Reconciliation Specialist

Career Opportunity

Role Title

Reconciliation Specialist

Purpose of role

The Reconciliation Specialist is responsible for upholding the integrity of financial transactions for policyholders and members. Reconcile and clear Insurance Operations accounts through investigation, analysis, collaboration, and resolving moderate to complex accounting transactions. Responsibilities include preparation and uploading journal entries into the general ledger, researching outstanding issues, tracking accounting errors, reporting and support for Insurance Operations project/initiatives.

Job Description

Key Responsibilities

• Ensure suspense account balances agree with the balances in the general ledger and perform preliminary verification of account balances
• Resolve system and general ledger discrepancies
• Monitor and escalate reconciliation issues
• Review and investigate high volume of transactions, identifying causes of discrepancies, and work with respective user and origin team on how to correct accounting discrepancy
• Coordinate with teams to trace and resolve any outstanding entries/differences as well as provide troubleshooting support and best practice recommendations to other departments
• Track on CRM user accounting errors and provide instruction to originating user for corrective next steps
• Identify system accounting issues and work with IT to resolve
• Cross reference between suspense accounts and determine the reasons for the discrepancies and take appropriate action to correct it
• Process documentation creation and updates
• Support and prepare audit-related inquiries and documentation
• Identify unclaimed property and collaborate with Unclaimed Property team to follow due diligence procedures and transfer funds to the appropriate account(s).
• Document findings, compile information required for journal entries and obtain appropriate approvals to archive supporting documentation
• Daily Cash sheet reconciliations for Payment Services
• Complete journal entry quality review by providing summary and back up documentation in timely manner
• Ensure follow up action is taken when necessary
• Prepare monthly reconciliations, Payment Services Deposit report, preliminary reports, team and error reports
• Maintain appropriate files, reports and any other documentation
• Assess process inefficiencies; provide detailed input as to the approach to resolve and improve process, capture appropriate data
• Perform other duties as assigned

Key Qualifications

• Education (minimum required): Post-secondary degree in Accounting, Finance or related field would be an asset.
• Experience (minimum required): 2+ years working experience in reconciliations and 2+ years of relevant experience in the Life insurance industry would be an asset.
• Intermediate to advanced Excel skills required.  Including the ability to manipulate large amounts of data using grouping, pivot tables, macros and V Look Up functions to reconcile and quickly detect discrepancies.
• Strong proficiency in Microsoft Office application
• Foresters and Foresters Life products and policy administration systems knowledge preferred
• Ability to follow up to get necessary answers to complete tasks
• Excellent ability to multi-task and respond to constantly changing needs and priorities
• Strong analytical and problem-solving skills
• Effective interpersonal, verbal and written communication skills
• Customer service oriented
• Ability to effectively work under tight timelines and prioritize deliverables to ensure deadlines are met
• Demonstrated ability to work equally well in a team environment or as an individual contributor
• Proactive and highly motivated individual who is resourceful and results oriented
• Occasionally performing duties outside key responsibilities to assist the team when required
• Ensuring work outputs aligned with business objectives and customer needs
• Knowledge of clearing and settlement procedures and understanding of financial and administrative systems are preferred
• Experience working with and meeting the needs of internal/external stakeholders
• Ability to work through others without direct reporting relationship to achieve goals

# LI-Hybrid

Equal Opportunity Employment and Inclusion – at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email [email protected] in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.