Scotiabank

Senior Manager, Consolidation - Global Finance

Scotiabank • $110K — $130K *
Toronto, ON M3C 0E3In-Person
Finance & Insurance
Less than 5 years of experience
Today
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Job Overview by Ladders

Qualifications

  • Professional accounting designation required.
  • Experience in financial accounting and reporting with a large organization.
  • Expert knowledge of Excel and familiarity with advanced financial accounting systems.
  • Strong understanding of accounting and consolidation principles, including financial statement components.
  • Knowledge of the Bank's general ledger systems and automated processes.
  • Strong leadership and organizational skills for managing multiple projects.
  • Excellent communication, coaching, and project management skills.

Responsibilities

  • Provide direction to the team and ensure timely reporting deadlines are met.
  • Manage calculations for equity pickup and maintain carrying values for associates.
  • Prepare and report carrying values for subsidiaries and non-controlling interests.
  • Oversee foreign exchange processes and monitor the Bank's structural position.
  • Provide financial information to support strategic transactions.
  • Ensure accuracy of the consolidation ledger and perform monthly attestations.
  • Manage elimination of intercompany transactions and balances.

Benefits

  • Opportunity to join a forward-thinking company with a collaborative team.
  • Diverse opportunities for professional development and career growth.
  • Internal development programs to enhance skills.
  • Commitment to community impact for employees and customers.
  • Inclusive work environment that encourages creativity and celebrates success.
Full Job Description
Requisition ID: 275113

Purpose

The Consolidation team manages and oversees critical processes in the preparation of the Bank's consolidated financial statements and provides information and analysis to senior Finance management and other areas of the Bank. Processes and analysis relate to areas such as foreign exchange; equity accounting; carrying value of subsidiaries and non-controlling interest; all Bank balance sheet analysis, consolidation adjustments, closing entries, and reconciliations; and elimination entries. To conduct these activities, the consolidation team must communicate and coordinate with many areas including Business Line Finance teams, reporting and booking units, Global Accounting Policies and Procedures and Global Finance Technology. This is a challenging and key position that requires an eager, self-motivated, highly organized, efficient, and detail-oriented individual with excellent leadership skills and strong accounting and financial acumen. The incumbent manages a team of nine and has primary accountability for the operations of the team. This involves managing critical components of the Bank's monthly and quarterly closing activities, reviewing key reports and analysis, and leading the implementation of process improvements to increase efficiency and reduce operational risk. An important initiative for the Consolidation team that is driving many of these improvements is Global Finance's Accelerate the Close (ATC) project. The Consolidation team is part of Financial Accounting and Reporting (FAR). The position reports to the Director, Head of Specialized Accounting and Consolidations.

Is this role right for you? In this role you will:
  • Provide direction to the team and monitor key monthly and quarterly deliverables to ensure reporting deadlines are met and issues potentially affecting the Bank's results are resolved prior to closing the books.
  • Manage the calculation of the equity pickup for associated corporations and maintain carrying value of associates.
  • Preparation and reporting of the carrying values for the Bank's subsidiaries as well as non-controlling interests.
  • Manage the Bank's foreign exchange processes, including reasonability of foreign exchange rates, accuracy and reasonability of the foreign exchange translation related to the Bank's investments in its subsidiaries, and monitoring and reporting of the Bank's foreign exchange structural position to senior management.
  • Provide key financial information in support of strategic Bank transactions.
  • Oversee the Bank's consolidation ledger ensuring that balances remain accurate and valid. Perform monthly attestation as to the accuracy of the balances in the Bank's consolidation ledger and CTA accounts and report exceptions as required.
  • Manage and ensure that proper processes are in place for the timely and accurate elimination of intercompany transactions and balances within the scope of the consolidation team (for example, investment in subsidiaries and share capital, intercompany dividends, internal derivatives, internal issuance costs as well as significant/unusual capital or funding transactions - does not include IBA/ICA process).
  • Monitor and possess expert knowledge of key EGL processes including year-end roll-over, suspense processing, elimination entries, foreign exchange entries, and closing entries.
  • Oversee the team's quarterly and annual shareholder reporting requirements and note disclosures.
  • Oversee production of midmonth balance sheet for CDIC Valuation Testing (3-year cycle).
  • Oversee and manage special projects as required to develop and implement processes improvements to enhance efficiency and effectiveness of internal controls and reporting or to meet new reporting requirements.
  • Participate in finance related projects as a business resource (for example ATC).
  • Stay up to date on accounting requirements and assess impact of new requirements on the operations of the Consolidation team.


