About us

International Bank of Chicago is a small business in FINANCIAL_SERVICES_BANKING. We are professional and agile.

Our work environment includes:

• Modern office setting
• Food provided

Overview:

We are seeking a dynamic and experienced Vice President to join our executive team. The ideal candidate will be responsible for the accounting operations of the bank, including assisting with the production of periodic financial and regulatory reports, maintenance of an adequate system of accounting records, and a comprehensive set of controls and budgets designed to mitigate risk, enhance the accuracy of the bank's reported financial results, and ensure that reported results comply with generally accepted accounting principles, as well as state and federal banking regulations.

The Controller will assist senior management with fiscal control and profitability; prepare, present, and interpret financial reports for senior management; adhere to tax laws and regulatory compliance to properly reflect the financial position of the bank. This position also assists in managing the bank’s investment portfolio, including transactions and reporting, loan loss reserve analysis, interest rate risk, and liquidity.

The following is not an all-inclusive list but represents many of the core competencies and essential duties to be performed by the controller:

GAAP

• Knowledge of generally accepted accounting principles, specifically as it relates to financial institutions and those that have been recently implemented (i.e., Lessor accounting)
• General understanding of upcoming changes to accounting standards (i.e., CECL)
• Motivation to keep up-to-date on the development and passage of future accounting standard updates

Daily Transactions/Balancing

• Maintain a documented system of accounting policies and procedures
• Maintain general ledger chart of accounts
• Maintain a system of controls over accounting transactions and provide suggestions for improvement, as needed
• Responsible for the oversight of day-to-day posting of finance-related entries in the general ledger and daily review of all other entries recorded
• Ensure timely reconciliation of all balance sheet accounts and proper disposition of outstanding or suspense items
• Ensure that accounts receivable owed to the bank are collected promptly
• Maintain an orderly accounting filing system consisting of complete documentation to support transaction postings and allow for timely retrieval
• Knowledge of FixedAsset Pro software to be able to properly administer, reconcile, and track fixed assets based on capitalization policies and procedures
• Assist in review and authorization of wire transfer transactions according to wire transfer policy and procedures

Accounts Payable/Vendor Management

• Supervise and guide Accounts Payable Administrator to ensure he/she has the ability and tools to efficiently complete his/her job responsibilities
• Review invoices for appropriateness and ensure proper approval documentation prior to payment in accordance with general expense accounts payable authorization procedures and properly assign general ledger distribution of those payable items
• Ensure that accounts payable are accurately paid timely and all reasonable discounts are taken
• Assist accounts payable specialist with new vendor setup in accordance with vendor management program, including risk assessments and annual due diligence on critical vendors
• Assist in the bank’s initiative to redesign the accounts payable function to better automate processes through the development of an image retrieval database and invoice approval workflow

ALLL

• Knowledge of the bank’s allowance for loan loss policy, as included in loan policy, and the current generally accepted accounting principles as it pertains to the allowance for loan losses
• Understand Sageworks/Abrigo software to be able to administer ALLL model, including the ability to upload monthly data files and modify parameters within the model to ensure accurate reporting and proper customization to meet the Bank’s needs
• Assist in quarterly preparation of environmental and economic statistical data to be considered within the ALLL analysis
• Assist in managing purchase accounting tracking system
• Provide insight and/or recommendations for adjusting qualitative ALLL factors
• Champion the bank’s efforts to implement new CECL requirements by seeking out necessary training, actively participating in internal CECL committee meetings, and being a key contributor in the development of the CECL ALLL model, which the bank plans to run parallel in 2022

ALCO

• Knowledge of the bank’s ALCO, liquidity, and investment policies and assist in ensuring compliance with those policies
• Participate in ALCO committee meeting
• Assist in managing the investment portfolio and developing relationships with investment advisors
• Contribute insight for investment purchases and assist in documenting investment trade purchases or sales, including creditworthiness due diligence reviews of municipal bonds
• Assist in managing the liquidity program, including the ability to monitor liquidity concentrations and manage available liquidity sources
• Manage financial instruments pledged and perform reporting requirements, as needed
• Monitor intraday liquidity position
• Assist in calculating the quarterly liquidity forecasting stress
• Knowledge of regulatory interagency guidance on best practices for managing interest rate risk, including assumption development
• Assist in administering the interest-rate risk model based on your understanding of the Plansmith Financial Compass software
• Assist with internal studies to determine appropriateness of interest rate risk assumptions, such as beta, decay, and prepayment assumptions
• Assist with quarterly interest rate risk reporting to the ALCO committee and the Board
• Monitor yield and cost variances from budget and historical periods and report significant issues to management

Reporting

• Assist in compiling timely monthly and annual financial statements in accordance with generally accepted accounting principles, including the preparation of basic financial statements and required footnote disclosures subject to annual CPA audit
• Responsible for preparing quarterly Call Report or supervising designated staff to ensure accurate and timely filing
• Assist in all other periodic regulatory reporting, including SBA recordkeeping and reporting, as needed
• Assist in compiling reporting package for the monthly board meeting with the understanding of schedules and systems to be able to substantially complete all reports, if necessary
• Assist in the development of the annual budget and periodic forecast analyses
• Knowledge of Plansmith Financial Compass software to be able to administer budget and monthly financial reporting, including the ability to upload monthly data and modify parameters as necessary to ensure accurate reporting and proper customization to meet the bank’s needs
• Monitor variances from the budget and report significant issues to management
• Responsible for maintaining accurate financial accounting records of holding company or supervising designated staff to complete, including recording of entries, reconciling balance sheet accounts, cash disbursements, and preparing monthly reports for principal members.
• Provide financial analysis as requested to support management and board decision-making, such as but not limited to those contributing to the reporting of peer analyses, capital adequacy, and loan-related stress testing

Audit/Compliance

• Assist in the coordination of request information to external and internal auditors for their periodic reviews
• Participate in exit meetings with external and internal auditors and facilitate the prompt resolution of corrective actions, as needed
• Assist in the coordination of request information to regulators for their periodic examinations
• Comply with local, state, and federal government reporting requirements and sales tax filings

Qualifications

• Bachelor's degree in Accounting, Finance, Business Administration or related field
• Eight years of relevant experience in financial management, including budgeting and general ledger accounting
• Oversee accounts payable and accounts receivable functions
• Strong knowledge of corporate accounting principles and practices
• Expertise in account analysis, accounts payable, and accounts receivable processes
• Proficient in Microsoft Office Suite and experience with the following software system applications preferred, but are not required: Jack Henry CIF 20/20; Plansmith Financial Compass; Sageworks; Fixed Asset Pro; and FedReporter.

If you are a results-driven finance professional with a strategic mindset and a passion for driving financial success, we invite you to apply for this challenging leadership role.

International Bank of Chicago is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, sexual orientation, gender identity, disability, protected veteran status or any other characteristic protected by state, federal, or local law.

Job Type: Full-time

Benefits:

• 401(k)
• 401(k) 4% Match
• Dental insurance
• Disability insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Health savings account
• Life insurance
• Paid sick time
• Paid time off
• Vision insurance

Experience level:

• 8 years

Schedule:

• 8 hour shift
• Day shift
• Monday to Friday

Supplemental pay types:

• Bonus opportunities
• Commission pay
• Overtime pay
• Performance bonus
• Yearly bonus

Education:

• Bachelor's (Required)

Experience:

• GAAP: 8 years (Preferred)
• Controller: 8 years (Required)

Language:

• English (Required)

Ability to Commute:

• Stone Park, IL 60165 (Preferred)

Ability to Relocate:

• Stone Park, IL 60165: Relocate before starting work (Required)

Work Location: In person