading, and credit approval.
Compliance Monitoring Management: Proactively manage ongoing compliance monitoring and ancillary credit processes.

4. Credit Controls Analyst Accountabilities

Complex Query Handling: Handling complex customer queries.
Cash Management: Posting daily cash receipts and allocations of cash.
Reconciliation Support: Preparing monthly full site reconciliation to support the application process.
Deduction Analysis: Monthly analysis of customer deductions and query levels.
Reporting Support: Support for weekly and month-end reporting.
Statement Preparation: Fortnightly statement preparation and collating data for analysis.
Data Maintenance: Update and maintain customer account data.
Cash Allocation Support: Support for daily cash and allocations and ledger allocations.
Order-to-Invoice Support: Supporting the order to invoice process and investigating and resolving any issues as required.
Internal Liaison: Liaising with internal departments on billing matters.

5. CIS Process Controls Analyst Functions

Audit Engagement Coordination: Coordinate audit engagements across I&O department in the form of project management including designing and controlling task lists, deliverables, and timelines.
Effort Estimation Challenge: Challenge effort estimation of various groups throughout the project lifecycle.
Audit Representation: Represent I&O in meetings with internal and external audit functions.
Audit Interpretation: Interpret the audit requirements into IT requirements for the I&O team.
Process Documentation Translation: Translate existing I&O processes into structured documented form with identification of the internal controls.
Process Documentation Creation: Create process documentation from scratch including description of relevant process risks and controls.
Process Documentation Leadership: Align process descriptions with I&O Managers responsible for delivery of I&O services, and take a leading role in projects which trigger changes in process documentation.
Regulation Interpretation: Interpret the relevant laws and regulations and translate to the requirements for the I&O department.
Knowledge Consulting: Consult and share the knowledge on controls, risks, and processes with respective team members of the I&O department.
Risk and Control Leadership: Take a leading role in projects which trigger changes in identifying risks and controls in I&O processes.
Process Map Evolution: Drive the evolution of the process map to reflect current or new business models and accommodate existing models to the future technological delivery models.
Outsourcing Coordination: Cooperate with outsourcing coordinators when transferring service descriptions into outsourcing contracts.

6. Controls Analyst Job Description

Financial Analysis Provision: Provide detailed project financial analysis to the PM and Operations Management for each project.
Project Review Management: Schedule, manage, and prepare for monthly Project Review Process.
Proposal Development Assistance: Assist project teams in the development of project proposals and pricing.
Document Initiation Assistance: Assist project teams with the completion of project initiation documents and submit for approval.
Contract Review: Review contract terms & conditions and apply project control tools/principles to optimize financial outcome.
WBS Facilitation: Facilitate WBS development with the project team.
Project Financials Management: Set up, maintain, and monitor project financials in the internal project controls system.
Work Plan Establishment: Establish and maintain work plans to forecast project financials and compare against the budget including earned value analysis as required, as well as risk management.
Transaction Processing: Initiate and process labor and AP transfers.
Invoice Assistance: Assist with invoice review.
Contract Log Maintenance: Maintain contract change logs for prime and subcontracts.
Stakeholder Interaction: Interact with Project Managers, Operations Management, Accounting Department, Staff, Client, and Subconsultants.
Report Maintenance: Update and maintain various project-specific reports.
Month-End Reporting: Provide month-end reporting on project performance including gross margin variances and all other financial aspects.

7. Controls Analyst Overview

Information Flow Mastery: Master the information flow process from the intake in sales to the hand off to Asset Management.
Process Improvement Initiation: Initiate process improvement projects to help streamline and enhance investment execution.
Internal Control Assessment: Identify internal control weaknesses and inventory validation needs.
Investment Thesis Evaluation: Sample challenge investment thesis, including approval/decline decisions, payoff stipulations, etc.
System Testing Framework Development: Develop framework for testing the strength of system and the various agents that work within the system.
Self-Audit Leadership: Lead development of a systematic self-audit solution in addition to manual routine testing protocols.
Feedback Reporting Establishment: Establish and produce feedback reporting for stakeholders within the process.
Data-Validation Support: Provide interim data-validation support for transient system deficiencies.
Internal Audit Execution: Internal audit: spot check day-to-day deals for consistency.
Automation Project Design Participation: Participate in design of automation projects as an advocate for data integrity and guideline compliance.
Customer Quality Contact: Primary contact for customer product quality escalations via Reseller Ops, Retail, AOS, Exec. Relations.
Engineering Support: Supporting Product engineering and OEM teams on root cause and preventive action Ship Holds.
Ship Hold Management: Management of ship hold and product screening processes for all EMEIA DCs with minimal business impact.
Inventory Plan Review: Review the submission of product inventory plans and help track actuals versus budget.

