Requisition ID: 104761Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
The Financial Reconciliation team is responsible for developing, managing and executing the centralized financial reconciliation process within the Bank. The Financial Reconciliation process is a critical process in supporting the Bank’s RDARR (Risk Data Aggregation & Risk Reporting) compliance for 2016 and onwards. This team is also responsible for executing the Investment Report (IR) and all-bank IBA ICA reconciliations.
The Senior Reconciliation Analyst is primarily responsible to perform the Investment Report (IR) Reconciliation. The incumbent will also perform monthly financial reconciliation on data between CDS (Certified Data Sources) and EGL for assigned risk domain, and will perform the compensating control process for risk groups which have not adopted the GLRAS process. This role works closely with various Risk Groups and business units to investigate variances identified in the reconciliation process and performs adjustments as required. The incumbent is also expected to prepare a reporting package to present the certification status of the reconciliation for management’s approval.
The incumbent works closely with IT&S to facilitate the development and enhancement of GLRAS and IR database.
Key Accountabilities:
Perform the IR reconciliation process and ensure completion of IR reconciliation with good quality by the required deadline. This is a monthly task which includes gathering turnaround documents from different units of the bank, loading the securities information into the database, reconciliation of the GL account balances to the Balance Sheet, and providing the investment report to the different department of the bank.
Perform the IR reconciliation process, identify and investigate the outstanding above threshold variances
Complete IR reconciliation summary in details to ensure the accuracy of the work
Escalate significant reconciliation issues to the Senior Reconciliation Analyst, Senior Manager and/or higher on a timely basis
Act as the backup to the team during the team members absence
This incumbent is expected to be trained and to perform financial reconciliation between CDS (Certified Data Sources) and EGL, using Bank-developed application called GLRAS (General Ledger Reconciliation Adjustment System), which will mainly cover Capital Market GLRAS reconciliation (Quarterly) and Investment Securities GLRAS reconciliation (Monthly)
Identify and investigate above threshold variances with business units
Perform manual adjustments for known variances and balancing adjustments for below threshold variances in GLRAS
Report on the certification status of the reconciliation for management’s approval
Escalate significant reconciliation issues to the Senior Reconciliation Analyst, Senior Manager and/or higher on a timely basis
The incumbent is expected to be trained and perform quarterly Compensating Reconciliation for Capital Market as per the Interim Process for Decentralized Reconciliations Standard. This includes:
Compare Risk Group reconciliation data against EGL to determine coverage and accuracy against approved thresholds
Identify above threshold variances and follow up with applicable Risk Group(s) for explanation
Provide support to other reconciliation teams (Other GLRAS reconciliations) within FAR upon request. Act as the backup for the other team members during their absence.
Assist the audit requests timely and accurately.
Perform other projects/duties as assigned or required by Management
Experience / Education:
Ability to gain understanding of the Bank’s accounting systems and procedures quickly (EGL,OBI, Essbase/Smartview, GLRAS)
Strong analytical, problem-solving and financial analysis skills; ability to identify issues and find solutions
Attention to details; strong time management and highly motivated to produce accurate and complete information under tight deadlines
Flexible in dealing with changing reconciliation process as more risk groups on-board to the GLRAS process
Strong communication skills, as this role works closely with various departments with the Bank
Superior Excel skills including pivot tables, v-lookup etc.; prior accounting reconciliation experience
Sound knowledge of Bank’s Product especially Capital Market Products and Investment Securities
The incumbent should have Post undergraduate degree, Preferably in Business. Working towards a recognized accounting designation
Location(s): Canada : Ontario : Toronto Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.