Senior Manager, Consolidation - Global Finance

Scotiabank; Toronto; On-site; CAD 150,000 - 190,000; Full time

Job summary

Scotiabank in Toronto, Ontario, is seeking a Senior Manager, Consolidation - Global Finance to lead a nine-member team responsible for monthly and quarterly close, equity pickup, and consolidation activities. The role focuses on ensuring accurate reporting, process improvements, and strong internal controls within the FAR function.

The incumbent will coordinate with multiple stakeholders, oversee intercompany eliminations, foreign exchange processing, and shareholder reporting, while driving the

Qualifications

• Experience in financial accounting and reporting with a large organization.
• Excellent understanding of accounting and consolidation principles and financial statements.
• Superior computer skills including Excel; knowledge of modern accounting systems; developing knowledge of AI.
• Strong leadership and organizational skills to manage concurrent deliverables.
• Excellent coaching, communication, project management, and business acumen.
• Ability to multi-task under tight quarter/year-end deadlines.
• Self-motivation and time management abilities.

Responsibilities

• Provide direction to the team and monitor monthly and quarterly deliverables to meet reporting deadlines.
• Manage the calculation of the equity pickup for associated corporations and carrying value of associates.
• Prepare and report carrying values for subsidiaries and non-controlling interests.
• Manage foreign exchange processes and monitor FX positions for senior management.
• Provide key financial information in support of strategic Bank transactions.
• Oversee consolidation ledger accuracy and attest balances with exceptions.
• Manage timely intercompany eliminations and related processes.
• Monitor year-end processes, including roll-over, eliminations, and closing entries.
• Oversee quarterly and annual shareholder reporting and notes disclosures.
• Lead special projects to improve internal controls and reporting efficiency.
• Stay updated on accounting requirements and assess impact on operations.

Skills

Financial accounting & reporting

Excel expert

AI knowledge development

Accounting & consolidation principles

General ledger systems

Leadership & organizational skills

Coaching, communication & project mgmt

Multi-task under deadlines

Self-motivation & time management

Job description

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Title: Senior Manager, Consolidation - Global Finance

Requisition ID: 275113

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

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:

• 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

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know.

We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.