Reconciliation Specialist Interview

Can you describe your experience with reconciling cash and securities accounts?

I have been working in reconciliation process for 2.8 years in statestreet i joined as an analyst and now i am associate 2 and learned many things on reconciliation process i will start with the cash reconciliation first we will check the breaks are loaded into the recon tool that is TLM premium if it done we will run a report for the day with all the breaks then the system will perform a system matching and then we will go to the another recon tool that is ROW(recon optimized workflow) then we will sync the data in TLM into ROW then we preform AI matching and coding

Your answer touches on key elements of your experience with cash reconciliation, which is a good start. However, it could be improved in several ways to better resonate with the interviewer and provide a more comprehensive understanding of your skills.

Evaluation:
1. Clarity and Structure: Your response could benefit from clearer structuring. Starting with an overview of your role and the importance of reconciliation sets a solid foundation before diving into specifics.

2. Detail and Examples: While you mention the tools and processes (TLM Premium, ROW), offering a specific example of a challenging reconciliation issue you faced and how you resolved it could enhance your answer. This demonstrates your problem-solving skills.

3. Broader Perspective: Include a mention of your experience with security reconciliations, as the question asks for both cash and securities. Briefly describing your approach to securities would provide a more rounded view of your expertise.

4. Terminology Explanation: While you use industry terminology, consider briefly explaining them, especially if the interviewer might not be familiar with TLM Premium or ROW.

5. Achievements: Highlight any achievements or efficiencies you've contributed to in the reconciliation process, which shows your impact within the organization.

Improved Example: "In my 2.8 years at State Street, I have progressed from an analyst to an associate, where I have honed my reconciliation skills significantly. In cash reconciliation, my role involves verifying that all breaks are accurately loaded into our TLM Premium tool. After generating daily reports of breaks, I utilize the system for automated matching and further sync with ROW. This systematic process helps streamline reconciliations; for example, I identified a recurring discrepancy that, once addressed, improved our reconciliation accuracy by 15%. Additionally, I also have experience with securities reconciliations, where I focus on ensuring accuracy in trade settlements and price variances. I'm also proactive in analyzing discrepancies to prevent future issues."

Rating: 3.5/5

What processes do you follow for resolving outstanding reconciliation items?

First i will check for if there is any matching in the fund and f there is no matchings found then i will check the if the break is from which side if it is from the custody side then i will reach out to the custody team the one who process the entry and client service teams to validate the breaks and if the break is from accounting side then i will reach out to fund accounting teams and processor to validate the entry and ask then to provide valid backups for posting the entry.

Your answer provides a structured approach to resolving outstanding reconciliation items, which is essential for a Reconciliation Specialist role. You clearly detail the steps you would take, such as checking for matching funds and determining the source of discrepancies. This shows a good understanding of the reconciliation process and the importance of collaboration with different teams.

However, your response could be enhanced by emphasizing a few key areas:

1. Initial Investigation: Mention how you would start by reviewing the reconciliation reports to identify trends in discrepancies or any recurring issues. This step showcases analytical thinking.

2. Documentation: Highlight the importance of maintaining thorough documentation throughout the process. This ensures transparency and facilitates future reconciliations.

3. Timeliness and Follow-Up: Stress the need to set timelines for follow-ups with the custody and accounting teams. Timely resolution is crucial in maintaining accounting integrity.

4. Escalation Procedures: Mention how you would escalate issues if they cannot be resolved within a defined timeframe or if you encounter persistent discrepancies.

5. Lessons Learned: Finally, you could mention how each reconciliation process can lead to improved procedures and how you would implement preventive measures based on findings.

Overall, your answer is a solid foundation but could benefit from more detail to illustrate a comprehensive approach to the reconciliation process.

Rating: 3.5/5

How do you prioritize tasks when faced with multiple reconciliation challenges?

Firstly, i will categorize the break on priority basis by splitting the breaks into high priority, medium priority, and low priority by age and by client, we some hyper care client for which we have to work on daily basis to provide the latest update on breaks and then i will prioritize the high aged breaks and breaks which has resolution within the bank and then i will move to the less aged breaks so that i will be in the organized way.

Your answer demonstrates a structured approach to prioritizing tasks when faced with multiple reconciliation challenges, which is crucial for a Reconciliation Specialist. Here’s an evaluation of your response:

1. Clarity and Structure: You introduced a clear categorization method (high, medium, low priority) based on age and client type, which is an effective strategy. This shows that you understand the need to assess urgency and importance.

2. Client Focus: Mentioning "hyper care clients" indicates that you recognize the importance of maintaining client relationships and providing prompt updates, which is key in finance and accounting roles.

3. Logical Progression: Your approach of tackling high-aged breaks first and then moving to less aged ones is logical. It reflects a methodical mindset that prioritizes resolving older issues, potentially reducing overall risk.

4. Improvement Areas: To strengthen your answer, consider incorporating specific examples or scenarios where this prioritization has worked for you in the past, illustrating your experience. Additionally, emphasize any teamwork or communication aspects, as collaboration can be critical in finance roles when handling reconciliations.

5. Conclusion: You might want to conclude with a brief statement about how this method not only aids in efficiency but also contributes to the overall accuracy of the reconciliation process, which is vital in finance.

Overall, your answer is appropriate and effectively highlights your thought process.

Rating: 4/5