Director, Financial Accounting, Reconciliation and Reporting

  • Full Time
  • Toronto


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Title: Director, Financial Accounting, Reconciliation and Reporting

Requisition ID: 201938

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Member of the senior management team in the Chief Accountant’s group and is responsible for directing the following:

  • Lead the Specialized Accounting team to perform centralized accounting and processing services for EO Finance Entity 1 in People Soft General Ledger.
  • Review and approve accounting journal entries
  • Lead Governance and execution of Intercompany reconciliation process
  • Lead the reconciliation team to perform monthly centralized financial reconciliation process of Asset classes (GLRAS), Reconciliation of intercompany and interbranch financial transactions and reconciliation of Investment Report (IR) database for the Bank.
  • Track and collaborate with stakeholders to investigate and remediate data issues relating to all reconciliation processes. Escalate material, long-outstanding issues to or Senior Management, as required.
  • Lead the Specialized Accounting team to perform centralized accounting and processing services for EO Finance Entity 1 in People Draft General Ledger.
  • Review and approve accounting journal entries
  • Oversee the Bank’s legal entity accounting and prepare the annual deconsolidated financial statements
  • Monitor retained earnings, profit close out processes (PCO), and suspense accounts pertaining to branches
  • Participate in other projects/duties as assigned by Management

Is this role right for you? In this role, you will:

  • Lead Intercompany Reconciliation to drive consistent practices for an effective control environment to provide reasonable assurance over the accuracy, completeness and reliability of financial and regulatory reporting including timely escalation of intercompany mismatches/ differences requiring correction.
  • Responsible for overseeing the centralized financial data reconciliation process:
    • Monthly financial reconciliation between CDS (Certified Data Sources) and EGL, using Bank-developed application called GLRAS (General Ledger Reconciliation Adjustment System) in accordance with the Financial Data Reconciliation Standard.
    • This includes providing CDS certification based on reconciliation results, and escalating significant reconciliation issues to Financial Reconciliation Steering Committee on a timely basis
    • Monthly compensating control process for Risk Groups, as per the Interim Process for Decentralized Reconciliations Standard
    • Monitor and report all-bank reconciliation coverage to Risk Groups and Financial Reconciliation Steering Committee, run quarterly Financial Reconciliation Steering Committee meetings and perform annual review and update of Financial Data Reconciliation Standard
    • Collaborate with Risk Groups and IT&S for opportunities to onboard new processes into GLRAS.

  • Collaborate with the Data Office and the RDARR Office; participate in RDARR Working Groups and other relevant Steering Committees/working groups to support RDARR compliance and other data quality improvement initiatives.
  • Oversee other all-bank reconciliation processes including:
    • Monthly all-bank IBA/ICA reconciliation using the Bank-developed IBIC application. Perform periodic review and update of all-bank IBA/ICA Operating Policy
    • Maintenance of Investment Report (IR) database and monthly reconciliation of securities database to OBI
    • Track and escalate material long outstanding issues to senior management as required.
    • Work with GFT for opportunities to enhance the functionality of IBIC/securities database

  • Manage user access requests and performing periodic access reviews to ensure compliance to IT application control requirements (GLRAS, IBIC, PSGL etc.)
  • Lead the Specialized Accounting team to perform centralized accounting and processing services for EO Finance Entity 1 in (PSGL). This includes the Bank’s investment and divestiture activities, capital transactions and dividend payouts, fixed assets management, profit remittance and other day-to-day transactions. Review and approve accounting journal entries
  • Oversee the Bank’s legal entity accounting and prepare the annual deconsolidated financial statements
  • Monitor retained earnings, PCO, suspense accounts pertaining to branches
  • Responsible for quarterly and annual MD&A and note disclosures such as PCL ratios, Share Data, NCIB, Shareholders’ Information and Provision
  • Provide support for projects that impact FAR and participate in other projects/duties as assigned by Management.
  • Respond to requests/queries from Internal/External Auditors, Data Office, RDARR Office and other regulatory bodies relating to all reconciliation processes in a timely and professional manner. Propose and implement action plan to remediate any findings.

Do you have the skills that will enable you to succeed in this role? – We’d love to work with you if you have:

  • Must be an experienced Chartered Professional Accountant (or equivalent designation) or have relevant work experience in financial institutions as it is essential that he/she must possess knowledge of a broad range of financial disciplines, including regulatory reporting, accounting policies, applications systems and corporate governance.
  • More specifically the incumbent should: possess expert understanding of the statutory reporting requirements of the Bank Act and the Loan & Trust Companies Act; possess a thorough understanding of the complexities and interrelationships of the Bank’s applications and financial reporting systems; have experience in financial control and analysis within the Bank identify the reporting & control needs of the business lines so as to provide the Divisional Comptrollers with appropriate data; maintain advanced knowledge of the Bank’s standard PC software packages
  • The incumbent must be an effective leader with the ability to contribute to business and strategic planning. The incumbent must be resourceful, a self-starter, possessing a high degree of flexibility, creative thinking and confidence to carry out innovative solutions. Well-developed judgement, management, decision-making and problem-solving skills are required in order to effectively deal with a rapidly changing, complex business environment.
  • The incumbent must possess expert time management skills in order to manage multi-functional accountabilities through prioritization, delegation, motivation, conflict resolution and the promotion of ideas.
  • Excellent written communications skills are essential. In addition, the incumbent should be skilled at verbal presentation, of a calibre suitable for direct exposure to executive management of the Bank.
  • Interpersonal skills must be strong and the incumbent should be well suited acting as a leader in a large team environment in order to oversee various diverse functional areas and delegate responsibilities to the unit head of each area; and effectively implement change.

What’s in it for you?

  • An inclusive & collaborative working environment that encourages creativity, curiosity, and celebrates success!
  • We offer a competitive rewards package: Performance bonus, Employee Share Ownership Program, and Pension Plan Matching, Health Benefits from day one!
  • Your career matters! You will have access to career development and progression opportunities.

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.