Do you have the skills that will enable you to succeed in this role? We'd love to work with you if you have:
  • Professional accounting designation required.
  • Experience in financial accounting and reporting with a large organization.
  • Superior computer skills including: expert knowledge of Excel; knowledge of state-of-the-art financial accounting and reporting systems; developing knowledge of AI
  • Excellent understanding of accounting and consolidation principles and ability to understand financial statements, their components and disclosure requirements.
  • Strong knowledge of the Bank's general ledger systems and its automated processes.
  • Strong leadership and organizational skills required to manage a variety of concurrent deliverables and projects and resolve related issues.
  • Excellent coaching skills, communication, project management, and business acumen.
  • Solid skills to multi-task and be comfortable working under tight reporting deadlines, particularly at quarter and year end.
  • Superb self-motivation, work attitude, and time management skills.


What's in it for you?
  • The opportunity to join a forward-thinking company surrounded by a collaborative team of innovative thinkers.
  • A rewarding career path with diverse opportunities for professional development.
  • Internal development to support your growth and enhance your skills.
  • An organization committed to making a difference in our communities - for you and our customers.
  • We have an inclusive and collaborative working environment that encourages creativity, curiosity, and celebrates success!


Location(s): Canada : Ontario : Toronto

About Scotiabank

Scotiabankers are committed to helping individuals, companies, and communities to thrive in a changing world. From personal and business banking, brokerage, and insurance, to private wealth, and the most sophisticated commercial, corporate and institutional services, they serve the diverse needs of some 21 million customers in more than 55 countries. Founded in 1832 in Halifax, Nova Scotia, their growth has always been fuelled by the success of their customers and their longevity secured by an unshakable commitment to carefully and expertly managing risk and capital. That focus on doing what's right for customers—short- andlong-term—has made us a global financial services leader. Headquartered in Canada, they are over 86, 000 Scotiabankers strong. Each of us are committed to being the best at understanding their customers' needs and all of us working together to deliver practical advice and relevant solutions that help their customers become financially better off.

Scotiabank Careers

Join Scotiabank, a premier financial institution, and become part of a diverse and inclusive team that’s leading the way in global banking. At Scotiabank, we offer more than just job opportunities; we provide a platform for professional growth and innovation in the financial services industry.

Work You’ll Do

At Scotiabank, we’re not just filling positions; we’re cultivating leaders. Dive into a workplace where diversity training and leadership development shape the path to your future. Our commitment to professional growth is evident in our robust training programs and continuous learning opportunities that foster innovation and strategic thinking.

Explore a World of Opportunities

Whether you’re looking for a full-time position, an internship, or a leadership role, Scotiabank has a spectrum of opportunities to fit your career ambitions. Our team is composed of individuals who bring a wealth of skills and perspectives to our company, driving us forward with their creativity and strategic insights.

Innovative Work Environment

Scotiabank’s culture is one of collaboration and respect, where each team member’s contribution is valued. Engage in meaningful work that challenges you to leverage your skills and push the boundaries of what’s possible in the banking sector. Our innovative projects not only support the growth of the company but also ensure our position as a leader in the industry.

Benefits and Growth

Choosing a career at Scotiabank means opting for a life of growth and opportunity. Our employees enjoy competitive benefits, including comprehensive health coverage, retirement plans, and flexible working conditions, all designed to support your career and personal life. We believe in nurturing our team’s potential by providing them with the tools they need to succeed both professionally and personally.

Join Our Team

Ready to take the next step in your career? Explore the job opportunities at Scotiabank by searching our open positions that match your skills and interests. We are continuously hiring and looking for passionate, curious, and solution-driven team players.

Networking and Professional Development

Stay connected and advance your career through Scotiabank’s extensive networking opportunities. Participate in events that connect you with other professionals and leaders within the industry. Our career resources will help you prepare your resume, ace your interviews, and land the job that best suits your career goals.

Stay Ahead

Keep up to date with the latest in career tips, industry insights, and company news—all from the people who work here at Scotiabank. Personalize your experience by subscribing to job alert emails tailored to your preferences and be the first to know about new openings and exciting developments. Join Scotiabank and be part of a team that values integrity, respect, and accountability. Discover how your career can flourish in an environment committed to your professional development and personal growth.
Learn more about Scotiabank
Size
90,619 employees
Market Cap
$57.5 billion
Industry
Finance & Insurance
5 Year Trend
+7%
NASDAQ
BNS
* Ladders Estimates

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