Strategic Cost Management Specialist SG

The Strategic Cost Management Lead will be a key leader within the Finance department, responsible for developing and driving the Bank's overall cost management strategy. This role involves providing strategic insights, leading cost optimization initiatives, and partnering with senior management to foster a culture of cost consciousness across the organization. The ideal candidate will be a highly analytical and strategic thinker with a proven track record of implementing successful cost management programs in a complex environment.

Responsibilities:

Strategic Cost Management:

• Develop and implement the Bank's strategic cost management framework, aligning with overall business objectives.
• Identify long-term cost optimization opportunities and develop strategic initiatives to achieve them.
• Provide strategic financial insights and recommendations to senior management on cost-related matters.
• Monitor industry trends and best practices in cost management and implement relevant strategies.

Cost Optimization Leadership and Initiatives:

• Lead and manage cross-functional cost optimization projects, ensuring alignment with strategic goals and delivering measurable results.
• Drive a culture of continuous improvement and cost efficiency throughout the organization.
• Establish and track key performance indicators (KPIs) related to cost management and report on progress.
• Conduct benchmarking analysis to compare the Bank's cost structure against industry peers.

Financial Planning and Analysis:

• Oversee the development of cost budgets and forecasts, ensuring alignment with strategic targets.
• Prepare regular and ad-hoc cost reports, insightful variance analyses, and performance dashboards / reports for management review.
• Contribute to the development of business cases for new initiatives and investments, including cost-benefit analysis.
• Contribute to the long-term financial planning process, incorporating strategic cost management considerations.

Stakeholder Management and Collaboration:

• Build strong relationships and partner with department heads and budget owners to understand their cost drivers and challenges.
• Provide financial guidance and support to ensure cost awareness and accountability.
• Influence decision-making by providing compelling financial analysis and recommendations.
• Build strong working relationships across different business units. 
• Communicate the cost management strategy and progress effectively across the organization.

Process and Systems Improvement:

• Identify and drive improvements in cost management processes and systems.
• Contribute to the development and implementation of cost management policies and procedures.
• Evaluate and implement new technologies and tools to enhance cost efficiency and reporting capabilities.

Compliance and Control:

• Ensure compliance with relevant accounting standards and internal control procedures related to cost management.

Others:

• Performs other functions that may be assigned from time to time.

Qualifications:

• Bachelor's degree in relevant field and at least 10 years of experience in cost accounting, financial analysis, or management accounting, preferably in a bank or within the financial services industry.
• Strong understanding of cost accounting principles, budgeting processes, and financial analysis techniques.
• Excellent analytical and problem-solving skills with the ability to interpret complex financial data.
• Strong communication and presentation skills, with the ability to convey financial information clearly and concisely to both finance and non-finance audiences.
• Ability to work independently and as part of a team.
• Strong attention to detail and accuracy.
• Experience in change management and organizational transformation initiatives.