Chief, Treasury Operations

Job Summary

Under the general direction of the Corporate Controller, the Chief is responsible for Centre-wide treasury operations including:  review and approval of transactional accounting, financial analysis, liquidity management for head and regional offices, investment management, ensuring payments to grant recipients, suppliers and employees are processed on a timely basis, prompt resolution of payment investigations,  systems access to online banking platforms and maintaining temporary sub-delegations of authority. The Chief provides coaching  and supervision to a team of financial analysts. The Chief of Treasury Operations ensures that all internal and external reporting (financial statements, CC Plates, Charity Return) are prepared accurately and in a timely manner.

The Chief is responsible for liquidty management for the head and regional offices, short and long-term investment management. These responsibilities include:  approving cash flow plans, managing the investment portfolio, as well as bank service charges and investment income analysis.  The Chief of Treasury Operations is also responsible to draft the annual report on investment income for the Finance and Audit Committee.

The Chief of Treasury Operations is responsible for drafting pertinent financial policies and procedures.

The Chief is one of three system administrators responsible for maintaining user access to online bank systems. The Chief is also one of the IDRC’s designated signing officers for the head office bank accounts and  is responsible for maintaining good working relationships with our bank partners including preparing periodic stewardship reviews with bank partners and setting objectives for the upcoming review period and ensuring that contracts are kept current.

The Chief contributes to the  execution of the FAD work plan to meet CFO and Divisional objectives as well as ensuring workloads are fair and equitably distributed amongst the staff under their supervision.

The Chief is expected to prioritize and execute multiple Special Projects as outlined in the annual work plan  and manage, lead and supervise the team as required.  The Chief provides assistance to the ChiefCorporate Controller in the discharge of his/her responsibilities.

The Chief of Treasury Operations communicates annual objectives consistent with Divisional, Branch and Centre objectives, to the individuals in their team and assigns responsibilities and tasks accordingly. He/She also assesses training requirements and manages the performance of individual team members.

Primary Duties and/or Responsibilities:

Financial Reporting and Treasury Operations

The Chief is responsible for  the integrity  of certain balances reported in the financial statements

  • Reviews and approves financial statement note disclosures related to  treasury operations as well as certain balances reported in the Statement of Financial Position and Statement of Cash flow;

  • Conducts year-over-year trend analysis and investigates significant variances;

  • As needed will oversee the re-valuation of FX denominated balance sheet accounts;

  • Ensures appropriate accounting treatment for investing activities as they apply to  the Statement of Cash Flow;

  • Reviews and approves working papers for monthly, quarterly and year-end statements, CC Plates and Charity Return;

  • Designs and/or approves efficient and effective business processes;

  • Is the point of contact for the annual attest audit for own area of responsibility;

  • Drafts responses to audit recommendations and feedback for vetting by Corporate Controller or Director FADChief;

  • Prepares technical analyses of IFRS for new or evolving standards; and

  • Reviews and approves new and revised corporate financial procedures in Treasury Operations area.

The Chief is responsible for the ongoing accounting, reconciliation and analytical activities by:

  • Operational responsibility with treasury operations area:

    • Approves monthly bank reconciliations and other banking charges for head  and regional office accounts;

    • Approving and posting monthly journal entries, reconciliations and analysis;

    • As needed, manual re-valuation of balance sheet accounts;

    • Approval of weekly and period end FX rates entered into the financial system; and

    • Analysis of exchange rates on FX transactions to ensure that pricing is in accordance with bank agreements.

    • Analyzes the exchange gain and loss account to ensure that transactions are properly recorded in the financial statements;

    • Designs business processes that meet dual objectives of service and stewardship by ensuring that key business risks are identified and appropriately managed with due regard for efficiency and effectiveness.
       

The Chief is responsible for day-to-day liquidity management, short and long term investment management and long-term cash flow planning, which includes, but is not limited to, the following duties:

Cash Flow Planning

  • Reviews and approves cash flow plan;

  • Works with management in the ongoing refinement of cash flow forecasting models in a low liquidity environment;

  • Reviews the cash flow report to ensure that there are sufficient funds available to meet operational requirements, recommending adjustments to scheduled payments or the redeeming of investments to ensure adequate funds;

  • Monitors and reports on regional office liquidity levels and policy and procedural compliance.

