Strategic Cost Management Specialist SG

Key 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.