Commodities Settlement Analyst

What is the opportunity?

The Commodities Settlement Analyst participates in and supports the operational activities of a business unit. They apply experience and complete working knowledge of the job and policies/practices to perform a combination of routine tasks and varied administrative/operational assignments.

What will you do?

Settlements:

• The role will consist of being the first line of defense any related Reconciliation issues, P/L or Balance Sheet Breaks. The analyst will assume a primary role on the daily tasks for their assigned product, complete the timely resolution of any issues that arise with appropriate escalation to Senior Analysts and Management as well as to provide innovative solutions for process inefficiencies.
• On a daily basis, verify and ensure accuracy of daily cash payments/receipts via wire transfers and G/L accounting entries through accounting systems, in a timely manner while ensuring adherence to all relevant Standing Orders
• Ensure daily review of payment forecast report from Tax group to determine if counterparties are FATCA withholdable and action as required
• Review settlement report on a T+14 day basis from trading system (Openlink) to forecast and monitor upcoming settlements, process invoices and confirm with counterparties. Investigate and resolve any variances by working with the counterparty and other Business & Client Services functional teams (Validations, Confirmations), as well as the Trading Desk.
• For any identified breaks, prepare detailed reconciliation of system settlement data vs. client data and ensure variances are investigated, resolved and escalated as appropriate
• Update and maintain queries and reports that pertain to settlement related activity in Openlink.
• Acquire a solid understanding of businesses and how the trades are recorded in Openlink.
• Develop strong understanding of commodities trading products and trade instrument types to develop and maintain relevant accounting rules for the asset class support

Funding:

• Review accuracy of data compilation to ensure the overnight/term funding requirements adhere to established funding thresholds.

Regulatory Reporting:

• Review and verify completion of monthly, quarterly and yearly regulatory filings for the various RBC legal entities
• Review and verify data for Index Brokerage Fees for quarterly market participant payments.

Balance Sheet & P/L Account Analysis:

• Reconcile and review data derived for daily P/L and Balance sheet reconciliation for internal stakeholders (trading desks, Product Control, Financial Control).
• Assist Financial and Product control teams in investigating and explaining queries related to cash and p/l as it relates to BCS owned accounts.
• Complete reconciliations of Balance Sheet to resolve any issues for Monthly ESOD submissions. Analysts are responsible in assisting Senior Analysts in ensuring the completeness, accuracy and adequate supporting documentation. Ensure preparation and review of binders is completed as per the SoD deadlines.
• Complete Pega Attestation for Balance Sheet Accounts as per RBC Finance policy and within prescribed timelines.
• Review and assist in transfer pricing and pledging settlement on a monthly or quarterly basis.

Project Management:

• Propose initiatives to improve manual processes and liaise with business analysts and IT to provide requirements, test and onboard the process
• Participate in team’s project initiatives – assisting with business requirements, user acceptance testing and onboarding to production.

Other:

• Ensure that daily and monthly procedures, as detailed in the group’s procedures and standing orders are strictly observed. Maintain and update operational procedures and PRIMA maps related to these functions on a monthly basis.
• Review EUC inventory on a quarterly basis and ensure processes are strictly observed and maintained.
• Monitor and ensure Key Performance Measurements are maintained such as pay fails, nostro breaks and funding. Raise any concerns to management in a timely manner.
• Proactively identify opportunities to further streamline processes.
• Cross train and act as back up for other members of settlements team (including vacation coverage)

What do you need to succeed?

Must haves:

• Advanced analytical and problem-solving - high degree of accuracy and ability to analyze large amounts of data
• Strong interpersonal and communication skills
• High level of adaptability in a dynamic team environment
• Ambitious, results-driven achiever
• Conceptual / Strategic thinker
• Advanced Excel Skills (Pivot Tables and Macros)

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable.
• Leaders who support your development through coaching and managing opportunities
• Ability to make a difference and lasting impact.
• Work in a dynamic, collaborative, progressive, and high-performing team.
• Flexible work/life balance options.
• Opportunities to do challenging work.
• Opportunities to take on progressively greater accountabilities.
• Access to a variety of job opportunities across business.