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Responsible for the efficient and proper utilization of internal cash balances throughout the consolidated company. Maintain regulatory required balances at the Federal Reserve and ensure availability of funds in the unsecured Fed Funds market and secured financing availability from the Federal Reserve Discount Window and through the Federal Home Loan Bank. Working with the Portfolio & Funding Manager, Treasury Operations, and other internal subsidiaries, analyze realized cash flows relative to estimates and projections. Determine appropriate cash balances to be held with third party correspondents to minimize operational balances while maximizing interest bearing funds. Manage all cash payments/receipts necessary to ensure securities settlement activity clears as scheduled according to normal security settlement protocol. Working with the Capital Planning & Liquidity Manager, provide short-term cash flow estimates and funding projections (up to 3 months).
Manages intraday and end of day Federal Reserve Bank & correspondent bank cash positions. Buy/Sell Fed Funds in the market as needed. Ensure collateralized funding channels remain operational and evidence such through periodic testing. Manage domestic correspondent bank balances in combination with managing Federal Reserve Bank transactions while meeting maintenance period reserve requirements. Mitigate unnecessary daylight overdraft balances to minimize adverse operational fees and expenses.
Manages daily securities settlement activity with custodian banks and ensure necessary security characteristics are reflected in the accounting system of record. Manage related principal, interest, & redemption payments as well as trade related factor and coupon rate changes posted to the accounting system. Ensure custodian cash balance is sufficient to cover the net of daily activity.
Prepares daily cash reconciliation packages that capture cash activity from the prior day inclusive of custodian activity in accordance with SOX/Audit requirements. Prepare daily trading blotters that captures the trading and funding activity in accordance with SOX/Audit requirements.
Prepares a monthly position reconciliation of all pledged and unencumbered securities held at BNY Mellon, the Federal Home Loan Bank, and the Federal Reserve covering Discount Window borrowing and collateral placement pledged against Treasury Tax & Loan and Debtor-in-Possession balances.
Prepares quarterly regulatory reports, as needed, and maintains supporting documentation as required by the Federal Deposit Insurance Corporation.
Calculates and maintains maintenance period reserve balances at the Federal Reserve Bank on a bi-weekly basis, preparing a monthly reconciliation of the maintenance balance held and required, as well as an accounting of the interest income earned from such balances.
The Cash Manager is responsible for determining appropriate use of approved Fed Funds and collateralized borrowing counterparties while adhering to established internal transaction limits. Using near-term cash flow estimates, the Cash Manager is accountable for managing daily cash levels ensuring that funding is available to meet depositor needs as well as meeting contractual obligations of the Bank.
The Cash Manager provides intra-day updates (opening cash position, expected needs for the day, updates on material changes in cash balances resulting from depositor behavior, and closing balances. The Cash Manager is expected to make recommendations on daily borrowing needs supported by known internal requirement supplemented by a market-based assessment of funds availability and cost.
The Cash Manager should have knowledge of short-term cash management market and products (i.e. unsecured and secured borrowing facilities, money market mutual funds, treasury bills, commercial paper, etc.). The Cash Manager is informed on cash and security settlement protocols and procedures used by the Federal Reserve Bank, Federal Home Loan Bank, Repo/Reverse Repo bank counterparties, and securities custodians (i.e. delivery versus payment, free delivery of collateral). The Cash Manager is knowledgeable of typical Bank cash uses and sources and should be able to differentiate cash balances that may be managed or utilized proactively from those that are controlled or influenced by third parties.
Demonstrate an understanding of short-term cash investment and funding instruments including money market mutual funds, overnight and term fed funds, repurchase and reverse repurchase agreements, FHLB secured advances and brokered deposits. Must have in depth knowledge of settlement protocol for all manner of cash and securities used in cash management activities. Establishes clear lines of communication across the organization to monitor intra-day and overnight funding requirements. Identifies and maintains high quality investments for placement of excess funds. Must exercise clear judgement, be decisive and have the ability to react quickly to end of day fluctuation in cash balances. Given the nature of the role, should identify and train peers to ensure proper bench strength and coverage.
The Cash Manger should be open, engaging, action oriented and have the ability to assess new information quickly and decisively. The Cash Manager should be resourceful and inquisitive and possess a desire to resolve issues quickly using rational thought. The Cash Manager should be the first person to ask questions on issues pertaining to intra-day cash inflow/outflows and be able to communicate directly in order to understand and escalate information to the Portfolio Managers and/or Treasurer.
Education & Experience
Bachelor's Degree in Accounting, Finance, or Economic is required.
5-10 years of relevant work experience in a Commercial Bank or Financial Institution
Chartered Financial Analyst or MBA is preferred but not required.