Overview (Bank overview, GBS India overview, Function Overview)*
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.
We are a part of the Global Business Services which delivers technology and operations capabilities to all Bank of America lines of business (LOB) and enterprise functions.
Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.
* BA Continuum is a nonbank subsidiary of Bank of America, part of Global Business Services in the bank.
The FAKC (Finance and Accounting Knowledge Center) was set up in 2007 as a part of the CFO Global Delivery strategy to provide offshore delivery to Line of Business and Enterprise Finance functions. The capabilities hosted include Accounts Payable, General Accounting & Reconciliations, Management Reporting & Analysis, Research & Analytics, Financial Transaction Processing, Finance Systems Support and Supply Chain Management.
Over the years, the scope of FAKC has been expanded to include operations for other enterprise control functions like Human Resources and Risk and Compliance.
(Provide a high level overview of the role and scope of responsibilities)
This role involves performing reconciliations of Balance Sheet Accounts of Bank of America adhering to Account Reconciliation Policy (ARP) and Account Reconciliation Standards (ARS) and to complete in timely manner to ensure all process SLAs are met. To Investigate and report out any breaks to business partner to ensure adequate time for investigation. The associate must have a sound understanding of accounting fundamentals and be able to communicate and explain account activity and usage to internal and external audit queries via email and or telephone. The reconciliations should be performed as per the set standards in the Account Reconciliation Policy. Exposure to Six Sigma and other quality improvement tools would be an added advantage.
o Ensure that the reconciliations are performed as per procedures and Account Reconciliation Policy (ARP) and Account Reconciliation Standards (ARS).
o Ensure the transaction flow on accounts is understood and recorded in the process procedures.
o Ensure that the targets assigned in accordance with the SLAs are met.
o Rigorous follow up with LOB on open items & get the required documentation completed for aged items as per defined timelines
o Ensure that quality of the Account Reconciliation is in compliance with predefined parameters.
o Identify potential areas for process improvements, risk reduction, non-compliance & highlight the same to the supervisor.
o Provide relevant process reports on daily basis
B. Com with Certifications If Any
Experience Range* -5 – 6 yrs. of experience, out of which at least 3 yrs. in GL Accounting & Reconciliation function
o Excellent understanding of accounting concepts
o Good exposure in Balance sheet reconciliation domain
o Strong Analytical and Problem solving skills
o Good communication skills
o Knowledge on advanced excel, Macros
Range between 01:30 PM to 10:30 PM, with weekend off. Shift timings could change as per business requirements.
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