SOLOMON TIO
Certified Public Accountant
Makati City
Summary
Game-changing financial executive and CPA for 18 years, with diverse experience in implementing high-impact growth strategies, strong internal controls, and efficient reporting systems. Deeply immersed in global investment and local thrift banking, strong financial services and products expertise, and exceptional exposure to financial and regulatory reporting standards. Accustomed to delivering reports and managing teams in fast-paced, deadline-driven environments. Success built upon analytic skill sets and the ability to contribute as an expert. Results-oriented, hands-on, people-focused.
Overview
18
18
years of professional experience
15
15
years of post-secondary education
Work History
Vice President - Head of Management Reporting
City Savings Bank, Inc. (2022-Present)
08.2023 - Current
- Overseeing team of 10 officers who, individually or in collaboration with diverse group of leaders, collect, consolidate, analyze and report management information for business planning and decision making, communicating results to senior executives and external stakeholders;
- Managing financial planning and analysis, budgeting and forecasting in collaboration with Corporate Planning and CFO, optimizing financial performance and cash flows and pushing cost reduction initiatives;
- Collaborated with senior management to develop strategic initiatives and long term goals;
- Steering initiatives to investigate long outstanding financial reporting issues and improve key controls in production, validation, and reporting of bank-wide loans and deposits;
- Leveraging technology to automate workflows and streamline processes, resulting in increased productivity and cost savings;
- Subject matter expert (SME) in support of ongoing development of consolidated data repository and in new core banking system planned implementation
Vice President - Head of Financial Reporting
City Savings Bank, Inc. (2022-2023)
11.2022 - 07.2023
- Oversaw 7 officers in covering all financial and regulatory reporting processes, which include tax, insurance, prudential, and statutory reporting requirements for Bureau of Internal Revenue, Securities and Exchange Commission, and Bangko Sentral ng Pilipinas (BSP);
- Advised, reviewed, recommended, and opined on tax implications of proposed transactions, making products and transactions compliant with relevant regulations;
- Supervised requirements and discussions during BSP exams of Controllership, and all audit requirements during internal and external audit examinations;
- Led team trainings on PFRS and tax regulations, ensuring current and upcoming policies related to financial accounting and reporting are interpreted and implemented correctly
Assistant Vice President of Business Finance
Deutsche Bank Group Manila (2018-2021)
01.2018 - 11.2021
- Oversight of monthly FSCP (covering over 50 profit centers) performed by 7-12 staff across Manila, Mumbai, Jacksonville, and Bangalore, encompassing balance sheet and P&L adjustments reviews (including derivative valuations), management vs. financial accounting reconciliations, and balance sheet substantiation processes by account owners in London, Hong Kong, Tokyo, Manila, Mumbai, and Jacksonville (mainly for London but also for the German legal entity created as a result of Brexit);
- Presented business and financial results, key performance indicators, control issues, Capital Release Unit exposures, and other relevant information to Business Finance senior global stakeholders;
- Monitored, tested, and reviewed key internal controls performed by Operations/Middle Office, partnering with team leads for issue resolutions;
- Led bank-wide initiative to tighten controls and close critical gaps/inefficiencies in the Equities transaction cost allocation process, resulting in 5+ hours monthly savings;
- Running the book of work on business wind downs for Cash Equities, Global Management and the latter part of Prime Finance, partnering with Operations, Accounting Close, and Product Control groups to shut down profit centers and setting precedents for subsequent book closure activities
Senior Finance Analyst
Deutsche Bank Group Manila (2010-2017)
07.2010 - 12.2017
- Led 5-8 junior staff, reporting to a VP Lead, running cash flow reconciliations, journal postings, account substantiations, and liaison with other workstreams to resolve control issues;
- Provided technical knowledge and support to senior management on strategic projects and initiatives (Board-approved and tagged to audit points) while supervising team activities from planning to user acceptance testing and to post-mortem phases;
- Assisted in designs and led executions of test scripts and issue resolutions;
- Drove team initiatives (e.g., process optimizations) through analytic reviews, key stakeholder management, and partnership with SMEs in other workstreams;
