Bank Reconciliation Officer at Cornerstone Insurance Plc

Cornerstone Insurance Plc. was incorporated on 26th July 1991 as a private limited liability company and became a Public Limited Liability, quoted on the Nigerian Stock Exchange in 1997. Our organization was established to conduct Insurance business in a professional, ethical and customer-focused manner and has remained committed to these values over the years.

We are recruiting to fill the position below:

Job Title: Bank Reconciliation Officer

Location: Lagos
Employment Type: Full-time

Position Overview

• The Bank Reconciliation Officer will be responsible for ensuring that all financial transactions are accurately recorded and reconciled between the company’s internal records and bank statements. This role involves verifying transaction details, identifying discrepancies, and resolving any issues to maintain the integrity of financial data.

Key Responsibilities
Reconciliation Activities:

• Perform daily, weekly, and monthly bank reconciliations for all company bank accounts.
• Verify and reconcile transactions between bank statements and internal financial records.
• Investigate and resolve any discrepancies or variances identified during the reconciliation process.

Transaction Monitoring:

• Monitor and ensure all deposits, withdrawals, and transfers are accurately recorded.
• Review and reconcile incoming and outgoing payments, including premium collections, claim payments, and other transactions.

Documentation and Reporting:

• Maintain accurate and up-to-date documentation of reconciliation activities.
• Prepare reconciliation reports for management review, highlighting any issues or discrepancies.
• Ensure compliance with internal policies and procedures as well as regulatory requirements.

Process Improvement:

• Identify opportunities for process improvements and automation to enhance the efficiency of the reconciliation process.
• Implement best practices and standard operating procedures for bank reconciliations.

Collaboration and Communication:

• Collaborate with other departments such as Finance, Accounting, Claims, and Underwriting to resolve reconciliation issues.
• Communicate effectively with banks and financial institutions to address any discrepancies or concerns.
• Provide support and training to other staff members on reconciliation processes and procedures.

Compliance and Risk Management:

• Ensure all transactions comply with company policies, industry regulations, and legal requirements.
• Assist in internal and external audits related to bank reconciliations.
• Monitor and report any potential risks or fraudulent activities.

Qualifications
Education and Experience:

• Bachelor’s Degree
• Minimum of 2 years of experience in bank reconciliation, accounting, or a related financial role.

Skills and Competencies

• Strong understanding of accounting principles and bank reconciliation processes.
• Proficiency in accounting software and Microsoft Office Suite, particularly Excel.
• Excellent analytical and problem-solving skills.
• High attention to detail and accuracy.
• Effective communication and interpersonal skills.
• Ability to work independently and as part of a team.
• Good organizational and time management skills.

Additional Information:

• This role is vital in ensuring the accuracy and integrity of financial records, contributing to the overall financial stability of the insurance company.
• The Bank Reconciliation Officer will play a key role in maintaining efficient financial operations and supporting the company’s financial reporting requirements.

Deadline: 26 May, 2024

Method of Application
Interested and qualified candidates should send their attached Application and Recent CV  to: recruitment@cornerstone.com.ng using the job title as the subject of the mail.