Specialist, Accounting & Control

Job Purpose:

• The specialist role is to ensure efficient controls applied over the operational activities of the accounting section to provide the best services to the internal and external customers. 
• Identifying and resolving workflow and production issues. 
• Addressing and discussing risk exposures issues in the areas which the team acts as independent controller and propose solutions with SSO managements. 
• Develop and establish measures and testing standards for new applications, product or enhancements to existing applications through their development / product life cycle. 
• Analyse documentation and technical specifications of any new application under deployment or consideration to determine its intended functionality. 
• Ensure that testing activities allow applications to meet business requirements and system goals, fulfil end user requirements, and identify existing and potential issues. 
• Report and escalates issues of concern or risk to the FCIS management. 
• Acts as independent controller during the IPO (Initial Public Offering) to ensure that control aspects are covered by the IS team in regard to the Online subscription account, RD matching status reports and the IT reports to ensure that there is no outstanding applications / funds not executed during the exercise. 
• Managing transactions of SSO related activities on Core Banking System, ensuring their successful settlement, avoiding loss and penalties to the bank and clients that could cause the bank Reputational, Financial and Operational Risk. 
• Manage the interest calculation of the short-term deposits and long-term deposits related to ADX listed companies and ensure that interest is paid as per the agreement between FAB and ADX and the rates are captured correctly in the core banking system. 
• Support all Non –Financial transactions processed through Core banking system for the Issuer Services & Custody Businesses, and Asset Management Group.
• Verify account opening documents to meet the bank procedures requirements. 
• Verify correctness of information captured in core banking system.
• Verify mandates to request amendments on static data and verify correctness of amendments as per customer requests and instruction in terms of the bank amendment procedures and checklist. 
• In charge of daily Reconciliations of custody client cash and securities positions as Local & Global Custodians on a variety of systems.
• Accounting team supports the Section Head in his/her role as ORM and BCP coordinators for SSO.
• Accounting team performing the Account ownership and Verification of all internal accounts used by the department by reconciling and reviewing the daily, weekly, and monthly reconciliation and reporting of the businesses units GLs and financial status and ensure that proper RAG is provided for accounts with mismatch or disputed amounts during AOV monthly update. 
• Report and escalates issues of concern or risk to the FCIS management. 
• Liaise with VAT team in relation to the preparation of the VAT treatment memo on SSO processes.
• Creating training materials and process manuals.

Key Accountabilities:

Policies, Systems, Processes & Procedures 

§ Follow all relevant departmental policies, processes, standard operating procedures, and instructions so that work is carried out in a controlled and consistent manner. 

§ Demonstrate compliance to organization’s values and ethics at all times to support the establishment of a value drive culture within the bank. 

Continuous Improvement 

§ Contribute to the identification of opportunities for continuous improvement and sustainability of systems, processes and practices considering global standards, productivity improvement and cost reduction. 

Reporting

• Assist in the preparation of timely and accurate statements and reports to meet department requirements, policies and quality standards. 

Job Context:

Tasks:

• Control of Daily, Weekly, Monthly and Quarterly reconciliation including, Interbranch /Sundry / Suspense /Call accounts to be reviewed and checked by Section Head, ensuring escalation of all mismatches.
• Provide services to IS and Custody business, and GAM with regards to validation of financial transactions on Core banking system.
• Provide services to IS and Custody business, and GAM with regards to executing non-financial transactions on Core banking system.
• Coordinating with Issuer of Convertible Notes (GMO) and IS for buy back transaction, ensure that reconciliation of records is conducted on monthly basis.
• Ensure that preparation and execution of End & Beginning of Month tasks are completed on time.
• Effectively communicate with local & foreign banks, customers and departments within the bank to resolve queries at the earliest & in the most appropriate manner.
• Assist Section Head on procedure updates and preparation of SLAs for new services and implementation of existing SLAs with SSO Stakeholder and Service Providers.
• Be the first contact with Reconciliation Department on behalf of SSO for reconciliation of Custody, GAM, & SFAS accounts on daily and weekly basis and ensure that all outstanding items are cleared by following up with concerned department.
• Meet regularly with Section Head to determine priorities and solving possible problems and risky areas.
• Arrange for conducting of un-announced check on Issuer Services & IPO Section, ensuring that control on place on the blank cheques and blank certificates and examining the whole cycle of printed and delivered available under Issuer Services Team custody.
• Assist the Section Head Accounting and Control in preparing the MIS and KPIs for the Accounting Section.
• Ensuring that required documentations are provided for non-financial transactions as per Operation and Accounting manual.
• Control & verify monthly fees collected by Issuer Services Team for Over-the-Counter Application for unlisted companies, reconcile it against SRS reports and ensure that fees collected as per signed agreement.
• Control Data comparison and reconciliation for Issuer Service Client and ensure that original data received from ADX & DFM, uploaded on SRS and Refund for Dividends Distributions and IPO refund data.
• Assist Issuer Service Section Head on IPOs processing by control of accounts reconciliation including Main collection, branches collection and refund, as well as the funds transfers.
• Control the verification report and compare it with our daily accounting entries, keep all daily vouchers (source documents) in the fireproof cabinet until transfer to EDMS.
• Dual Custodian of SSO vaults and document of value.
• Liaising with FCD for all financial issues reported to HO and with Administration Department for all movements of Fixed Asset under SSO books.
• Support section head when liaising with FCD for the monthly Account Ownership Review by determining the accuracy and integrity of the account balances and the assessment of any potential P&L impact of their misstatement.
• Coordinate with Info. Co. and the organizer of delivering documents for filing of all divisions of SSO.
• Auto - match Custody Reconciliation by Generating required reports used for reconciliation from various system, Officer download in formulated / protected sheet  and      the spread sheet match automatically data from different system report.
• Maker/ checker on matching Custody non automated Reconciliation by Receiving Swift and statements by email  and match with system position report , results send for second check by custody operation.
• Maker / checker on Exception reporting that are produced as a result of breaks in the matching process. Maker prepares the report checker verifies the report before sharing with the stake holders and report them to SSO management.
• Maintain checklist in the department to ensure all custody reconciliations timelines are adhered.
• Any other functions assigned by Section Head Accounting and Control or line management.

Risk : 

• Ensure timely escalation of any identified risk arising from a transaction of event and suggest and implement mitigating actions and controls to safeguard the bank.
• Ensure timely and effective communication is maintained with internal as well as external customers taking utmost care in protecting the reputation of bank.
• Identify risk based on analysis and nature of issues and inquires arising over a period of time. Ensure to escalate these identified risks to the concerned authority within the Unit.
• Escalate any identified risk and propose mitigating actions and control procedure to safeguard the bank from financial and reputational risk with regards transaction related to SSO support business
• Provide MIS and KPI updates to SSO management as per the identified intervals.

People: 

• Maintain professionalism and effective communication with colleagues within the unit and all other departments 
• Adhere to individual duties and responsibilities and support the team to deliver services excellence.
• Induct all new recruits on the complete services offered by SSO, how their role contributes to the overall delivery of the operations vision and mission
• Actively support new initiatives in order to enhance the process in an efficient manner.
• Supervise the workflow efficiently without compromising on the risk and services
• Provide suggestions for the improvement to increase the quality and efficiency of tasks handled resulting in utmost satisfaction to our customers (internal and internal).  
• Maintain MIS and work volume statistic for accounting team.

Business Efficiency:

• Ensure that SLAs are adhered to at all times. Communicate with business Units and Services Providers if any exceptions are identified.

Qualifications & Experience:

• Bachelor's degree from university preferable in accounting or finance or related subject. 
• Knowledge of general Banking principles.
• Good communication skills both written /spoken at all levels. English is a must.
• Analytical, self-motivated, energetic, flexible, dynamic, problem-solver.