Download Joseph B. McCarthy MBA, CPA - National Association of Corporate

JOSEPH B. MCCARTHY MBA, CPA
16 West Rd, Mahwah, NJ 07430
(201) 749-3343 [email protected]
SENIOR PROFESSIONAL – TREASURY & FINANCE
Results oriented financial professional with significant skill in Treasury, Capital Markets and Accounting
operations. Proven track record of advancing cash management, capital markets operations, cash flow analysis,
cost containment, shared services, controls and technology to achieve optimal results. Used innovative tactical
and strategic approaches to solve complex problems.
 Global Cash Management
 Cash Flow & Liquidity
 Process Re-engineering and Design
 Management Reporting & Analysis
 Sarbanes-Oxley Compliance
 Payment Optimization
 Bank Relationships
 Budgets & Analysis
 Cost Reduction Programs
PROFESSIONAL EXPERIENCE
AMERICAN INTERNATIONAL GROUP, INC.  NEW YORK, NY
ASSISTANT TREASURER – AIG CORPORATE (2002 – 2012)
1988 – 2012
Directed all operational and shared service activities for AIG Corporate Treasury. Integrated processes with
accounting, investments and risk management. Reported directly to the Treasurer. Managed and developed a
team of 50 associates.

Designed and Managed In-house Corporate Bank:
o Cash Management, Liquidity and Forecasting: Efficient daily activities for forecast reporting,
concentrating funds, and managing liquidity for AIG US subsidiaries. Utilized pooling
structures (4 pools with 1,000 internal accounts – $20B) and inter-company loan agreements
to optimize liquidity and short-term investments. Implemented technology to support the
operation.
o Transactional Bank Relationships: Analyzed, standardized and optimized accounts, services,
infrastructure and fees with US and international banks.
 Reduced bank fees by $2MM (15%), by standardizing rates within merged banks,
eliminating non-electronic services, and volume discounts across the organization.
 Reduced annual bank transaction costs by $500K annually by optimizing banking
structure, replacing bank accounts with pool accounts, and using pool accounts to
settle inter-company transactions.
o Capital Markets Operations: - Automated execution, settlement, reporting and compliance –
for short-term investments, inter-company loans, debt, and foreign exchange.
o Accounting Integration: Streamlined the integration of cash and capital markets activity with
the general ledger. Reduced manual reconciliations.
o Re-Engineer Payment Processes: Implemented operational and technology solutions to
streamline A/P and inter-company payments; centralized payment accounts, consolidate
billing and payment to third parties, and netting inter-company payments.

Directed a team with International Treasury Departments to develop business requirements and plans
for a global treasury workstation. Leveraged existing technology to deploy global solutions for multicurrency balance reporting, short-term investments, and inter-company loans.

AIG Credit Crisis / Restructuring: 2008 – 2011:
o During the 2008 credit /liquidity crisis, transformed cash management processes to address
changes in funding sources, inter-company liquidity, and loss of daylight overdraft facilities.
o Primary AIG contact with Federal Reserve Discount Window regarding daily borrowings and
repayments of AIG Credit Facility. Implemented all operational procedures and processes for
the Credit Facility.
o Managed Corporate Treasury’s operational divestiture activities including separation of
services, standup of treasury functions for divesting entities and settlement of divestiture
proceeds. Planned and executed the settlement for divestitures: AIA ($20B, settled in
HKD), ALICO ($15B), and AIG Edison ($5B).
JOSEPH B. MCCARTHY
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
Developed and Managed Corporate Treasury’s Compliance Function:
o Implemented Corporate Treasury’s Sarbanes Oxley Program. Liaised with internal and
external auditors to identify and streamline key controls. Treasury’s control environment was
recognized by PWC as low risk and outstanding; reducing internal and external audit costs.
o Created and directed the development of Global Treasury Policy and Procedures.

Special Project Assignments:
o Successfully remediated Sarbanes Oxley “Significant Deficiency” related to disbursement
authorizations within AIG business units.
o Upgraded, expanded and automated Corporate Credit Card program. Generated over $1MM in
revenue annually by increasing rebates, optimizing payments, and reducing credit losses.
DIRECTOR - TREASURY OPERATIONS - AIG CORPORATE 1993 - 2001
Newly created position to provide operation leadership and organization to AIG’s Corporate Treasury
Department. Reported directly to the Treasurer and managed a team of 30 associates.

Implemented a leading Treasury Management System (Wall Street Systems) for AIG Corporate and
Corporate US Subsidiaries. System included wire transfer, pooling, long-term debt, short-term debt
and investment modules.

Planned and executed the integration of Treasury operations for several significant acquisitions:
SunAmerica, American General.

Developed and implemented investment pooling structures for insurance and non-insurance
operations.

Integrated functions of operations and improved communication, eliminating silos among internal
Treasury departments.

Created efficiencies and cost savings by handling increased workflow volumes without increasing
staff.
Regional Audit Director - Financial Services – AIG Corporate  1988–1993

Developed and directed the audit program for AIG’s Financial Service Division including investment
operations, investment accounting, securities trading and aircraft leasing.
HIGHLIGHTS OF OTHER POSITIONS
PRUDENTIAL SECURITIES, SUBSIDIARY OF PRUDENTIAL, INC.
DIRECTOR, MERCHANT BANKING ADMINISTRATION, 1987-1988
ARTHUR ANDERSEN & COMPANY
AUDIT MANAGER, 1981-1987
EDUCATION
CPA
State of New York
MBA Finance
Fordham University  New York, NY
BS Accounting
Fairfield University  Fairfield, CT