Specialist, Cash Operations

Specialist, Cash Operations
Full time Charles Schwab in Banks and Financial Services

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Job Detail

Career Level Others
Experience 2 Years
Qualifications Degree Bachelor

Job Description

Your Opportunity

Retirement Business Services (RBS), provides trust, custody, trading, and technical services as Charles Schwab Trust Bank (CSTB). Cash Operations’ goal is to meet the needs of RBS by providing superior client service as it relates to the processing of incoming and outgoing cash activity and all associated regulatory and tax reporting. We also handle relationships with internal business partners, maintain and test various internal and vendor-supplied systems, and ensure compliance with all governing regulations and requirements. Our primary objective is to successfully process significant cash activity for RBS, in accordance with client directives, while maintaining proper controls to mitigate risk to the firm.

The specific teams within Cash Operations are the Cash Management Team, which is responsible for processing contributions, sending wires and ACH and daily communication with various departments. Additionally, a major objective is to process significant cash activity for RBS and still maintain proper controls to mitigate risk to the firm. The Distributions Team is responsible for the fulfillment of disbursements and distributions (including returned/rejected payments), facilitating and aligning with OFAC requirements, completing special handling requests, processing incoming mail and effectively communicating with various departments daily. The RBS Tax Team is within the RBS Cash Operations group and is responsible for tax withholding and reporting functions to ensure compliance with Federal and State tax rules and regulations as they pertain to CSTB. The Revenue Management team is responsible for creating quarterly and off-cycle invoices and collecting payments for each invoice. Additionally, they provide timely reporting on fees paid by our clients as it pertains to regulatory code 408b2 and 5500 Schedule C reporting.

What you are good at

A Specialist has a good understanding of the retirement market. This position is responsible for understanding all operational processes within the group, performing pertinent reviews and approvals, executing appropriate risk mitigation, and driving efficiency through process improvements.

This is a very rapid paced, detail-focused, and deadline-motivated position which may require overtime during critical production periods.

As a Specialist, you are expected to give in a reciprocal, team environment as you assist in the completion of all daily outgoing cash functions within carefully defined procedures. Additionally, you will be leading and/or participating in projects of varying size and scope that serve to advance our systems and processes.

Specialist responsibilities include:

Supervising and prioritizing assigned tasks from within the functional mailbox workflow system in a manner that meets or exceeds SLA’s
Fostering a positive and cohesive work environment that promotes employee engagement
Taking initiative to research and respond to higher-level, more complex inquiries from Client Services and other business units
Having flexibility with regards to impromptu changes in priorities
Being a knowledge resource for the team as well as various internal business partners
Providing assistance as needed or assigned to Distribution, Revenue Management, and Tax teams.
Designing, implementing, and maintaining quality control as well as initiating process improvements
Leading and participating in special projects

Once trained and proficient in the Cash Management functions, this individual will be cross trained with other Cash Operations teams- Revenue Management, Distributions, and Tax. After training, the individual, at the direction of the Managing Director or Team Manager, will be assigned to any of the Cash Operations teams, as needed, to provide staffing coverage. This individual will need to be flexible and quick to respond to any changes to their assigned team. This individual will also be responsible for providing process improvement ideas with the focus on innovation and efficiency. Internally, the individual will be responsible for delivering management level reporting, maintaining policies/procedures and spearheading projects to enhance the units.

What you have

High level of attention to detail and ability to work under pressure is required as errors and omissions can have regulatory risk
Ability to align with department target dates
Strong organizational skills and ability to prioritize and coordinate multiple processes
Ability to communicate professionally and clearly
Strong time management skills with ability to coordinate schedule and coverage with other team member to ensure processes are sufficiently covered
Ability to work and learn in a large volume, rapid paced, team-focused environment
Working knowledge of Microsoft Excel, Access and Adobe Acrobat
Advanced excel is a plus
Retirement or investment industry experience is a plus, although not required
Appetite for growth and continual learning and development

Why work for us?

Own Your Tomorrow embodies everything we do! We are committed to helping our employees ignite their potential and achieve their dreams. Our employees get to play a central role in reinventing a multi-trillion-dollar industry, creating a better, more modern way to build and manage wealth.

Benefits: A competitive and flexible package designed to empower you for today and tomorrow. We offer a competitive and flexible package designed to help you make the most of your life at work and at home—today and in the future. Explore further.

Schwab is committed to building a diverse and inclusive workplace where everyone feels valued. As an Equal Opportunity Employer, our policy is to provide equal employment opportunities to all employees and applicants without regard to any status that is protected by law. Please click here to see the policy.

Schwab is an affirmative action employer, focused on advancing women, racial and ethnic minorities, veterans, and individuals with disabilities in the workplace. If you have a disability and require reasonable accommodations in the application process, contact Human Resources at applicantaccessibility@schwab.com or call 800-275-1281.

TD Ameritrade, a subsidiary of Charles Schwab, is an Equal Opportunity Employer. At TD Ameritrade we believe People Matter. We value diversity and believe that it goes beyond all protected classes, thoughts, ideas, and perspectives.