Junior Settlements Analyst

2 weeks ago

Toronto, Ontario, Canada Royal Bank of Canada> Full time
Job Summary

The Junior Settlements Analyst plays a crucial role in supporting the operational activities of a business unit at the Royal Bank of Canada. This position requires a strong understanding of financial markets and a keen eye for detail to ensure accurate and timely settlements.

Key Responsibilities
  • Settlements:
    • Verify and ensure accuracy of daily cash payments/receipts via wire transfers, G/L accounting entries through accounting systems in a timely manner while ensuring adherence to all relevant Standing Orders.
    • Review settlement report on a T+14 day basis from trading system (Openlink) to forecast and monitor upcoming settlements, process invoices and confirm with counterparties. Investigate and resolve any variances by working with counterparty and other Business & Client Services functional teams (Validations, Confirmations) and Trading Desk.
    • For any identified breaks, prepare detailed reconciliation of system settlement data vs. client data and ensure variances are investigated, resolved and escalated as appropriate.
    • Update and maintain queries and reports that pertain to settlement related activity in Openlink.
    • Acquire a solid understanding of businesses and how the trades are recorded in Openlink.
    • Develop strong understanding of commodities trading products and trade instrument types to develop and maintain relevant accounting rules for the asset class support.
  • Funding:
    • Review accuracy of data compilation to ensure the overnight/term funding requirements adhere to established funding thresholds.
  • Regulatory Reporting:
    • Review and verify completion of monthly, quarterly and yearly regulatory filings for the various RBC legal entities.
    • Review and verify data for Index Brokerage Fees for quarterly market participant payments.
  • Balance Sheet & P/L Account Analysis:
    • Reconcile and review data derived for daily P/L and Balance sheet reconciliation for internal stakeholders (trading desks, Product Control, Financial Control).
    • Assist Financial and Product control teams in investigating and explaining queries related to cash and p/l as it relates to BCS owned accounts.
    • Complete reconciliations of Balance Sheet to resolve any issues for Monthly ESOD submissions. Analysts are responsible in assisting Senior Analysts in ensuring the completeness, accuracy and adequate supporting documentation. Ensure preparation and review of binders is completed as per the SoD deadlines.
    • Complete Pega Attestation for Balance Sheet Accounts as per RBC Finance policy and within prescribed timelines.
    • Review and assist in transfer pricing and pledging settlement on a monthly or quarterly basis.
  • Project Management:
    • Propose initiatives to improve manual processes and liaise with business analysts and IT to provide requirements, test and onboard the process.
    • Participate in team's project initiatives – assisting with business requirements, user acceptance testing and onboarding to production.
  • Other:
    • Ensure that daily and monthly procedures, as detailed in the group's procedures and standing orders are strictly observed. Maintain and update operational procedures and PRIMA maps related to these functions on a monthly basis.
    • Review EUC inventory on a quarterly basis and ensure processes are strictly observed and maintained.
    • Monitor and ensure Key Performance Measurements are maintained such as pay fails, nostro breaks and funding. Raise any concerns to management in a timely manner.
    • Proactively identify opportunities to further streamline processes.
    • Cross train and act as back up for other members of settlements team (including vacation coverage).
    Requirements
    • Strong academic credentials and currently pursuing an undergraduate degree in Business, Finance, Accounting, Economics.
    • Ability to work as an integral part of a team, fostering teamwork and cultivating relationships, as well as work independently or with minimal direction.
    • High Degree of accuracy, strong organizational and analytical skills.
    • Self starter, quick learner and problem solver.
    • Sound technical skills.
    • Excellent verbal and written communication skills.
    • Displays initiative in learning new technology and systems.

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