Internal Control & Reconciliation Officer
Bahrain
Full Time
Experienced
Job Purpose:
Monitor and assess the adequacy of the bank’s internal controls and reconciliations by conducting ongoing reviews of the effectiveness of the controls over application of accounting practices, compliance with policies and regulations, accuracy of system calculations, suspense accounts monitoring and other assigned activities for the purpose of ensuring compliance with the bank’s internal control policies and practices and mitigate any discrepancies that may lead to operational loss or inaccurate posting of financials in a timely manner.
Principle Responsibilities, Accountabilities and Deliverables of Role:
Experience:
Monitor and assess the adequacy of the bank’s internal controls and reconciliations by conducting ongoing reviews of the effectiveness of the controls over application of accounting practices, compliance with policies and regulations, accuracy of system calculations, suspense accounts monitoring and other assigned activities for the purpose of ensuring compliance with the bank’s internal control policies and practices and mitigate any discrepancies that may lead to operational loss or inaccurate posting of financials in a timely manner.
Principle Responsibilities, Accountabilities and Deliverables of Role:
- Maintain up-to-date awareness of market conditions, bank products and services to ensure that best practice is adopted where required.
- Develop an internal control procedure providing the scope of the function’s responsibilities and tasks performed. Ensure that the document is frequently reviewed and maintained up to date.
- Daily monitoring of accounts by performing a variety of checks (including but not limited to validation, reconciliation, and recalculation) covering the entire population or sample based considering the nature of the account and the scope of work required by the internal control procedure.
- Assign the issues identified to the relevant departments and follow up with them on regular basis with the aim of ensuring that issues are permanently rectified and closed in a timely manner.
- Validate raffle draws to ensure accuracy, adherence to eligibility conditions and fairness.
- Immediately escalate any unresolved high-risk issues to the Head of Finance.
- Perform detailed user acceptance testing on new products and services’ accounting schemas, reporting requirements, and controls to identify gaps and provide corrective actions to mitigate such deficiencies.
- Manage all required internal control function’s activities relating to Business Continuity Program.
- Respond to internal and external auditors’ queries related to internal control function and ensure timely and satisfactory resolution of audit findings.
- Prepare weekly and monthly reports to the Head of Finance providing the details of the tasks performed, the status and action plan of the issues identified and the areas of improvement.
Experience:
- A minimum of 3 years of experience in the banking sector or audit firms.
- Working knowledge of IFRS, CBB Rulebook, and Retail Banking products and services.
- Strong understanding of risk management framework, various types of risks that banks are exposed to and how these are mitigated.
- Advanced knowledge in setting and developing efficient practices and workflows to be used for monitoring and validation purposes.
- Acquainted with Microsoft office suite.
- Bachelors Degree
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