8. Controls Analyst Details and Accountabilities

P&L Accountability: Execution and reporting of daily P&L through validation and ownership of the trading balance sheet, in line with Product Control policy.
Financial Knowledge Development: Developing knowledge of financial products and desk trading strategies, ensuring the continued development and maintenance of appropriate internal control structures.
Position Substantiation: Ensuring trading positions and valuations are appropriately recorded and substantiated to independent source information.
Trading Support: Supporting trading with ad hoc requests and financial analysis.
Brokerage Management: Ensuring trading brokerage is correctly accounted for and managing relationships with key external brokers.
Inventory Auditing: Performing inventory cycle counts and resolving EDI receipts issues.
Inventory Accuracy: Ensuring inventory quantity and location accuracy.
Inventory System Management: Maintaining relevant inventory information in SAP.
Variance Resolution: Resolving inventory variances (Negatives/Absolutes) within the warehouse.
Focused Audits: Conducting morning and mid-day audits on top 5 Absolutes/Variances.
Root Cause Analysis: Conducting Root Cause Analysis & Investigation into large variances.
Sub Inventory Audit: Reviewing and auditing B&C-count sub inventory locations.
Audit Preparation: Preparing for audits and walking auditors through the cycle counting process.
Shipping Assistance: Assisting with receipt and outbound of direct shipments.
Inventory Reporting: Reporting inventory accuracy daily to plant management.

9. Controls Analyst Tasks

Credit Account Management: Support in managing BC Asia Pacific’s credit accounts to maintain positive customer relations and minimize outstanding receivables and credit risk.
Customer Credit Review: Conduct periodic/annual review of customers by analyzing financial statements, credit reports, payment histories, and credit references. Identify negative trends and propose countermeasures.
Credit Facility Recommendation: Make recommendations to set customer credit facilities (limits and payment terms) and get approvals for credit limits per credit approval matrix.
Adverse Credit Management: Support in the management of adverse credit customers/events in collaboration with Sales and Finance Business Partners to recover outstanding.
Collection Activity Support: Support running activities and liaising with business stakeholders such as sales or customer service to ensure collection activities are conducted in a timely manner.
Order Block Management: Manage and release order blocks in accordance with the credit policy.
Policy Development Support: Support the Credit Control Manager to develop, distribute, and monitor credit and collections policies and procedures.
Performance Monitoring: Support the Credit Control Manager to monitor the status of credit and collection activities to identify problem areas, implement process/policy changes, and adapt procedures to improve overall performance.
Supply Chain Collaboration: Working with SDM and DCs.
Ship Hold Status Management: Maintaining/reporting ship hold status and supporting disposition Rework.
Quality Control Programs: Management & control of quality-related DC rework programs.
Inventory Management: Ensure to take adequate measures for stocks of all Warehouse consumables are maintained.

10. Controls Analyst Roles

Inventory Management Strategy Development: Oversight of inventory management strategies and processes that optimize customer satisfaction while balancing cost and efficiencies.
Statistical Analysis: Application of statistical approaches to assign target stocking levels.
Inventory Control Governance: Establishment and governance of inventory control parameters that optimize inventory and ordering patterns (ABC/Lot sizes/Minimum order quantities).
Performance Monitoring: Establishment and monitoring of key metrics to measure results and inventory performance.
Data Synthesis: Synthesis of inventory data into specific actions and driving closure for ultimate impact.
Inventory Projection: Projecting and translating changes in inventory position and their impact on the balance sheet.
Risk Mitigation: Proactive mitigation for Excess, Obsolete, and Surplus inventory, ensuring appropriate financial reserves are considered.
Reporting: Generating reports for materials management to highlight opportunities for improving inventory levels, on-time delivery, purchasing strategies, and lead time optimization.
Cross-Functional Liaison: Acting as liaison between cross-functional teams, conducting meetings, reviewing process details, and obtaining commitment and approvals.
Compliance: Complying with all NOV Company and HSE policies and procedures.
Additional Responsibilities: Other responsibilities assigned by the Operations Manager outside the normal warehouse duties.
Safety Assurance: Ensuring a safe working environment for all staff.

