The Trust Operations Officer is responsible for the daily operations of the Trust Department, which includes responsibility for the maintenance and proper accounting of essential trust records. This position contributes to, and initiates improvement of, the processing and cost efficiencies within the department to ensure that the most professional, accurate, and efficient services are maintained.
*Essential Functions and Responsibilities:
- Responsible for all updates and enhancements, implementation and training in the trust accounting software and network applications used within the department.
- Reconciles cash and investments for: the department, security trade settlements with custodial bank, investment managers, brokers, and mutual fund companies; income and dividend mapping, capital change/merger/spin-off processing, and maturity redemptions.
- Administration of operational activities in compliance with regulatory and internal policies and procedures, and maintains sections of the Trust Department Policy that pertain to operations.
- Coordinates internal and external audit requests; prepare audit responses for management.
- Responsible for record retention and storage management.
- Monitors all third-party interfaces, namely custody, mutual fund settlements, cash sweeps, asset pricing, proxy processing, and participant recordkeeping.
- Monitors master files – account, asset coding, name and address, investment models, check writing.
- Responsible for production and filing of 1099, 1098, 5498 informational tax reporting forms.
- Responsible for completion and submission of regulatory reports, budget, and committee reports as required.
- Developing departmental Risk Management program and updating processes as necessary.
- Monitors department activity for opportunities to enhance department Risk Management program.
- Maintain effective department Vendor Management monitoring.
- Willingness to become involved with professional and civic organizations that will enhance the Bank’s image and profitability.
- Maintain a positive work atmosphere by interacting with the Bank’s internal/external customers (including, but not limited to: current customers, prospective customers, clients, vendors, co-workers, supervisors and management) in a mutually respectful manner regardless of race, color, religion, gender, national origin, age, disability, veteran status, sexual orientation and all other protected classes.
- Assume responsibility for understanding and complying with Bank attendance policy.
- All other duties as assigned by management.
- All Employees must adhere to the highest standards of ethical business conduct. Employees are expected to act lawfully, ethically, honestly and professionally in the performance of their jobs at all times.
- All Employees must complete annual training on BSA (Bank Secrecy Act) and Privacy Compliance: Gramm-Leach-Bliley Act. In addition, employees must comply with job-specific training requirements as directed by management.
- Continuously review and adapt business practices to adhere to American Bank & Trust Strategic Objectives and Goals.
*Essential Functions to be performed with or without a reasonable accommodation
Education and/or Experience:
- High School Diploma or GED required
- Bachelors Degree in Business or equivalent work experience in trust operations required.
- A minimum of 3-5 years experience in a trust department working with investment accounts and with Trust software systems is required
- Ability to manage assigned duties while working in both a group/team environment and as an independent administrator.
- Possess good interpersonal skills for effective interaction with fellow staff and potential/existing clients.
- Possess good sales, team-oriented and communication skills in order to work effectively with internal and external clients.
Certification within Trust Operations, Security Processing, or Investments is preferred.
- Ability to operate a variety of office equipment such as personal computers, printers, scanners, calculators, etc.
- Advanced knowledge of Microsoft Office products.
- Ability to efficiently and effectively utilize software systems including but not limited to: Word, Excel, Power Point, Outlook, Internet, and Trust Accounting Systems is required.