Reconciliation Specialist - ICD

Role Overview

Reconciliation Specialist - ICD with Abu Dhabi Islamic Bank (ADIB) in Abu Dhabi.

Company Overview

The ICD Reconciliation Team is a global team based at ADIB Head Office. The scope applies to ADIB UAE accounts and International Branches accounts. The role is part of the detective control and second line of defense after branch, Central Operations, Business Units, and Head Office Departments to minimize and limit operational losses and near misses incidents. The team serves as a resource for learning lessons, technical guidance, and assistance to branches, Central Operations, and Business Units users on reconciliation-related issues. The team is the central point of contact within ADIB for meeting Central Bank examiners, External and Internal Audits requirements regarding Nostro accounts transaction queries. Competent technical staff is a highly critical factor to the success of reconciliation and proofing monitoring activity, as multiple accounts with multiple natures of transactions, aging, exceptions, posting channels, systems interfaces, and integration are involved.

Role Purpose

Perform periodic reconciliation of Central Bank and Nostro accounts with daily monitoring of exception reports. Conduct End-of-Month review of GL accounts reconciliation and proofing. Identify and escalate outstanding entries to branches and departments for investigation and correction, tracking them to closure. Monitor ADIB staff account credit transactions as a detective control activity and prepare MIS dashboards for management review.

Key Responsibilities

Reconciliation Operations

• Perform Central Bank and Nostro reconciliations of ledger transactions against statement transactions as per related procedures, checklists, and work instructions.
• Ensure all required account reconciliations under your responsibility are received and submitted on time with no missing items as per agreed reconciliation frequencies.
• Escalate late and missing account reconciliations.
• Conduct End-of-Month reviews of reconciliations submitted by respective account owners as per related procedures, checklists, and work instructions.
• Validate identified issues and highlight them to respective owners for explanation and necessary actions.
• Perform reconciliation of MAP and GL accounts under ICD ownership as per related procedures.

Exception Monitoring

• Monitor daily exception reports comprising manual posting to GL interfaces, GL balances against their nature, overdrawn MAP accounts, teller shortages and overages, and payment orders reconciliation.
• Highlight issues to respective owners for justification and necessary action as per related procedures.
• Monitor high-risk GL accounts (WIP, Rejected, In-suspense, Cash in Transit) and identify outstanding entries and exceptions.
• Report outstanding entries and exceptions to respective departments for further corrective action.
• Monitor daily exception reports comprising debit to income GL and debit to MAP outside customer RIM.
• Ensure appropriate approvals are in place for flagged items.

Investigation & Control

• Carry out daily transaction monitoring of ADIB staff accounts credit transactions as a detective control activity by identifying staff unusual transactions for appropriate investigation and reporting.
• Protect ADIB and its staff and customers' accounts from being misused for fraudulent activities.
• In case of outstanding entries, exceptions, detected errors, or discrepancies, report and escalate them to respective branches and departments designated staff for correction and necessary actions as per agreed TAT.
• Investigate and respond to inquiries from Financial Control, Branches, Central Operations Departments, International Branches, and other departments staff.
• Assist internal stakeholders in solving reconciliation-related problems.

Account Management

• Review and notify GL and MAP accounts with zero balance and no activity for more than one year to respective account owners for their further review and closure if not required.
• Track and follow up with respective branches and department designated staff and arrange meetings until issues are closed.

Reporting & Analysis

• Prepare MIS dashboards for un-reconciled balance sheet accounts for ICD Reconciliation Manager for further review and directives.
• Prepare MIS dashboards related to Nostro and un-reconciled balance accounts to ICD Reconciliation Manager for further review and directives.

Compliance & Testing

• Conduct RCSA testing on a timely basis.
• Participate in UAT testing to review financial posting and reconciliation process and notify any gaps and discrepancies to ITD and respective application owners.

Professional Development

• Improve performance and productivity by attending needed training courses and on-the-job training discussion sessions.
• Expand technical knowledge and skills needed to carry out duties.
• Engage in any additional assignments and projects assigned by ICD management.

Team & Culture

• Maintain good teamwork spirit and excellent relations with all parties.
• Maintain service standards.
• Contribute to special tasks assigned by ICD Reconciliation Manager, Global Head of ICD, and BCM.

Skills & Competencies

• Accounting
• MS Office
• Banking products and services
• ADIB applications (Intellimatch, EThix)