Account Reconciliation Manager

Job description / Role

Role Purpose

Ensure that the duties of Nostro reconciliations, high risk GL accounts monitoring (WIP, rejected, cash in transit, in suspense), exception reports monitoring, EOM accounts reviews, identifying discrepancies, reporting and escalation of outstanding entries, and tracking issues until closure are appropriately and completely performed by ICD reconciliation team members as per the agreed procedures, checklists, work instructions, and TAT.

Carry out daily transaction monitoring of ADIB staff accounts credit transactions as a detective control activity by identifying staff unusual transactions for appropriate investigation and reporting. This helps to protect ADIB and its staff/customers' accounts from being misused for fraudulent activities. Also, prepare and submit dashboards related to Nostro and balance sheet unreconciled accounts to senior management for further directives.

Key Accountabilities of the Role

• Develop and update the section's policies, procedures, checklists, and work instructions to reflect current practice and recommend improvements when necessary.
• Ensure within the team that duties are performed as per agreed policies, procedures, checklists, work instructions, and TAT.
• Perform central bank and Nostro reconciliations of accounts for ledger transactions against statement transactions.
• Daily monitoring of high risk GL accounts comprising WIP, rejected, cash in transit, and in suspense.
• Daily monitoring of teller shortages and overages and exception reports comprising payment orders, debit to income GL, debit to MAP outside customer RIM, manual posting to GL interface (deposit and finance), GL balances against their nature, and overdrawn MAP accounts.
• Monthly GL reconciliations are submitted by respective departments (branches, operations, finance, business units, other head office departments) on time with no missing as per agreed frequencies.
• Reconciliations and reviews are completed as per related procedures, checklists, and work instructions.
• Detect errors or discrepancies and report and escalate them to the respective branches, departments, or business units designated staff for correction and necessary actions as per agreed TAT.
• Open issues or unresolved entries are tracked and followed up with respective branches, central operations, finance, and business units designated staff until closure.
• Investigate and respond to inquiries from branches, operations, head office departments, and business units to assist in solving operational reconciliation-related issues.
• Review and submit key risk indicators (KRI) on a timely basis.
• Conduct risk and control self-assessment (RCSA) testing on a timely basis.
• Notify account owners of GL/MAP accounts with zero balances for further review and action.
• Assign ownership of GL accounts opened during the month including criticality, ageing applicable, reconciliation frequency, and required reconciliation.
• Review annually with account owners/FCD to finalize accounts reconciliation frequency, account criticality, ageing applicable, and required reconciliation.
• Assist and guide the reconciliation team to improve performance and productivity through continuous discussions, additional assignments, training, and projects as per ICD management directions.
• Ensure compliance with policies, procedures, guidelines, and standards.
• Maintain good teamwork spirit, excellent relations with all parties, and service standards.
• Prepare and circulate periodic MIS/dashboard for Nostro ageing items and unreconciled balance sheet accounts to respective senior management on a monthly/quarterly basis.
• Highlight repeated near miss financial incidents, recommend solutions, and participate in implementing them.
• Monitor daily transaction monitoring of ADIB staff accounts to protect against fraudulent activities.
• Immediately report and escalate suspicious staff transactions credited to their accounts while maintaining confidentiality and secrecy of information.
• Conduct monthly review of staff accounts below daily threshold (smurfing).
• Undertake additional assignments or projects such as root cause analysis and peer review as entrusted by line management and complete them as required.
• Develop risk and controls related to accounts reconciliation including reviewing other central operations departments and making recommendations for improvements.
• Participate in UAT testing to review financial posting and reconciliation processes and notify any gaps or discrepancies to ITD or respective application owners.
• Act as business continuity coordinator for the internal control department.
• Carry out reconciliation staff annual appraisals as per HR policy.

Results Required

• Unreconciled entries are timely detected, reported, escalated, and corrected to avoid operational actual losses or customer complaints.
• Reconciliation issues are timely reported and escalated to respective departments for further corrective actions.
• Internal control department policies, procedures, checklists, and work instructions are strictly followed and implemented.
• Reconciliation activity, as a critical service provided to many internal customers, is up and running with no major interruption.
• Effective controls on attempted frauds through staff accounts with immediate reporting and escalation of suspicious transactions.

Dimensions

• ICD reconciliation team is a global team based in ADIB head office. The scope applies to ADIB UAE accounts and international branches accounts.
• The team acts as a detective control and line of defense after branch, central operations, business units, and head office departments to minimize and limit operational losses and near miss incidents.
• The team provides learning lessons, technical guidance, and assistance to branches, central operations, and business units users on their account reconciliation-related issues.
• The team is the central point of contact within ADIB for meeting central bank examiners, external and internal audits requirements about Nostro accounts transactions queries.
• Competent technical staff is a highly critical factor to the success of reconciliation and monitoring activities since multiple accounts with multiple natures of transactions, aging, exceptions, posting channels, systems interfaces, and integration are involved.

Specialist Skills / Technical Knowledge Required for this Role

• Bachelor's degree in accounting, finance, or related field.
• Professional certification such as CPA, ACCA, CA, or equivalent accounting qualification.
• 7-10 years of experience in banking operations, finance, or reconciliation processes.
• Proficiency in MS Excel and data analysis tools.