Scotiabank Looking for Senior Manager, Accounting & Financial Operations at Toronto, ON Full Time

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

Leads and oversees accounting and financial operations area of CBF Finance and Analytics team that supports Automotive Finance (AF) business line in Canada ensuring business strategies, plans and initiatives are executed / delivered in compliance with governing regulations, internal policies and procedures.

Key Accountabilities

Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.

Leads and oversees subvention billing financial processes for all manufacturer subvented programs (New Vehicle Loans, CPO Vehicle Loans, SDA loans, manufacturer leases) for all manufacturer clients by:

Managing and overseeing preparation, distribution, and tracking of all subvention invoices to the auto manufacturers

Overseeing timely collection of subvention payments from the manufacturers with correct application of payments to the GL accounts

Managing and overseeing investigation and resolution of all disputed amounts in manufacturer subvention invoices; analyzing trends and key reasons for discrepancies and implementing solutions to minimize number of disputed subvention amounts with the goal to maintain high manufacturer customer satisfaction and prevent revenue leakage for the bank.

Oversees all amortization processes, databases, reports, and reconciliation for manufacturer subvention and dealer reserve (at instrument level), lease service fees, and other items for Prime loans, SDA Non-Prime loans, and manufacturer leases by:

Ensuring/overseeing the preparation of monthly amortization schedules for rate subvention payments collected from manufacturers, dealer reserve payments to the dealers, lease service fees paid to the third party, and other P&L items

Managing and overseeing the completion of various GL reconciliation processes with regular reconciliation reports provided to CB Finance

Ensuring that the financial impact of these amortization schedules is accurately captured in AF financial reporting as well as planning and forecasting activities, providing commentary on historical or projected trends in amortized amounts as required

Oversees all accounting processes at AF Head Office, provides guidance and support to the business line on all accounting and tax-related matters (in close collaboration with Accounting Policies & Procedures and Taxation departments):

Ensures that the appropriate accounting treatment is applied to all activities and transactions handled by the business line, including but not limited to amortization and reporting of various revenue and expense items, accounting aspects of new projects and initiatives, accounting of manufacturer lease transactions, etc.

Leads and oversees the provision of service and insights to the business line regarding any changes in GST/HST, PST, and QST laws, ensures that financial calculations of sales taxes on loans and manufacturer leases are based on latest tax laws, and provides support to the business line in any tax audits

Oversees the comprehensive financial review, analysis and evaluation of all of manufacturer subvented lease escrow funds to ensure they are in accordance with the contractual agreements between the manufacturer and Scotiabank

Leads and oversees management of expenses for AF business line to ensure prudent and efficient use of bank’s resources and identify opportunities to increase operational efficiency:

Oversees expense monitoring and controls for all AF transits for all types of expenses (operating, marketing, capital, and BCP costs) and manages processing of AF Head Office expenses, including all required reporting to AF Senior Management and other stakeholders

Leads and manages regular reviews of cost allocations from the bank’s support functions (for example, IT&S, GRM, Global Operations, etc.), ensures that allocated costs are aligned to the service provided to the business line

Leads and oversees all processes, databases, and reports for Indirect Auto securitization (START) program by:

Managing and overseeing all processes related to the issuance of new START pools for liquidity management, capital optimization, and other purposes

Overseeing preparation and distribution of monthly investor reports, monthly portfolio statistics, and other information for START program that is provided to various stakeholders on a regular basis

Ensuring that securitized loans are properly flagged in the production systems

Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.

Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas in accordance with Scotiabank’s Values, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions and conduct risk.

Builds a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment and using a coaching mindset and behaviours; communicating vison/values/business strategy; and, managing succession and development planning for the team.

Experience / Education:
University degree in business, accounting, or finance is required

Professional accounting designation is required

Advanced knowledge of financial and management accounting principles with related work experience is required

5-7 years relevant experience in the financial or related industry required

Extensive knowledge of the Bank’s financial reporting systems is preferred

Solid knowledge of Automotive Finance products, organizational structures and delivery channels is desirable

Location(s): Canada : Ontario : Toronto

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, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.