11. Controls Analyst Roles

Financial Analysis: Analyze G&A and margin activity against prior period, prior year, and forecast while ensuring transactions are in accordance with GAAP and Yum accounting policies.
Collaborative Variance Resolution: Collaborate with others in Control, PH U.S. Finance, and other strategic partners to highlight and resolve any significant variances.
Journal Entry Leadership: Lead review and preparation of related journal entries, reconciliations, and analyses associated with legal/litigation accruals and reserves, severance, relocation, Hut Rewards loyalty program, RIS/Digital contract labor accruals, and other above store and store level accruals.
Reporting Ownership: Own periodic unit count and temp closure reporting and reconcile with Development.
Financial Reporting Preparation: Prepare periodic schedules for PH U.S. in HFM including income statement, balance sheet, unit reporting, etc., to ensure timely and accurate submission to YUM! External Reporting.
MD&A Reporting: Prepare and analyze PH U.S. G&A schedules in HFM and related MD&A reporting package pages used by External Reporting to discuss financial results.
Data Review and Reporting: Gather and review data, prepare reporting schedules, explain significant changes, and review results with PH U.S. Finance and PH U.S. Controller.
Balance Sheet Analysis: Prepare and analyze PH U.S. schedules in HFM and related Controller’s Deck pages for key balance sheet captions, including analyzing and documenting large fluctuations vs. prior year end.
Quarterly Accrual Management: Responsible for quarterly accrual process with cost center owners.
Finance Support: Provide support to PH U.S. Finance and Field personnel regarding inquiries and analyses, in addition to general know-how building related to margin and G&A.
Entry Management: Establish repeating and allocating entries and making any required changes throughout the year.
Documentation Understanding: Obtain an understanding of entries and supporting documentation.
Balance Sheet Review Coordination: Coordinate the PH U.S. annual Balance Sheet review process.
SOX Compliance Participation: Participate in domestic SOX compliance testing.

12. Controls Analyst Additional Details

Inventory and Logistics Management: Smooth running of all aspects of inventory, warehouse, and transportation management.
Procurement Coordination: Procurement activities including planning, purchasing, and scheduling with manufacturing or distribution, part number management, expediting shortages, monitoring quality and delivery performance, lead time reduction, and problem resolution.
Inventory Control: Inventory management and continuous improvement to meet objectives including inventory accuracy and levels.
Inventory Optimization: Establishing lead times and safety stock, and improving the efficiency and effectiveness of all inventory movements in and out of the warehouse.
Regulatory Compliance Management: Managing regulation requirements for Chemical Control ACT, Narcotics Control ACT, BSE/TSE Free Certificate, Reagent retail business license, and DG good registration.
Quality Management Support: Supporting the Quality Management system.
Storage Management: Ensuring that goods are stored within defined time parameters and in appropriate storage conditions.
Order Fulfillment: Ensuring that customer orders are picked and packed promptly and accurately, in proper shipping condition, within the nominated timeframe.
Transport Coordination: Ensuring all consignments are picked up by the transport company at the designated time.
Vendor Management: Managing warehouse, transportation, and logistics vendors.
Inventory Accuracy: Maintaining accurate inventory and cycle count processes, KPI reports, and execution.
Policy Implementation: Ensuring company policies are implemented.
Interpersonal Communication: Maintaining interpersonal communication skills for internal and external customers.

