Careers in Banking Part 1
July 1, 2024
Have you ever thought about a career in banking? We will be running a blog series from July through September to explore different departments and career options that are available in banking. Along the way we will highlight some jobs that are tailored to the banking world and other general career paths such as accounting, IT, human resources, marketing, and more that are available at many banks. This month we will highlight accounting, business analytics, compliance and risk, and credit and underwriting, and discuss how each department helps the bank function.
Accounting
The Accounting team focuses on managing the Company's accounts payable and receivable, as well as balancing internal accounts and managing fixed assets. They are also responsible for preparing reports and maintaining financial records.
Banking is a heavily regulated industry, and as such, bank accountants must understand the laws and regulations that have been put in place to protect consumers. Like accountants at any business, they work within a budget to ensure the financial health of the Company remains in excellent condition, keeping an eye toward growth and prioritizing the advancement of financial journeys for our customers and communities.
Business Analytics
The Business Analytics team works with internal and external business partners to create new reports, data, and analytics to meet the ever-changing compliance and key business needs of the organization, and to help ensure well-informed decisions are made each day. The team updates and edits existing reports as business needs and processes evolve, working closely with subject matter experts to keep existing reports and templates relevant, accurate, and up to date. The team maintains and updates a detailed list of all reports to ensure proper documentation and tracking, including the who, what, when, where, why, and how for each report.
Compliance and Risk
Compliance makes sure all other departments are compliant with various regulations and reporting requirements by regularly monitoring and communicating new developments related to changes in laws, regulations, standards, and policies. The team also performs training and research to educate employees on all compliance-related subject matter.
Members of the Risk & Quality Control team design and coordinate assessments to identify weaknesses or deficiencies in the Bank’s departments. The team also works with the Board of Directors to develop a risk appetite that helps guide the Bank’s strategic plan. Risk also includes information security and effectiveness of internal controls.
Credit & Underwriting
Credit works to protect the Bank from risk by aiming to balance a premier service experience with sound lending guidelines. Credit works closely with the Commercial team to keep lending decisions local and to provide flexible, yet compliant, personal solutions for customers.
Consumer Underwriting works to protect the Bank from risk by balancing premier service with sound lending guidelines. This team shoulders the responsibility for credit, compliance, processing, and decision-making on all consumer loan products and offers a wide range of consumer lending options for customers.