Manager III Operations - City National Bank
Newark, DE
About the Job
MANAGER III OPERATIONS
WHAT IS THE OPPORTUNITY?
This colleague will be responsible for end-to-end client tax activities including validation of client tax certifications, withholding, information reporting under Internal Revenue Service, Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standard (CRS) regimes. This is a newly created Manager position that will develop and lead all aspect of strategic planning, maintain adequate operations procedures, policy for Tax Form Validation.
What you will do
+ Client Onboarding and Tax Form Validation
+ Responsible for managing a team supporting Tax Form Validation
+ Review and monitor informational reporting policies, procedures and standards to ensure consistency and completeness of practices across multiple operations teams
+ Develope metrics, process improvements, and assuring all applicable project deliverables are on time
+ Advise and provide general direction and guidance to operations teams, including support of forms validation, reporting determinations, calculations of partnership allocations, analysis of income sourcing and withholdings, remediation of changes in circumstances and curing tax form deficiencies to support withholding exemptions
+ Support review and validate of tax forms (W-8, W-9), FATCA, and CRS certificates submitted by clients, addressing inquiries regarding these documents
+ Ensures that staff makes the appropriate decisions, which may include escalating to management, referring client transactions to KYC Department for enhanced due diligence or Compliance Investigations for potential Suspicious Activity Reporting as required under BSA regulations or Corporate Security for potentially fraudulent activities.
+ Coordinate trainingsforoperational teams regarding review of client forms,NRA reporting rules, relevant tax law changes and reporting systems
+ Communicating and educating front office and relationship managers on tax informational and withholding issues
+ Act as an advisor to colleagues to meet deadlines or resolve technical or operational problems
+ Expert influence in the development of overall objectives and long-range goals of the department
+ Coordination of informational reporting activities across multiple operation teams, third party vendors and reporting systems, including preparation of reports, staff training, tax withholdings, data validation and forms production
+ Review the tax forms to ensure that proper withholding is performed at the appropriate tax rates and monitoring the list of withholding clients (analysis of treaty provisions, apply appropriate exceptions)
+ Coordinator must possess ability to communicate effectively at all levels, including executives, relationship managers, and clients
+ Responsible for preparing consolidated 1042 returns and payment schedules for tax review
+ Assist with detailed reviews of reporting data to correct for obvious errors and identify missing tax identification numbers
+ Identifies, recommends and implements new processes, procedures and products to improve workflow & efficiency
+ Respond, in a timely fashion, to support inquiries from customers as they relate to tax information reporting and guide cross-functional teams to resolution
+ Coordinate annual information reporting compliance data gathering, file preparations and uploads to ensure timely distribution of forms, including but not limited to Forms 1099-C,1099-K, 1099-MISC, 1099-OID and 1042-S
+ Ensure timely annual information reporting compliance filings, including but not limited to Forms 945, 1042 and 8966
+ Reconciliation of non-payroll tax withholding deposits for transmission to the Internal Revenue Service, or applicable state tax authority
+ Responsible for developing business cases for initiating a project to implement new and/or improve business processes. Ability to seek and obtain the necessary approvals.
+ Seeks and implements industry best practices across operations; remains knowledgeable in industry trends and developments.
+ Effectively communicates to inform, persuade, influence and direct others.
+ Directly or indirectly oversees all Human Resources and related functions, including hiring staff and personnel issues. This includes timely completion of performance appraisals, accurate payroll records, and the development and career planning of staff.
+ Performs other duties as assigned or requested.
+ Responsible and accountable for appropriate quality controls related to the financial products the bank provides, the services the bank delivers, the processes employed and the incentives with which colleagues are awarded.
Must-Have*
+ Minimum 7 years banking operations experience in a financial institution required.
+ Minimum 7 years banking and operations management experience.
+ Minimum 3 years experience in managing projects and/or teams required.
Skills and Knowledge
+ Management experience within financial services operations.
+ Critical and strategic thinker. Knowledge of applicable regulatory requirements.
+ Seasoned problem-solving, analytical and decision-making skills.
+ Strong project management skills.
+ Excellent verbal and written communication skills.
+ Ability to create influential documents, presentations and group or team facilitation. Working knowledge of financial and budget process.
Compensation
Starting base salary: $92,114 - $156,880 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/10/cbedd856-c2fc-491b-a625-3ab7a0fd9a65.pdf) .
ABOUT CITY NATIONAL
City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.
_*City National Bank does business in Miami and the state of Florida as CN Bank._
For more information about City National, visit cnb.com .
EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION
City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/1/159726e0-aeb1-4058-9052-d7a2d69626b8.pdf)
If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email (TalentAcquisition@cnb.com) or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.