13. Controls Analyst Essential Functions

Work Environment Sustainment: Sustain a safe, positive professional work environment which supports productive engagement with all plant and corporate employees, customers, and regulatory officials through incorporation of company core values.
QA and Regulatory Compliance Review: Perform daily review of QA and Regulatory Documentation to ensure compliance.
Quality and Food Safety Monitoring: Monitor and achieve plant quality and food safety goals (SKPIs) that are aligned with the company's long-term strategic quality plan, provide ongoing reporting and analysis to facility and corporate quality management.
HACCP Support: Assist HACCP coordinator in responding to FSIS in matters relating to food safety or food quality.
Data Analysis and System Improvement: Analyze and develop conclusions from data routinely generated for the purpose of improvement to quality or food safety systems.
Record Maintenance: Ensure the facility and QA Department maintains complete and accurate food quality and food safety records.
Training and Compliance Administration: Administer established employee training and communication programs to ensure operational compliance with customer specifications, company policies, and regulatory requirements are achieved. Participate in the facilitation of customer and GFSI audits.
HACCP and Food Safety Training Assistance: Assist in HACCP and or Food Safety training topics as directed.
Process Validation Studies Assistance: Assist HACCP coordinator in conducting process validation studies.
Investigation Assistance: Assist investigation relating to safety, food safety, and customer complaints.
Report Preparation: Prepare reports summarizing findings to include root cause identification, corrective actions, and preventative measures.
Report Communication: Communicate reports in accordance with company protocol.
Shipment Tracker Management: Manage shipment tracker Supplier and deployment program.
Loss Analysis and Investigation: Analysis of losses and investigation support.

14. Controls Analyst Role Purpose

Quality Assurance: Conducting reviews of continuous monitoring programs to identify gaps against accuracy, timeliness, and reliability measurements.
Control Testing: Planning, executing, and reporting results.
Program Monitoring: Monitoring execution of parts of the testing program to established timelines, escalating, and resolving obstacles to delivery.
Stakeholder Challenge: Providing challenge to stakeholders on the design and effectiveness of key controls.
Remediation Support: Supporting stakeholders in determining necessary control remediation identified through the testing program.
Process Improvement Leadership: Leading continuous improvement of aspects of the control testing and monitoring process.
Team Collaboration: Working closely with the continuous monitoring team.
Stakeholder Relationship Maintenance: Maintaining strong stakeholder relationships across Front Office, Compliance, Risk/Operational Risk, Finance, and Audit functions.
Project Facilitation: Facilitating ad hoc, special requests, and project management.
Compliance Testing: Conducting internal testing of Financial Crimes Compliance first and second line processes.
AML Support: Assisting AML Quality Control Manager with activity reports, audit material preparation, and special projects.
Compliance Procedure Development: Supporting Financial Crimes Compliance management in the development of new and revised procedures, methods, and forms related to KYC, AML, and other Bank Secrecy Act functions.
Program Management: Managing and reporting on Distribution Centre screening programs and process improvement analysis.
Inventory Control: Managing and controlling inventory in quality SLOCs.

15. Controls Analyst General Responsibilities

Control Documentation Development: Supporting the management and development of process, procedures, and related control documentation to ensure controls are implemented and evolve with changes in the business environment.
Incident Reporting Support: Supporting the Incident Reporting process and addressing specific control issues and subsequent improvements, in response to incidents in relation to supported business.
Process Control Monitoring: Providing process control monitoring, support, and guidance.
Audit Coordination: Assisting with the coordination of Internal & External audits affecting supported businesses, including walkthroughs and follow-up questions.
End User Computing Control Monitoring: Supporting the monitoring of End User Computing controls.
Risk Management Development: Supporting the development and maintenance of Risk Management processes for supported businesses, including plans to address risk areas.
Control Assessment Participation: Participating in control assessments and analysis as determined by the business, and supporting other control activities for relevant business service lines.
Due Diligence Support: Supporting the Due Diligence process for the supported businesses.
Business Liaison: Acting as a contact to the supported Business, supporting secure and in-time delivery of services.
Control Improvement Promotion: Promoting internal control ideas beyond supported business, helping implement effective and efficient ways of working (best practices) to improve standardisation across internal control operations. Leveraging Group and External Audit findings to identify opportunities to improve.
Project Support for Control Governance: Supporting projects involving various aspects of controls, ensuring there is clear governance and communication between all parties.
Tool Design for Process Optimization: Designing automatic tools to optimize processes and data migration.
Control Routine Maintenance: Maintaining ongoing control routines to sustain purchasing parameters.

Relevant Information

What Does A Controls Engineer Do?