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BUSINESS UNIT DESCRIPTION
The Finance group provides financial services to CIBC’s businesses through effective governance and decision support processes. These services include financial, management and regulatory reporting, maintenance of accounting records and internal controls, financial analysis and planning, tax planning and compliance, treasury, global sourcing and payment processing, regular reviews of business line performance, asset record maintenance. and liaison with external authorities on financial reporting matters. In addition, Finance assists Corporate Development in providing financial advice regarding CIBC’s business opportunities and transactions.
LINE OF BUSINESS DESCRIPTION
Finance , Hong Kong is a one stop shop providing the full suite of Finance services to the Hong Kong and China offices which currently comprises of a branch and representative offices. The team performs Financial regulatory, management and statutory reporting, accounts payables and expense accounting and taxation. The team provides value by helping clients and partners to make effective decisions, compliance with regulatory and statutory requirements, processing of vendors invoices and expenses, participation and support of global and regional projects/initiatives.
Key Responsibilities include:
- Account for and ensure the timeliness and accuracy of both internal and external financial reporting, Head Office reporting, management reporting and regulatory reporting
- Coordinate and testing and implementation of new product and system
- Update and implement process documentation e.g. desktop procedure manual, reviewer checklist for financial reports and regulatory reports
- Assist in the branch tax filing schedules
- Monitor expense processing and general accounting entries
- Ensure interface between source and ledger are in sync
- Identify and implement process improvements and automation opportunities to enhance operational efficiency
- Liaise with internal and external auditors and stakeholders
- Keep abreast of new Finance related regulatory and financial reporting requirements
- Support ad hoc request and new project initiatives raised by the regulators and stakeholders
- Provide guidance and on the job training to staff with issues/problems
- Support Shanghai Rep Office, Beijing Rep Office and WFOE
- Act as Business Plan Recovery coordinator for HK Finance and update BRP documents as when required
- Act as Coordinator for the Record Retention for HK Finance and perform checks on compliance to Record Retention policy
- Responsible for expenses management, review account coding on expense invoices prepared by the Finance Assistant Manager
- Be responsible for entries for BRO and WFOE to ensure payment is legitimate with proper authorization, and map entries from local book to CIBC account
- Provide monthly funding for Shanghai and Beijing offices
- Reconcile fixed asset in COUPA to SAP
- Maintain chart of accounts
- Maintain Fixed Assets register in the COUPA system
- Recover of intercompany charges from CIBC branches
- Perform daily reconciliation on Nostro accounts
- Ensure all suspense accounts are cleared by month end
- Prepare Balance Sheet supporting schedules monthly – Security Deposits/Prepayments/Club Membership/Fixed Assets/Expense Accruals/Others
- Prepare monthly expenses variance analysis for total HK branch
- Prepare following daily / monthly / quarterly reports
- Daily of FX position
- Daily and Monthly PnL for HK
- Monthly Core Li & Asset report
- Monthly Operational losses report
- Monthly expenses accrual entries
- Monthly HK Finance holiday entitlement schedule
- Prepare monthly transfer pricing invoice and entries for Global Banks and WFOE
- Review month-end sweep entries and raise FX tickets for the sweep entries
- Prepare yearly trial balance sheet and audit related documents for Beijing Rep Offices
- Provide support and backup to HK Finance team on SAP, Alteryx, COUPA, PeopleSoft
Qualifications and Experience
- Minimum 5 years of relevant experience in a similar position. Experience in Big 4 is preferred
- Generally Accepted Accounting Principal covering local requirements to ensure financial records meet the local standards. IFRS/Canadian requirements is preferred
- Knowledge of Hong Kong Corporate Income Tax and HKMA regulatory reporting requirements is preferred
- Diverse product knowledge in general wholesale banking products such as corporate loans, contingents such as bonds/guarantees, deposits, securities, derivatives and foreign exchange, investment banking M&A and Underwriting covering business activities in office to ensure that proper review and analysis of performance is achieved
- Financial reporting systems including source systems in order to provide efficient use and maintenance of the systems from a financial reporting perspective and ensuring that proper control and reconciliation is undertaken
- Strong working knowledge of Microsoft Excel (Macros, SQL, VBA, etc.) is a plus
What you need to know
- CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact Mailbox.careers-carrieres@cibc.com
- You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit
Job Location
2 Queens Road Central
Employment Type
Regular
Weekly Hours
37.5
Skills
Accounting Policies, Accounting Processes, Accounting Reconciliation, Analytical Thinking, Client Counseling, Communication, Financial Reporting and Analysis, Management Reporting, Process Improvements