WHAT IS THE OPPORTUNITY?
This colleague will be responsible for end-to-end client tax activities including validation of client tax certifications, withholding, information reporting under Internal Revenue Service, Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standard (CRS) regimes. This is a newly created Manager position that will develop and lead all aspect of strategic planning, maintain adequate operations procedures, policy for Tax Form Validation.
What you will do
+ Client Onboarding and Tax Form Validation
+ Responsible for managing a team supporting Tax Form Validation
+ Review and monitor informational reporting policies, procedures and standards to ensure consistency and completeness of practices across multiple operations teams
+ Develope metrics, process improvements, and assuring all applicable project deliverables are on time
+ Advise and provide general direction and guidance to operations teams, including support of forms validation, reporting determinations, calculations of partnership allocations, analysis of income sourcing and withholdings, remediation of changes in circumstances and curing tax form deficiencies to support withholding exemptions
+ Support review and validate of tax forms (W-8, W-9), FATCA, and CRS certificates submitted by clients, addressing inquiries regarding these documents
+ Ensures that staff makes the appropriate decisions, which may include escalating to management, referring client transactions to KYC Department for enhanced due diligence or Compliance Investigations for potential Suspicious Activity Reporting as required under BSA regulations or Corporate Security for potentially fraudulent activities.
+ Coordinate trainingsforoperational teams regarding review of client forms,NRA reporting rules, relevant tax law changes and reporting systems
+ Communicating and educating front office and relationship managers on tax informational and withholding issues
+ Act as an advisor to colleagues to meet deadlines or resolve technical or operational problems
+ Expert influence in the development of overall objectives and long-range goals of the department
+ Coordination of informational reporting activities across multiple operation teams, third party vendors and reporting systems, including preparation of reports, staff training, tax withholdings, data validation and forms production
+ Review the tax forms to ensure that proper withholding is performed at the appropriate tax rates and monitoring the list of withholding clients (analysis of treaty provisions, apply appropriate exceptions)
+ Coordinator must possess ability to communicate effectively at all levels, including executives, relationship managers, and clients
+ Responsible for preparing consolidated 1042 returns and payment schedules for tax review
+ Assist with detailed reviews of reporting data to correct for obvious errors and identify missing tax identification numbers
+ Identifies, recommends and implements new processes, procedures and products to improve workflow & efficiency
+ Respond, in a timely fashion, to support inquiries from customers as they relate to tax information reporting and guide cross-functional teams to resolution
+ Coordinate annual information reporting compliance data gathering, file preparations and uploads to ensure timely distribution of forms, including but not limited to Forms 1099-C,1099-K, 1099-MISC, 1099-OID and 1042-S
+ Ensure timely annual information reporting compliance filings, including but not limited to Forms 945, 1042 and 8966
+ Reconciliation of non-payroll tax withholding deposits for transmission to the Internal Revenue Service, or applicable state tax authority
+ Responsible for developing business cases for initiating a project to implement new and/or improve business processes. Ability to seek and obtain the necessary approvals.
+ Seeks and implements industry best practices across operations; remains knowledgeable in industry trends and developments.
+ Effectively communicates to inform, persuade, influence and direct others.
+ Directly or indirectly oversees all Human Resources and related functions, including hiring staff and personnel issues. This includes timely completion of performance appraisals, accurate payroll records, and the development and career planning of staff.
+ Performs other duties as assigned or requested.
+ Responsible and accountable for appropriate quality controls related to the financial products the bank provides, the services the bank delivers, the processes employed and the incentives with which colleagues are awarded.
Must-Have*
+ Minimum 7 years banking operations experience in a financial institution required.
+ Minimum 7 years banking and operations management experience.
+ Minimum 3 years experience in managing projects and/or teams required.
Skills and Knowledge
+ Management experience within financial services operations.
+ Critical and strategic thinker. Knowledge of applicable regulatory requirements.
+ Seasoned problem-solving, analytical and decision-making skills.
+ Strong project management skills.
+ Excellent verbal and written communication skills.
+ Ability to create influential documents, presentations and group or team facilitation. Working knowledge of financial and budget process.
Compensation
Starting base salary: $92,114 - $156,880 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/10/cbedd856-c2fc-491b-a625-3ab7a0fd9a65.pdf) .
ABOUT CITY NATIONAL
City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.
_*City National Bank does business in Miami and the state of Florida as CN Bank._
For more information about City National, visit cnb.com .
EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION
City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/1/159726e0-aeb1-4058-9052-d7a2d69626b8.pdf)
If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email (TalentAcquisition@cnb.com) or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.
Source : City National Bank