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Central Settlement Manager II

Company: Eastern Bank
Location: Lynn
Posted on: January 12, 2021

Job Description:

The accountability of the Central Settlement Department is significant. Improperly reconciled or unreconciled accounts could lead to financial loss and/or negative customer impact. Money incorrectly credited to a customer's account could be withdrawn or collateral released if a reconciliation of a general ledger account is inaccurate or delayed. The delay or inaccuracy of balancing a suspense account could lead to fraud and result in a monetary loss to the bank.Major Responsibilities include but are not limited to:--- Oversees the reconciliation of over 250 accounts within the department, including all loan and deposit system-interfaced general ledger accounts, branch cash settlements, ATM and MasterCard settlement, internal DDA accounts and others ensuring the integrity and accuracy of all reconciliations--- Maintains strong internal controls and identifies and addresses potential risk and non-compliance with Audit policy and procedures. Ensures that the proper segregation of duties is always maintained--- Identifies process improvement opportunities. Directs efforts to achieve the objectives of the department, develops and implements new ideas and/or concepts to achieve optimal efficiency while maintaining quality--- Control department expenses to be at or below budget--- Administers the bank's account reconciliation database - maintains new and closed accounts utilizing deposit system downloads and updates to the general ledger chart of accounts to ensure that no internal DDA or general accounts are overlooked in the review process. Provides access to new users and deletes access to terminated or reassigned users--- Participates in quarterly review of all corporate reconciliations to ensure compliance with Corporate Reconciliation Policy --- Manages the balancing of loans, deposits and accrued interest from system conversions of acquired banks--- Updates FIS general ledger interface tables as needed--- Participates in bank-wide initiatives for new products and services as needed--- Problem solving skills and experience must be drawn upon as unforeseen issues and events arise--- Excellent analytical/problem solving skills are critical skills for this role--- Makes decisions regarding the hiring, termination and promotion of department personnelEducation and Experience ---Bachelor's degree required---Five to ten years' experience demonstrating excellent analytical skills and in-depth knowledge of bank settlement and reconciliation---Candidates must have a keen working knowledge of accountingSkills/Knowledge ---Requires knowledge of operational workflow of deposit, loans, branch, and item processing departments---The proven ability and understanding of IBS Insight---Proficiency in Microsoft Excel, Access and Word is essential---Knowledge of Monarch and BIC applications is preferredCB2

Keywords: Eastern Bank, Lynn , Central Settlement Manager II, Executive , Lynn, Massachusetts

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