Head of Settlements and Reconciliation

5 months ago

Toronto, Canada CI Financial Full time

At CI, we see a great place to work as one that is a safe place for everyone to have a voice, where people are empowered to take ownership over meaningful work, where there is an opportunity to grow through stretching themselves, where they can work on innovative products and projects, and where employees are supported and engaged in doing so. 

Summary

The Head of Settlements and Reconciliation will lead and oversee the end-to-end processes for financial settlements, reconciliations, and related activities within the Canadian Wealth Operations department. This leadership role requires a strategic thinker with a strong background in finance, a deep understanding of settlements and reconciliation processes, and a commitment to maintaining the highest standards of accuracy and efficiency. The VP will play a critical role in ensuring the integrity of financial transactions, managing operational risk, and enhancing the client experience. The ideal candidate will be curious and detail-focused, but balances it with big-picture thinking to lead the team effectively.

Key Responsibilities:

Leadership and Management:

Lead, mentor, and develop a high-performing team of settlements and reconciliation professionals. Ensure the team is equipped with adequate and best in class skillsets to reconcile transactions, diagnose gaps, recommend optimization of processes, investigate exceptions, resolve and/or escalate operational issues and share feedback through stakeholder engagement and reports in a timely and efficient manner. Foster a culture of continuous improvement, collaboration, and accountability within the team. Develop and implement strategic plans to optimize settlement and reconciliation processes. Demonstrates a broad organizational perspective, consistently making decisions and taking actions that contribute to the success of the entire company, beyond individual or team interests. Responsible for daily management of a team including motivating, recognizing, and rewarding, coaching, counselling, training, and problem solving. Additionally, the position is responsible for assisting the Business Partner and Quality Assurance Teams with development, analyses and implementation of staffing, training, scheduling, and reward/recognition programs. Operations Oversight: Oversee the daily operations of settlements and reconciliations, ensuring timely and accurate processing of financial transactions. Monitor and reconcile the daily security transactional activity in depositories including CDS, DTC, the mutual fund settlement system of Fundserv, and Cannex Maintain the security master and ensuring accuracy of daily pricing and valuation of securities and positions Ensure compliance with all regulatory requirements and internal policies. Monitor and manage operational risks, implementing controls to mitigate potential issues.

Process Improvement:

Identify and drive initiatives to streamline and automate settlement and reconciliation processes. Implement best practices and innovative solutions to enhance operational efficiency and reduce costs. Collaborate with technology and business units to integrate new systems and tools.

Stakeholder Engagement:

Act as the primary point of contact for internal and external stakeholders regarding settlement and reconciliation matters. Build and maintain strong relationships with custodians, counterparties, and other financial institutions. Provide regular updates and reports to senior management on operational performance, risks, and strategic initiatives.

Financial Management:

Oversee the reconciliation of various accounts, ensuring discrepancies are identified and resolved promptly. Manage the settlement of trades and cash movements, ensuring accuracy and timeliness. Develop and monitor key performance indicators (KPIs) to assess the effectiveness of settlement and reconciliation processes.

Regulatory Compliance:

Stay abreast of regulatory changes and industry developments related to settlements and reconciliation. Ensure that all activities are conducted in compliance with relevant laws, regulations, and company policies. Prepare for and manage internal and external audits, addressing any findings in a timely manner.

Qualifications:

Education and Experience:

Bachelor’s degree in Finance, Accounting, Business Administration, or a related field. Advanced degree (MBA, CFA, CPA) preferred. Minimum of 10 years of experience in financial operations, with a focus on settlements and reconciliation within wealth management Proven track record of leadership and management experience.

Skills and Competencies:

Strong understanding of financial instruments, markets, and settlement processes. Excellent analytical and problem-solving skills, with a keen attention to detail. Strong leadership and team management skills, with the ability to inspire and motivate others. Proficient in the use of financial software and systems, with experience in implementing technology solutions. Excellent communication and interpersonal skills, with the ability to interact effectively with stakeholders at all levels.

CI Financial is an independent company offering global wealth management and asset management advisory services through diverse financial services firms. Since 1965, we have consistently anticipated and responded to the changing needs of investors. We are driven by a commitment to provide individuals and institutions with the highest-quality investments and advice. Our commitment to the highest levels of performance means that whatever their position, CI employees must be comfortable in a fast-paced environment that will stretch them to tap into their highest potential. Employees with a healthy dose of ambition, a desire to commit to a curious mindset for continuous learning, and a willingness to go the extra mile thrive at CI. 

WHAT WE OFFER 

Modern HQ location within walking distance from Union Station

Flexible & Hybrid Work Program

Equipment Purchase Program

Training Reimbursement

Paid Professional Designations

Employee Share Purchase Program (ESPP)

Corporate Discount Program

Enhanced group benefits

Parental Leave Top–up program

Fitness membership discounts

Volunteer paid Days

Complimentary vending machines


We are focused on building a diverse and inclusive workforce. If you are excited about this role and are not confident you meet all the qualification requirements, we encourage you to apply to investigate the opportunity further.

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