Head of Reconciliation – Job Vacancy at NBC Bank, 2024

Overview

Position Title: Head of Reconciliation 

Job location: Dar es Salaam

 

National Bank of Commerce (NBC)

With more than 50 years of experience, NBC is Tanzania’s oldest bank still in operation. We provide a variety of wealth management, retail, business, corporate, and investment banking products and services.

Job Description:

To efficiently oversee the bank’s suspense accounts, DSM remote ATMs, Central Bank, Nostro, and other reconciliations that fall under the purview of operational and service management.

Oversee the reconciliation team’s performance to make sure they fulfill or surpass the predetermined service standards.

Accountability: Handle and Control Risks associated with the reconciliation of bank suspense accounts allotted to the Central Reconciliation Unit (50%) and Nostro, Central Bank, DSM Remote ATMs.

• To meet the standards outlined in the Operational Control and Support Manual, develop and implement business-specific account ownership and reconciliation procedures.
• Establish control procedures to guarantee that all operational risk components—such as fraud follow-up on inquiries—are adequately managed within reconciliations.
• Ensure that the account owners, reviewers, and reconcilers are adhering to the training requirements.
• Make that the accounts in the general ledger are reconciled in accordance with the policies and guidelines of the company.
• Oversee the recons team as they examine the reconciliations to make sure they are valid and accurate.
• Keep an eye on the proper distribution of accounts among owners, reviewers, and reconcilers, as well as the division of labor and the quantity of accounts allotted to each individual in the COO Reconciliation Unit.
• Make sure the Chief Operating Officer (COO) is notified right away of any issues that need to be escalated.
• Make sure different control tests are run to make sure reconciliation procedures are followed and that any deviations are monitored and handled appropriately for closure.
• Create the minutes for the weekly COO Recon Committee meeting, keep track of all the decisions made, and make sure the actions are closed.
• Verify again that the accounts are reconciled in accordance with the policies and guidelines of the company.
• Team members should receive coaching and oversight to increase their output and make better use of the bank’s systems and procedures.
• Make sure the issues found are remedied by the deadlines and that the audit results on the reconciliation matters are monitored.
• Test account owners on a regular basis to make sure the reconciliation governances are being followed.
• Verify that the explanations for any outstanding actions that the business units have received are valid by checking and challenging them.
• Make sure the Balance Sheet Review Committee (BSRC) is present each month as an active member, and that any entries that exceed the SLA(s) are properly escalated and reported to the BSRC.

Responsibility: 15% for Service Management

• Serves as a point of escalation for complicated inquiries.
• Helps other departments comprehend products and how they are included in the general ledgers from beginning to end.
• Makes sure that inquiries from other account owners are promptly answered by following up.
• Keeps track of whether the service level agreement is being met.
• Respects SLAs for reports and accounts, escalates any violations.
• Guarantees that audit findings are closed by the deadline by following up.
• Gives the bank’s reconciliation team continuous instruction and feedback.

Responsibility: Personnel Administration: 15%

• Create performance goals and standard targets and work with the team to agree upon them.
• Review performance against goals on a regular basis.
• Give the reconciliation team ongoing instruction and constructive criticism.
• Suggest job rotations and team training programs to the management staff.
• Assess the team’s needs for development and make sure that the training needs are documented in a personal development plan, budgeted for, and carried out.
• Create and manage the team’s succession plan.
• Encourage accountability and teamwork among the members of the team.
• Through the official performance procedure, address any team member’s subpar performance, and make sure that ongoing subpar performance is effectively addressed.
• Encourage team members and make sure their contributions are acknowledged.
• Take part in the development and execution of the Employee Opinion Survey (EOS).
• Handle team members’ complaints and escalate as necessary.
• Oversee performance development, making sure that plans are of high quality and that evaluations are impartial.
• Give the team an explanation of the goals, then assume responsibility for the department’s performance objectives in terms of employee happiness, customer experience, cost performance, return on investment, risk, and compliance with governance and legal requirements.
• To guarantee delivery throughout the year, make quarterly and monthly plans.
• Specify tactics for reaching the agreed-upon goal and let the team members know about them.
• Examine and assess the department’s performance in light of the plan.

Accountability: 20% Operational Risk Management

• Decrease the quantity of exceptional and standout items.
• Help with any audit findings that are brought up, and try to resolve them as soon as possible.
• Make sure that every task is completed in accordance with all legal obligations, the Enterprise Wide Risk Management Framework, and internal NBC policies and policy standards.
• Recognize and control the risks and risk occurrences (incidents) associated with the position.
• Report any questionable transactions to management to make sure that established guidelines and protocols are followed at all times.
• Every day, keep an eye on the disparities that reconcilers have found, and report any significant deviations, imbalances, or other irregularities right away to the COO and other relevant parties.
• Determine which things are at danger, report them, and, if necessary, notify the business controller or the chief operating officer (COO) of any necessary remedial action.

Requires Education and Experience:

• A bachelor’s degree in accounting or a comparable degree
• IT certification
• A minimum of five years’ experience as a certified public accountant (CPA) in a comparable managerial capacity.

Requirements/Qualification:

administration (beyond the specifications), Advanced diplomas and bachelor’s degrees in accounting and customer excellence and service delivery (fulfills all prerequisites), Digital familiarity (needs more work but satisfies some requirements), facilitating the success of the team (satisfies all requirements), Experience leading people at the team level in a comparable workplace (satisfies all requirements), Flexibility (satisfies certain standards but would benefit from additional development), Organizing and planning (satisfies all needs)