Financial Operations Specialist, Automotive Finance

6 days ago

Old Toronto, Canada Scotiabank Full time

At Scotiabank, we are seeking a highly skilled Financial Operations Specialist to join our Automotive Finance team in Canada. This is a fantastic opportunity to contribute to the overall success of our Accounting and Financial Operations team.

Job Description

In this role, you will champion a customer-focused culture to deepen client relationships and leverage broader Bank relationships, systems, and knowledge. You will prepare and submit amortization schedules for rate subvention and dealer reserve/volume bonus payments for Scotia Dealer Advantage (non-Prime) loans, reconcile amounts in the amortization database to GL balances with monthly amortization and GL reconciliation reports, and work with the Senior Manager, Accounting and Financial Operations to ensure the financial impact of these amortization schedules are accurately captured in periodic forecasting/planning activities for AF&IL.

Responsibilities:
  1. Prepare and submit amortization schedules for rate subvention and dealer reserve/volume bonus payments for Scotia Dealer Advantage (non-Prime) loans.
  2. Reconcile amounts in the amortization database to GL balances with monthly amortization and GL reconciliation reports.
  3. Support compliance related activities for both Prime and Scotia Dealer Advantage, including completion of proof of balance reconciliations, coordination of receipt of sub-attestations to support the monthly GL Attestation process, administration of EUC controls and training to team members, and working with the Senior Manager to create quarterly SOX reporting and updates.
  4. Support the month-end close process by creating journal entries as required and providing support on all finance and accounting related issues to core constituents - AF Management team, DFC, SDA, and BSC, as well as other Finance teams.
  5. Administer and report on lease escrow contributions from manufacturers, involving tracking of lease escrow contribution requests sent to manufacturers, monitoring lease escrow account statements, following up with manufacturers on outstanding contribution requests, and assisting in the preparation of regular lease escrow reports and analytics.
  6. Administer and report on collection of subvention payments from manufacturers, which includes distributing and keeping track of subvention invoices, identifying subvention payments, providing payment breakdowns to the Business Services Centre, following up with manufacturers on past due invoices, and escalating any outstanding subvention collection issues to the appropriate person at AF Head Office.
  7. Investigate and resolve all disputed manufacturer subvention invoices and exception requests.
  8. Process and track all vendor invoices paid for AF Head Office.

We estimate the salary for this position to be around $80,000 per year, based on the location and industry standards.

Requirements
  • University degree in business, finance, or accounting is required.
  • An accounting designation or working towards an MBA is an asset.
  • Database-related work experience and working knowledge is preferred.
  • Strong knowledge of the banking industry with demonstrated analytical skills.
  • Solid knowledge of Automotive Finance products, organizational structures, and delivery channels is desirable.
  • Excellent written and verbal communication skills.
  • Critical success factors are: Organisation/Priority Setting, Analytical, Problem-Solving, Decision Making, Results Orientation, Customer Service Orientation.
What We Offer
  • A competitive rewards package, including performance bonuses, Employee Share Ownership Program, and Pension Plan Matching.
  • Access to career development and progression opportunities.
About Scotiabank

Scotiabank is a leading bank in the Americas, guided by our purpose: "for every future". We help our customers, their families, and their communities achieve success through a broad range of advice, products, and services. Our inclusive and accessible environment values the unique skills and experiences each individual brings to the Bank. If you require accommodation during the recruitment and selection process, please let our Recruitment team know.

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