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Senior Manager, Accounting and Securitization Operations

BMO Financial Group

This is a Contract position in Toronto, ON posted November 12, 2018.

The Senior Manager, Accounting and Securitization Operations is accountable to manage the delivery of accurate, high quality accounting administration, general accounting and financial close services for the consolidated parent bank and CAG-supported legal entities according to service level agreements with partners/clients and BMO standards. This role also manages the accounting workflow across multiple clients, processes, close dates and systems (e.g., CODA, HGL, Hyperion, etc.), resolving issues that are escalated. The Senior Manager, Accounting and Securitization Operations continuously recommends and implements tactics to standardize processes and move towards a single system and platform. This role also ensures strong working relationships with the Legal Entity Reporting team for accurate, high quality legal entity financial statements and with the Financial, Management, Statutory & Risk Reporting team to support consolidated parent bank financial statements & reporting.

This role ensures technical accounting expertise is available to CAG colleagues and partners/clients for decision-making as well as ensures accounting processes meet regulatory requirements, generally accepted accounting principles, to ensure continued high quality operations as changes in accounting requirements emerge

KEY AREAS OF ACCOUNTABILITY

A. Managerial Leadership

B. Relationship Management

C. CAG Accounting Service Delivery

D. Functional Expertise & Advisory

E. Continuous Improvement

F. Governance & Control

ACCOUNTABILITIES

A. Managerial Leadership

Provide managerial leadership to employees, which includes assigning tasks and work, holding regular two-way meetings, setting context, conducting performance evaluations, mentoring, and coaching in order to create and maintain a high-performing team.

Develop and implement training and development plans for employees to ensure employees receive developmental opportunities and the group has the required level of skills and knowledge.

Establish and maintain a culture and work environment that attracts, retains, and motivates the highest caliber of skilled employees.

Display and encourage appropriate high performance behaviours to ensure behaviours in the group are congruent with the Bank’s Our Way Model.

B. Relationship Management

Build strong relationships with the Sr. Managers in Finance (i.e., CAG, Groups, Corporate) and LOBs to manage the accounting needs in support of their objectives

Understand clients’ current accounting needs, anticipate potential needs, and assist the LOBs and Group Finance in the development of strategies to achieve those needs

Work in partnership with LOB and other corporate service areas to develop optimum accounting processes and structures for new initiatives and strategies. Ensure that the accounting complies with GAAP, regulatory guidelines and BMO policies

Accountable for ensuring technical awareness with the business partners/clients of any changes and proposed changes in accounting requirements and how they may impact the businesses in general and accounting service delivery specifically.

C. CAG Accounting Service Delivery

Manage the delivery of accurate, high quality accounting administration, general accounting and financial close services for the consolidated parent bank and CAG-supported legal entities according to service level agreements with partners/clients and standards (enterprise, CAG, and regulatory). Key processes include: processing journal entries, financial consolidations, account & bank reconciliations, account close, intrabank wash, intercompany accounts settlement, cash management, etc. Accounting administration includes: provision of bookkeeping services to some legal entities (i.e. booking expenses for PCD Investment Advisors), maintaining lists of signing officers for parent bank and signing authorities for Nesbitt Burns branches.

Ensure the formal segregation of duties between preparation and review for accounting processes (i.e. journal entries, reconciliations, etc.) and regulatory filings as required by regulators or policy. May include personally reviewing and/or approving certain items as required.

Ensure intrabank wash activities are performed on a monthly basis so that all transactions between the parent bank, legal entities, and lines of business are appropriately eliminated on consolidation. This includes entities reporting on a one-month lag and those reporting in other currencies.

Manage the accounting workflow across multiple clients, processes, close dates and systems (e.g., CODA, HGL, Hyperion, etc.); resolving issues that are escalated and ensuring quality standards and timeframes are met.

Ensure employees collaborate with staff on the Legal Entity Reporting team to resolve accounting issues that impact financial statements. Resolve issues that are escalated.

Contribute to accurate and timely consolidation of parent bank financial statements and preparation of reporting to common regulators by ensuring strong working relationships and information flow with the Financial, Statutory, Management & Risk Reporting team.

D. Functional Expertise & Advisory

Provide accounting advice and transactional support for acquisitions, divestitures, new initiatives, and unusual transactions including input into defining the framework needed to incorporate acquired business units’ results into legal entities or consolidated bank results and procedures for divestitures.

Ensure expertise is developed and maintained for technical knowledge related to accounting for all jurisdictions where these activities are performed. Keep abreast of related emerging issues from CICA and other accounting bodies.

E. Continuous Improvement

Identify, recommend, sponsor, and implement continuous improvement and change initiatives on an ongoing basis to operational methods and workflows within the Accounting team. Take actions and steps towards moving to standardized processes and a single system/platform.

Develop and implement change management plans to execute continuous improvement and other initiatives in support of strategy.

Foster an environment of continuous improvement and encourage all employees on the team to identify process improvements/new ideas and adopt best practices.

F. Governance & Control

Develop and maintain accounting standards and processes to ensure consistency in accounting

Be knowledgeable of changing requirements for accounting and manage the changes into the groups and into work processes.

Monitor, review and report on the operation and effectiveness of accounting controls to the Head, Accounting Operations & Legal Entity Reporting and Head, CAG Governance (tbc).

Keep abreast of changing accounting requirements and communicate the potential accounting/operational impacts and associated accounting disclosure issues to business partners and CAG colleagues.

Provide support to internal audits, external audits, and independent audits by ensuring documentation and information is provided or queries are responded to by the appropriate staff in a timely manne

Liaise with external auditors to ensure they are aware of, and understand the impact of, any significant transactions that may impact year-end audits..


  1. Knowledge:

  • Required: Accounting designation. MBA, Masters in Accounting or Economics optional.

  • 10+ years of experience in the finance or accounting industry

  • Able to apply designation/education and financial experience in a financial services organization

  • Deep understanding of the functions as outlined and of related industry best practices

  • Broad understanding of financial management, including people management

  • 5+ years experience in a managerial or supervisory role

  • Expert understanding of CAG support functions’ roles and inter-relationships

  • Expert understanding of accounting and reporting functions across CAG

  • Expert knowledge of the Bank’s governance and control frameworks as well as Bank systems.

  1. Skills:

  • Proven leadership and management skills including team leadership, multi-tasking, project management, change management, people management.

  • Expert ability to collect, document and analyze processes and controls, including developing and communicating recommendations

  • Excellent relationship management and relationship building skills

  • Expert ability to initiate and build required internal networks/working relationship with senior management at all levels and across all lines of business

  • Expert communication skills and ability to maintain on-going effective communication with key individuals

  • Excellent attention to detail and accuracy in financial accounting

  • Excellent ability to influence and negotiate effectively

  • Excellent analytical skills; the ability to discern large amounts of data and focus on the critical business issues

  • Excellent ability to evaluate processes, identify potential problems and recommend feasible solutions

  • Excellent prioritization skills and ability to determine when and how to escalate issues

Respect for highly confidential information

We’re here to help

At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future-the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://bmocareers.com/.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process.

Skills Required

  • Education level: None
  • Work experience (years): None

Package

Salary: N/D