Financial Manager Job Description
Direct and coordinate financial activities of workers in a branch, office, or department of an establishment, such as branch bank, brokerage firm, risk and insurance department, or credit department.
Tasks Performed
- Adjust reserves and provide reserve recommendations to ensure reserving activities consistent with corporate policies.
- Communicate with reinsurance brokers to obtain information necessary for processing claims.
- Conduct detailed bill reviews to implement sound litigation management and expense control.
- Confer with legal counsel on claims requiring litigation.
- Contact and/or interview claimants, doctors, medical specialists, or employers to get additional information.
- Analyze and classify risks and investments to determine their potential impacts on companies.
- Approve or reject, or coordinate the approval and rejection of, lines of credit and commercial, real estate, and personal loans.
- Communicate with stockholders and other investors to provide information, and to raise capital.
- Develop and analyze information to assess the current and future financial status of firms.
- Direct floor operations of brokerage firm engaged in buying and selling securities at exchange.
- Direct insurance negotiations, select insurance brokers and carriers, and place insurance.
- Establish and maintain relationships with individual and business customers, and provide assistance with problems these customers may encounter.
- Establish procedures for custody and control of assets, records, loan collateral, and securities, in order to ensure safekeeping.
- Evaluate data pertaining to costs in order to plan budgets.
- Evaluate financial reporting systems, accounting and collection procedures, and investment activities, and make recommendations for changes to procedures, operating systems, budgets, and other financial control functions.
- Examine, evaluate, and process loan applications.
- Monitor order flow and transactions that brokerage firm executes on the floor of exchange.
- Network within communities to find and attract new business.
- Oversee the flow of cash and financial instruments.
- Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
- Plan, direct, and coordinate the activities of workers in branches, offices, or departments of such establishments as branch banks, brokerage firms, risk and insurance departments, or credit departments.
- Prepare financial and regulatory reports required by laws, regulations, and boards of directors.
- Prepare operational and risk reports for management analysis.
- Recruit staff members, and oversee training programs.
- Review collection reports to determine the status of collections and the amounts of outstanding balances.
- Review reports of securities transactions and price lists in order to analyze market conditions.
- Submit delinquent accounts to attorneys or outside agencies for collection.
Work Activities
- analyze financial data
- analyze market conditions
- analyze operational or management reports or records
- approve or deny credit applications
- approve or deny loans
- assign work to staff or employees
- compile data for financial reports
- conduct financial investigations
- conduct or attend staff meetings
- develop budgets
- develop management control systems
- develop policies, procedures, methods, or standards
- direct and coordinate financial activities
- identify financial risks to company
- monitor credit extension decisions
- oversee execution of organizational or program policies
- prepare reports for management
- prepare required government reports
- review loan applications
- use government regulations
- use negotiation techniques
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