Position Summary
This position manages our client banking and reconciliation department which manages tens of millions of dollars in daily transactions. They will own client related banking transactions, operations, and controls supporting these processes, and will be responsible for developing and recommending policies and procedures that ensure the continued achievement of department goals, deliverables, and performance expectations in a growing environment. This position will also be responsible for growing and developing the staff to ensure optimal employee contribution and retention.
Essential Functions
- Manage the client banking relationship and client banking processes
- Expert understanding of online banking systems
- Manage set up of new users, new accounts, terminated accounts and administration systems. Submit required forms to IT.
- Oversee production of daily online transactions and approvals (working through banking administrator role)
- Troubleshoot escalated banking discrepancies that need research
- Manage all banking activity controls (operational and security)
- Monitor quarterly analysis fees (not needed)
- Manage and review bank and plan account reconciliations. Additionally be able to complete bank and plan reconciliation as needed. Process is to reconcile the underlying bank account or cash account to the corresponding operational administration system of record. The following service areas require monthly reconciliations of different types.
- COBRA and Direct Billing administration transactions
- Reimbursement (FSA/HRA/HSA/Commuter. Etc.) administration transactions
- Premium Billing administration transactions
- Other miscellaneous bank accounts
- Ensure that effective accounting controls and reconciliation processes are in place for all service areas. Develop and monitor financial controls for all banking transactions and approval process.
- Provide necessary input to operational processes needed to be changed to ensure accurate reconciliation processes can be implemented
- Support SSAE 18 SOC 1 audit by managing banking controls and responding to audit requests. Develop and oversee ongoing audit controls necessary to help ensure that banking processes are being performed and maintained in a manner that minimizes reconciliation issues. Suggest: Support operating counterparts as needed to supply needed documents based on audit requests
- This position includes management functionality, which includes overseeing off-shore support staff.
- Ensure clients are funding their benefit plans in a timely manner and keep receivables at a minimum.
- Other duties as assigned
- Stay informed about industry regulations and compliance standards, and ensure that custodial account procedures are in line with legal and regulatory requirements
- Participate in the onboarding of new clients, providing guidance on custodial account options and requirements
- Generate reports and analytics related to custodial accounts, providing insights to support business decision-making
- Prepare and maintain accurate account, procedure, and control documentation, including staff ownership of process documents and compiling into one document
- Ensure task trackers are completed, updated and dynamic
- Managing staff to ensure effective and efficient productivity
Requirements
- Bachelor’s Degree in business or accounting
- Management experience
- Familiarity with financial or banking controls and processes
- Strong accounting and reconciliation skills
- High attention to details
- Strong troubleshooting/reconciliation skills working with large transaction sets
- Ability to solve problems and develop best practices for new processes
- Strong customer support perspective with professional interpersonal skills
- Enjoys developing and mentoring team members/direct reports.
