Specialist, Accounting And 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 in which the team acts as independent controller and propose solutions with SSO management. Develop and establish measures and testing standards for new applications, products, 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 escalate issues of concern or risk to the FCIS management.

Act as independent controller during the IPO (Initial Public Offering) to ensure that control aspects are covered by the IS team regarding the online subscription account, RD matching status reports, and the IT reports to ensure that there are no outstanding applications/funds not executed during the exercise. Manage 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 reputational, financial, and operational risk to the bank.

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 and global custodians on a variety of systems. The accounting team supports the Section Head in his/her role as ORM and BCP coordinators for SSO. The accounting team performs 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 business 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 escalate 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. Create 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-driven 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.
Coordinate with Issuer of Convertible Notes (GMO) and IS for buy-back transactions, ensure that reconciliation of records is conducted on monthly basis.
Ensure that preparation and execution of end and beginning of month tasks are completed on time.
Effectively communicate with local and foreign banks, customers, and departments within the bank to resolve queries at the earliest and 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 stakeholders and service providers.
Be the first contact with Reconciliation Department on behalf of SSO for reconciliation of Custody, GAM, and SFAS accounts on daily and weekly basis and ensure that all outstanding items are cleared by following up with concerned departments.
Meet regularly with Section Head to determine priorities and solve possible problems and risky areas.
Arrange for conducting of unannounced checks on Issuer Services & IPO Section, ensuring that control is in place on the blank cheques and blank certificates and examining the whole cycle of printed and delivered documents available under Issuer Services Team custody.
Assist the Section Head Accounting and Control in preparing the MIS and KPIs for the Accounting Section.
Ensure that required documentation is provided for non-financial transactions as per Operation and Accounting manual.
Control and 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 are collected as per signed agreement.
Control data comparison and reconciliation for Issuer Service Client and ensure that original data received from ADX and DFM is 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 documents of value.
Liaise with FCD for all financial issues reported to HO and with Administration Department for all movements of fixed assets 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 systems, officer downloads in formulated/protected sheet and the spreadsheet matches automatically data from different system reports.
Maker/checker on matching custody non-automated reconciliation by receiving Swift and statements by email and match with system position report; results sent 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 stakeholders and reporting them to SSO management.
Maintain checklist in the department to ensure all custody reconciliation timelines are adhered to.
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 or 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 the bank.
Identify risk based on analysis and nature of issues and inquiries 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 procedures to safeguard the bank from financial and reputational risk with regards to transactions 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 service 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 improvement to increase the quality and efficiency of tasks handled resulting in utmost satisfaction to our customers (internal and external).
Maintain MIS and work volume statistics for the accounting team.

Business Efficiency:

Ensure that SLAs are adhered to at all times.
Communicate with business units and service providers if any exceptions are identified.

Qualifications & Experience:

Bachelor's degree from university preferably in accounting, finance, or related subject.
Knowledge of general banking principles.
Good communication skills both written and spoken at all levels. Proficiency in English is required.
Analytical, self-motivated, energetic, flexible, dynamic, problem-solver.

About Us:

First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the world's largest and safest financial institutions. We offer a comprehensive range of personal and private banking services, including credit cards, Islamic banking, investments, loans, and mortgages. Our commitment to excellence and innovation drives us to provide top-tier financial solutions to our clients.

Life at FAB:

Working at FAB means being part of a team of talented and passionate individuals with a shared vision to support the ambitions of our stakeholders to "Grow Stronger." We embrace the needs of our customers across the globe with a sense of responsibility and confidence driven by extensive expertise that can only be delivered by an ambitious world-class organization.

Career Development:

FAB offers unique career choices, a chance to innovate, craft solutions for the future, and express yourself in a performance-based culture that will unleash the best in you. Whether you are an experienced professional or just starting your career, FAB provides a range of learning and development initiatives to support all employees through training and skill development.

Our Values:

At FAB, we place our customers at the core of our activities, live our values each day in every way, celebrate achievements, and empower each other to deliver leading solutions. We have structured plans for the recruitment and career progression of Emirati talent to enable them to make a mark in the financial and banking sector both regionally and globally that rewards your hard work and dedication.

Join our team and be part of a journey to shape the future of banking.

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