Position Goal
The Balance Sheet Reconciliation Lead is responsible for maintaining the integrity of the Bank's balance sheet by ensuring that all general ledger balance sheet accounts are reconciled, substantiated, reviewed, updated and approved accurately and within required timeframes, in accordance with the Bank's reconciliation control framework.
The role safeguards the reliability of financial records that support statutory financial reporting, Bank of Papua New Guinea prudential returns, external audit requirements and the Bank's readiness for its planned PNGX listing. As a control-critical position, it reduces operational and reporting risk by coordinating the timely resolution of reconciling items and continuously strengthening reconciliation controls
Key Responsibilities and Key Result Areas
- Reconciliation control framework
- Own and maintain the balance sheet reconciliation policy, standards, templates and reconciliation timetable.
- Define account ownership, reconciliation frequency, materiality thresholds and ageing thresholds for each balance sheet general ledger account.
- Maintain a complete, up-to-date register of all balance sheet accounts with assigned preparers and reviewers.
Preparation, review and sign-off
- Ensure all GL balance sheet accounts are reconciled to their independent source (sub-ledger, external statement, or supporting schedule) each period.
- Prepare high-risk and complex reconciliations, and review and approve reconciliations prepared by team members and other Finance preparers.
- Ensure each reconciliation is supported by appropriate evidence and a complete documented audit trail.
Bank-specific reconciliations
- Nostro / vostro and correspondent bank accounts, including FX and settlement items.
- Cash, vault, ATM and inter-branch / clearing accounts.
- Loans and advances GL to core banking sub-ledger, including ECL provisions, regulatory reserve and interest suspense.
- Customer deposits GL to sub-ledger.
- Suspense and clearing accounts with active ageing and resolution.
- Fixed assets register to GL; right-of-use assets and lease liabilities (IFRS 16).
- Prepayments, accruals, interest receivable / payable.
- Tax accounts deferred tax, withholding tax, GST reconciled and supported.
- Investment / seed capital, intercompany and other equity-related accounts.
- Other Assets and Other Liabilities
Breaks and aged items
- Investigate, explain and clear reconciling items within agreed service levels.
- Escalate aged, unusual or high-value unreconciled items to the Financial Controller with a remediation plan.
- Enforce zero tolerance for unexplained or aged balances in suspense and clearing accounts.
Month-end and period-end close
- Deliver all reconciliations within the month-end close timetable and provide a consolidated sign-off pack to the Financial Controller.
- Provide the reconciliation status dashboard (completed / outstanding / exceptions) at each close.
Audit, regulatory and control
- Maintain complete evidence and audit trails to support external audit and BPNG reviews.
- Act as a key point of contact for auditors on balance sheet substantiation queries.
- Identify control weaknesses and drive remediation of audit findings and root-cause issues to prevent recurrence.
Systems and continuous improvement
- Drive automation and standardisation of reconciliations to reduce manual effort and error.
- Recommend and help implement reconciliation tooling and process improvements.
8. Team leadership
- Supervise, coach and develop reconciliation team members; allocate accounts and manage workloads to meet deadlines.
- Build reconciliation capability and knowledge redundancy within the team.
Qualifications and experience
- Degree in Accounting, Finance, Commerce or equivalent.
- CPA PNG and/or CPA Australia member, or in advanced progression toward membership.
- Minimum 7 years' accounting experience, including GL reconciliation, month-end close and financial control.
- Sound working knowledge of IFRS, particularly IFRS 9 and IFRS 16.
Skills and abilities
- Experience in banking or financial services and familiarity with the BPNG prudential framework.
- Hands-on experience with a core banking system and general ledger reconciliation.
- Prior tam leadership or review responsibility.
- Proficiency in accounting software (SAP or similar) and Microsoft Office, especially Excel (pivot tables, VLOOKUP’s).
- Strong knowledge of accounting principles, internal controls, and financial reporting standards (IFRS).
- Excellent organisational and time management skills with attention to detail.
- Strong communication and interpersonal skills, with the ability to interact with different business units and vendors.
