Associate - ISC Bank Recs

About the opportunity

Department Description

Banking, Reconciliations & Control (BRC) is responsible for the receipt and payment of monies to / from investors / intermediaries and the reconciliation of cash and stock positions for Fidelity’s European based funds and FundsNetwork fund supermarket business. In addition, BRC includes the processing of fund distributions, tax & interest accrual processing and various other control related activities for Customer Services.

The successful candidate, as a member of the BRC team will be responsible for supporting the growth of the BRC activities based in the India Service Centre. This role is responsible for ensuring that appropriate client money regulations and controls on customer assets are adhered to and best practice standards are maintained across all activities, particularly in the protection of customer assets and client monies.

Purpose of your role

The Bank reconciliations department is a part of the Banking, Reconciliations Controls (BRC) group. The department is responsible for daily reconciliations of client money & settlement bank accounts. They are also responsible for daily reconciliation of client money as well as various corporate ledgers. Reconciliation activities are performed on client money strategic system – Autorek, GFAS and spreadsheet. A delay in the reconciliations may lead to regulatory incidents and may not reflect a true and fair view of the financial statements of the company. The team plays a key role in the delivery of month end and financial year ends from a reconciliation’s perspective. The team is also involved in liaising with multiple teams across various locations for resolution of reconciliation discrepancies.

Key Responsibilities
• Daily Reconciliations of all bank accounts and control ledgers, including Automated and Manual reconciliations.
• Identification and addressing potential shortfalls / surpluses in client money accounts and ledgers to avoid Client money issues.
• Ensuring timely money movements across client and settlement bank accounts to address any shortfalls /surpluses and thus avoiding client money incidents.
• To maintain and update ledgers, including recording of appropriate reasons for outstanding items over a set of period including ongoing investigations and clearance of ageing items.
• To create correcting journals / cashbook keyings for reconciliation purposes.
• To investigate & follow up on outstanding items with other departments within BRC (Cashmatch, CBU, Controls & Settlements etc) as well as other departments in UK, Luxembourg, Germany, Hong Kong, etc.
• Produce reconciliation reports of outstanding items and their aging, also including action steps for resolution.
• To gain regulatory knowledge and ensure knowledge is regularly updated and maintained across the team.
• To work on various client money and corporate M.I’s to maintain appropriate traction on ageing items.
• To gain subject matter expertise of all the operational teams impacting bank recs.
• To be involved in projects and testing related to any system change or release.
• To suggest and work on process improvement idea’s and drive them in collaboration with other team members as a part of continuous improvement.