Investment Portfolio Management

  • When there are funds surplus to requirements, checks the inventory of financial instruments with a view to purchasing instruments compliant with IDRC's investment policy;

  • Completes the investment purchase checklist to document the compliance of prospective instrument purchases, providing to the Chief for approval;

  • Approves the investment purchase checklist as analysis as prepared by the Senior Financial Analyst,  and purchases the investment as recommended;

  • Reviews and approves the monthly investment portfolio performance report ensuring cash and investment activities are in line with corporate objectives;

  • Reviews and approves the impairment test documentation;

  • Verifies  the data integrity of the Excel based Investment Switchboard and archives information at appropriate intervals;

Investing

  • Recommends and   purchases  short,  medium or long term money market instruments in accordance with IDRC’s investment policy;

  • Purchases short term money market instruments in accordance with IDRC’s Investment Policy for surplus funds;

  • Keeps abreast of developments in the Canadian money market to ensure that selected investment instruments safeguard the assets of the Centre;

Reporting

  • Reviews and approves the investment and liquidity information in the monthly Treasury dashboard which provides a succinct report  of IDRC’s investments, liquidity, foreign-exchange exposure and 3-month cash-flow forecast;

  • Certifies, and issues in a timely manner, the monthly  Analysis of Investment Income, comparing actual versus projections and explaining variances, ensuring projections align with actual performance, complete with an analysis of where the cash is invested, the rate of return earned as compared to benchmarks (i.e., 90-day treasury), and the weighted average return on the portfolio;

  • Approves a projection of interest income for the Program of Work and Budget and the in-year reallocation exercise; liaises with the Budget and Financial Management unit for that purpose; provides information on investment interest rates to the External Fund Management group of the Budget and Financial Management unit;

  • Prepares annual investment reporting for the Board and quarterly for the CFO and DCFO;

Policy and Procedures

  • Draft policies and procedures related to treasury operations;

  • Recommends necessary changes to the Centre’s investment policy and works with the Corporate Controller Director and the Financial Officer on recommendations to the Board’s Finance and Audit Committee;

Bank Relationship Management and Account/Contract administration

  • Approves bank service charges report;

  • Participates in the RFP for banking services in accordance with the provisions of the procurement policy;  and

  • Oversees the maintenance of all contractual documents for IDRC’s head office banking arrangements.

Payment Issuance

The Chief is responsible for the issuance of payment instruments by cheque, international wire, and electronic funds transfer (EFT) and automated clearing house (ACH). This includes, but is not limited to, the following duties:

  • Reviews and approves the preliminary and final payment registers for  cheque, international wire, electronic fund transfer (EFT) and automated clearing house (ACH) payments;

  • Principal signing officer for the review, approval and transmission of payments for cheque, international wires and EFT-ACH payments and payroll;

  • Transmits payment batches from IDRC to the bank;

  • Responsible for payment service standards (in collaboration with the Financial Analyst) and a calendar of payment issuance by payment type to ensure that service providers, external clients and stakeholders are aware of the frequency of payment batches;

  • Monitors problems or issues with payments, i.e. service requests, and ensures they are investigated and resolved; and

  • Reviews and approves petty cash transactions.

Supporting Business Process Enhancements

Financial, Investment  and Online Banking  systems

The systems used by the unit includes: Microsoft NAV, Investment Switchboard,  HSBCnet, CitiDirect

  • The Chief  is responsible for ensuring that the data recorded in the financial systems  is  current and accurate;

  • Critically reviews Treasury Accounting area's financial system configuration to ensure that it meets operational needs, identifies need for  new reports and oversees any required changes;

  • Ensures alignment of access rights to the MS NAV financial system with job responsibilities for their direct reports;

  • Is primary System Administrator for  banking systems, in conjunction with the Corporate Controller and the Chief of Financial Accounting Operations;

  • Assists the maintenance of user access rights to internal Oracle and external banking systems for the purposes of effecting payments, other authorizations and overall system security; and

  • Ensures that appropriate procedures are in place for the update of users who leave or change positions.

Special Projects

Aside from the operational duties assigned to this unit, special projects are typically defined within the FAD work plan.  Special projects may extend beyond the limited scope of the operational responsibilities reflected above, but will affect future operations.

  • Leads and completes special projects that are defined within the FAD work plan;

  • Develops continuous improvement initiatives and liaises with Chief, Corporate Accounting and Treasury;

  • Develops unit work plans and balances operational duties with special projects.  Ensures workloads are continuously monitored and distributed in an equitable manner;

Other duties and responsibilities

  • On a quarterly basis develops and interprets meaningful and appropriate key performance indicators that include both quantitative and qualitative measures on unit performance;

  • Acts as a backup for the Corporate Controller;

  • Provides coaching and supervision to direct reports;

  • Develops learning plans that align skills and competencies to position requirements;

  • Prepares semi-annual and annual performance reviews on a timely basis;

  • Performs other related duties as requested by the Corporate Controller.

Job Scope

One of two supervisors within the Corporate Accounting team, the Chief of Treasury  Operations has  responsibilities for liquidity of the Centre’s head and regional offices,  the  investment portfolio (approx. $50 million). This position also maintains and refines the financial models for longer term cash flow planning and working capital.  The Chief of Treasury Operations ensures the adequacy of internal controls within own area of responsibility and makes recommendations on any required adjustments. As the last point of control before payments are released, the Chief is responsible for the release of approximately two thirds (in value) of IDRC’s total expenditures.

The Chief is responsible for the preparation of the relevant sections of  internal and external financial reports related to treasury operations.

The Chief  provides recommendations to the Corporate Controller and the Director on all areas of treasury operations.

The Chief  contributes to the development and update of policies and procedures.