- Championed knowledge sharing by leading accounting and product control trainings to finance employees in offshore units, i.e., Manila and Mumbai;
- Provided process stability during times of heavy transitions arising from organizational structure changes and involuntary attrition. Coached and supported team members;
- Completed successful migration of equities product reconciliations, FSCP, and account ownership processes from Hong Kong to Manila;
- Recognized multiple times for creative and innovative performances; collaborative work and technical expertise on a ledger automation project; being Continuous Improvement Champion; and contributing to the successful audit of Equities Business Finance by the European Central Bank
Senior Associate in Assurance
Ernst & Young Philippines/SGV & Co. (2006-2008)
07.2008 - 07.2010
- In-charge of a team of 4-6, engaged in full audit cycles. Key roles included client expectation management, business information analysis, and preparation of audit programs for review by Partner-in-Charge;
- Achieved full compliance with audit ethical requirements, including independence. Complete identification and documentation of entity- and process-level risks and controls;
- Drove execution of audit programs, including walkthrough, test of controls, substantive tests, and review of financial statements and income tax returns;
- Drove complex audits (e.g., pensions, financial instruments) and PH vs. US GAAP reconciliations; performed fraud risk assessments, drafted audit memoranda and management letters, and achieved prompt submissions to U.S. SEC and the U.S. Public Company Accounting Oversight Board
Associate in Assurance
Ernst & Young Philippines/SGV & Co. (2006-2008)
11.2006 - 07.2008
- Tapped to assist in audits of complex accounts;
- Assisted at a technical due diligence engagement for one prospective concessionaire, including doing analytic reviews, contract evaluation and investigation, and financial forecasting
Education
Bachelor of Science - Accountancy
University of The Philippines
Iloilo City 06.2001 - 04.2006
High School Diploma -
Ateneo De Iloilo – Santa Maria Catholic School
Iloilo City 06.1991 - 03.2001
Skills
Financial Reporting Standards
Risk and Capital Management
Project Management
Tax and Regulatory Compliance
Auditing and Tax Preparation
Learning Agility
General Ledger Oversight
Budgets and Forecasts
Change Management
Internal Controls over Financial Reporting
Strategic Planning
Inclusiveness and People Management
References
Available upon request
Training
- Anti-Money Laundering Annual Updates (2024)
- Financial Consumer Protection (2023)
- 3rd FINEX Academy – P&A Grant Thornton Senior Finance Leadership Program (2023)
- Aboitiz Leaders Conference (2024, 2023)
- Anti-Financial Crime – Global AML, Counter Terrorist and Proliferation Financing and Prevention of the Facilitation of Tax Evasion; Sanctions and Embargoes; Anti-Fraud, Bribery and Corruption (2017-2021)
- Insightful Interviewing; Great Feedback; Shaping Futures; Focused Facilitation; Building Belief (2019)
- Communications and Relationship Management (2017); Communicating Upwards (2016); Effective Speaking for Business Needs (2011); Introduction to Business Writing (2006-2007); Time Management – Planning & Prioritizing (2016)
- Executive Presence: The Rational First Step (2016); Success Through Personal Mastery (2013)
- Understanding the Regulatory Environment and Fundamentals of Bank Valuation (2015)
- Bank Financial Statements (2015); Fundamentals of IFRS for Banks (2014); Global IFRS Executive Updates (2009)
- Stepping up to Management: Managing a Group; Managing Performance; Organizing Resources, Meetings and Time; Working Through Others; Understanding Your New Role (2014)
- Swaps – An Introduction; Forwards and Futures – An Introduction (2012); Understanding Financial Markets (2010)
- Your Role as Counselor at EY (2009); Introduction to Counseling at EY (2007); Taking Charge of Your Career (2007)
- Auditing Concepts and Methodologies (2007-2009); Auditing Seminars (2006-2009)
- Briefing on Purchase Price Allocation/Actuarial Valuation (2008)
- Enterprise Resource Planning Basics: Overview (2008)
- Income Taxes (2007-2008)
Timeline
Vice President - Head of Management Reporting
City Savings Bank, Inc. (2022-Present)
08.2023 - Current
Vice President - Head of Financial Reporting
City Savings Bank, Inc. (2022-2023)
11.2022 - 07.2023
Assistant Vice President of Business Finance
Deutsche Bank Group Manila (2018-2021)
01.2018 - 11.2021
Senior Finance Analyst
Deutsche Bank Group Manila (2010-2017)
07.2010 - 12.2017
Senior Associate in Assurance
Ernst & Young Philippines/SGV & Co. (2006-2008)
07.2008 - 07.2010
Associate in Assurance
Ernst & Young Philippines/SGV & Co. (2006-2008)
11.2006 - 07.2008
Bachelor of Science - Accountancy
University of The Philippines
06.2001 - 04.2006
High School Diploma -
Ateneo De Iloilo – Santa Maria Catholic School
06.1991 - 03.2001
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