Lead - Cost Management - Private Sector Bank (5-15 yrs)

Hiring for a Leading Private Sector Bank

Job Description :

- Lead - Cost Management is a pivotal role for optimizing the cost structure of the Bank for allocated Departments.

- This position requires a combination of financial acumen, operational insight, and strong communication skills to successfully manage costs, improve efficiency, and contribute to the division's overall financial performance and success.

Responsibilities :

- Analyze & assess the department's operating costs, identifying areas of inefficiency and opportunities for cost reduction.

- Monitor & review monthly cost reports to track performance against budget.

- Collaborate with the business leadership to develop, maintain, and manage the department's budget.

- Provide input for financial forecasts & cost projections.

- Control & manage day-to-day departmental expenses, including personnel costs, software subscriptions, marketing expenses, and other operational costs.

- Identify cost-saving initiatives & implement them to achieve cost reduction targets.

- Continuously evaluate vendor performance & consider alternative options when necessary.

- Work closely with departmental management to identify opportunities to streamline processes and reduce operational costs.

- Implement process improvements and oversee their successful execution.

- Allocate costs to specific business units or product lines within the allocated divisions, helping to pinpoint areas with the highest expenditure.

- Develop cost allocation methodologies that reflect actual resource consumption.

- Ensure adherence to cost control policies & compliance with relevant regulations in the retail assets space.

- Prepare & submit regular reports on cost management to departmental and senior management.

- Conduct financial analysis to assess the impact of cost management efforts on the allocated department's profitability & overall financial performance.

- Provide insights & recommendations to support strategic decisions.

- Train & educate departmental staff on cost management best practices and the importance of cost-consciousness.

- Foster a culture of cost awareness & efficiency.