ROLE PURPOSE
As the Senior Analyst: Reconciliation, you will play a vital role in executing reconciliation policies for the organization, running the reconciliation processes and ensuring the accuracy of financial data for our clients while maintaining the single source of truth on all portfolios assigned to them. This role requires a deep understanding of financial operations and accounting, attention to detail, and the ability to execute on process improvement initiatives.
KEY RESPONSIBILITIES
Manage Reconciliations Across Cadence:
- Take full ownership of daily, weekly, and monthly reconciliations to ensure every financial transaction is accurately recorded and matched against the business’s cashflow and ledger entries.
- Validate the cash position of the business at each cadence, ensuring completeness and transparency in financial reporting.
- Collaborate with relevant teams to ensure all discrepancies identified during reconciliations are addressed in a timely and effective manner.
- Prepare detailed management reports on the status of reconciliations, highlighting trends, anomalies, and actionable recommendations to improve financial accuracy and visibility.
Maintain Knowledge of Reconciliation Procedures:
- Develop a deep understanding of reconciliation procedures, associated risks, systems, and workflows to ensure all processes are executed efficiently.
- Act as the subject matter expert on reconciliation, providing guidance and insight to team members and stakeholders on resolving queries and optimizing processes.
- Continuously update your knowledge of evolving reconciliation technologies and practices to ensure the department remains at the forefront of efficiency and accuracy.
Perform Audits and Ensure Adherence to Procedures:
- Conduct regular audits of reconciliation processes as directed by the Senior Manager: Reconciliation to ensure compliance with established procedures and identify gaps that could compromise accuracy.
- Analyze findings from reconciliation audits to recommend and implement improvements to processes, systems, or controls.
- Actively monitor high-risk or high-value reconciliation items to mitigate financial exposure and ensure that long-outstanding exceptions are resolved promptly.
- Implement corrective measures for any deficiencies uncovered during audits and track their resolution to closure.
Monitor Account Activity for Anomalies:
- Proactively monitor all accounts to detect unusual activity or anomalies that could signal discrepancies or risks in the reconciliation process.
- Investigate any identified anomalies and escalate significant issues for immediate resolution, ensuring no impact on business operations.
- Collaborate with risk and compliance teams to assess the root cause of anomalies and implement preventative strategies to avoid future occurrences.
Manage Exceptions in Reconciliation:
- Take responsibility for tracking and resolving exceptions in the reconciliation process, ensuring that discrepancies are thoroughly analyzed and corrective actions are implemented.
- Establish clear communication channels with relevant teams, including operations, finance, and technology, to expedite the resolution of disputed items or mismatched transactions.
- Develop exception tracking reports to provide visibility into unresolved issues and follow up consistently to ensure exceptions are resolved within agreed timelines.
Resolve Escalated Queries Promptly:
- Act as the escalation point for complex or high-impact reconciliation issues, ensuring all queries are addressed swiftly and effectively.
- Liaise with stakeholders across departments to clarify concerns, mitigate risks, and guarantee adherence to financial policies.
- Communicate resolution outcomes to stakeholders and maintain accurate records of escalated issues and their resolutions for future reference.
Process Improvement and Optimization:
- Evaluate existing reconciliation processes for inefficiencies and recommend improvements to enhance the speed, accuracy, and reliability of financial reporting.
- Work with the technology team to automate repetitive reconciliation tasks and integrate innovative tools to improve process workflows.
- Implement best practices in reconciliation and educate team members on strategies to reduce errors and improve efficiency.
Reporting and Analytics:
- Utilize analytics tools like Power BI, Oracle BI to generate reports that provide insights into reconciliation performance, trends, and areas requiring attention.
- Present findings and actionable insights to management and senior leadership to guide strategic decisions related to financial operations.
- Maintain dashboards to visually track reconciliation progress, anomalies, and outstanding items for improved transparency and accountability.
Collaboration and Stakeholder Engagement:
- Build strong working relationships with cross-functional teams, including finance, operations, and technology, to ensure alignment and collaboration in reconciliation processes.
- Actively communicate reconciliation updates and findings to stakeholders to keep them informed and engaged in improving processes.
- Provide training and support to stakeholders on reconciliation procedures and systems to ensure consistency across all functions.
Risk Management:
- Identify risks associated with reconciliation processes and develop strategies to mitigate potential impacts on financial reporting and business operations.
- Ensure compliance with regulatory standards and company policies in all reconciliation tasks, reducing exposure to audit findings or penalties.
- Conduct regular reviews of controls in reconciliation processes to ensure risks are adequately addressed and managed.
Professional Development:
- Stay current with industry trends and advancements in reconciliation
- Pursue continuous professional development opportunities to enhance skills and knowledge.
QUALIFICATIONS & EXPERIENCE
- At least 5 years experience in accounting with 3-5 years’ experience managing
- reconciliation within a financial institution (preferably a fintech) and a thorough understanding of digital payment services, processes, and procedures.
- Knowledge of the foreign exchange market, processing cross-border payments, and management of multiple currencies within a digital ecosystem, as well as and understanding of the risks associated with managing transactions in multiple jurisdictions.
- Strong analytical and problem-solving skills, with the ability to interpret complex financial data.
- Knowledge of regulatory and compliance requirements in the financial industry.
- Strong analytical and problem-solving skills, with the ability to interpret complex financial data.
- Knowledge of regulatory and compliance requirements in the financial industry.
- Proficiency in reconciliation software and tools.
- Experience in the financial services industry is highly desirable.
- Bachelor’s Degree in Finance/ Accounting or related field.
KEY ATTRIBUTES
- Analytical: Strong analytical skills to identify risks and assess the effectiveness of internal controls.
- Detail-Oriented: High attention to detail and accuracy in documentation and reporting.
- Communication: Excellent communication and interpersonal skills to convey control expectations and engage stakeholders.
- Problem-Solving: Strong problem-solving abilities to develop and implement effective risk mitigation strategies.
- Integrity: High ethical standards and commitment to maintaining the highest level of integrity in internal controls.
- Adaptability: Ability to thrive in a fast-paced, dynamic environment and manage multiple priorities.
- Collaborative: A team player who can work effectively with cross-functional teams and senior management.
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