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The Treasury Operations Specialist is responsible for monitoring the company's bank accounts, processing of funds transfers, and performing the Trust Collateral daily margin calls. The incumbent performs a daily review of Navient's depository account balances, determines cash concentration amounts, and calculates cash movements for Navient Corporation and its subsidiaries. The position works with trust counterparties and custody agents on a regular basis to ensure daily margin calls of trust swaps are confirmed, processed, and settled. The Cash Management Specialist will be responsible for handling the opening and closing of corporate bank accounts, research requests, maintaining fraud control measures, and ensuring all activities are done in accordance with Treasury Operations established policies and procedures. The incumbent will be cross trained to provide backup support for other analysts within the Treasury Operations Department. The individual will be assigned ad hoc projects as requested by management.
Essential Job Functions
Cash Concentration Functions:
* Coordinate the daily bank balance reporting documentation. Research any overdrafts and provide management with the details.
* Prepare presentments and cash concentration worksheets for various Navient Corporation subsidiary accounts by 11:45 a.m. and 3:30 p.m. daily and provide backup to Cash Desk daily.
* Send daily funding/investment request, as needed, to Capital Markets.
Electronic Transfer Functions:
* Facilitate timely disbursement of funds transfer, setting up and maintaining repetitive templates, and performing end of day processing to ensure transactions have settled.
* Ensure that all Funds Transfers requests have the necessary approvals before initiation.
* Set up Wires, Automated Clearing House (ACH), and Direct Debit transfers based on requests from authorized individuals.
* Monitor the Cash Mgmt and Fax Cash Management mailboxes daily. Organize and disburse incoming emails for processing or research, and handle research request in a timely manner
* Scan and maintain all files to meet auditing and record retention requirements.
* Archive day files on a quarterly basis in accordance with company policy.
Bank Administration Functions:
* Process requests for setting up new bank accounts following department procedures.
* Maintain documentation for each bank account including electronic files; coordinating with each bank to ensure that all the services requested have been setup.
* Monitor existing account and identify any accounts that maybe dormant and work with the respective department to close the accounts.
* Maintain updated account information in PeopleSoft including account signers, debit filters, company IDs, and updating bank contacts
* Prepare the monthly bank summary report and distribute accordingly.
* Analyze bank invoices for payment using BRM Edge.
* Prepare payment spreadsheets for management signature three business days prior to month end.
* Provide backup support to account owners for general ledger booking purposes.
* Send the bank a list of payment discrepancies and follow up to insure they are resolved timely.
* Create monthly reports for various departments and upper management regarding bank fees
* Process check request from Accounts Payable for various subsidiaries.
* Notify internal customers when checks are ready and secure signature upon pickup.
* Sign, scan and file check roster once all checks have been processed.
* Process payroll checks upon receipt, including stamping a signature on the check and adding it manually to the check issue file at the bank
* Deposit checks weekly and prior to month end. Insure checks deposited remotely are shredded within five business days.
* Respond to daily counterparty margin
* Administer letters for supervisor's/manager's approval and send to custody agent for settlement and reconcile with custody statements to ensure accuracy.
* Generate and distribute Trust Collateral Market Value report monthly.
* Review ISDA once a credit rating has occurred to determine any collateral impact.
Trust Collateral Margins Calls
* Work with various trust collateral counterparties to determine and confirm daily margin calls.
* Prepare margin calls documents for manager's approval and enter trades into various internal systems for tracking purposes.
* Ensure daily collateral movements are processed through custody agents and ensure cash and securities trades are settled and reconciled.
* Prepare monthly market value report and distribute accordingly.
* Review ISDA contract when credit rating has occurred for one of Trust Collateral counterparties.
* Cross train and provide backup for the other Treasury Operations Analysts.
* Maintain and update procedures within 30 calendar days.
* Scan, file and organize day folders. Archive daily work quarterly.
* Complete all related research requests for internal customers and internal/external auditors.
* Participate in providing backup for ICE Control testing and audit.
* Order supplies for the Treasury Operations group.
* Bachelor's Degree - Business related field, preferably Finance
* 0-1 year of experience within the Business or Finance field required.
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