Job Description

• To maintain strategic oversight of the cost management function, including costing attribution, cost control, finance business partnering and cost optimisation strategies.
• Develop and implement sophisticated cost allocation methodologies, ensuring that costs are attributed correctly across various banking products, services, and departments.
• Manage cost accounting systems, support strategic financial decision-making, and ensure that all costing processes are aligned with the bank’s broader financial strategy, regulatory requirements, and profitability goals.
• Play a pivotal role in the financial planning and analysis process and provide insights into cost behaviour to support business decisions.
• Develop and implement financial strategies and frameworks that align with organisational goals, ensuring sustainable financial health and regulatory compliance.
• Ensure robust financial controls, governance, and compliance frameworks are in place to mitigate risks, adhere to regulatory requirements, and uphold the integrity of financial reporting.
• Provide strategic financial guidance, ensuring sound financial evaluation and risk assessment in support of corporate growth objectives.
• Champion financial technology and digital transformation initiatives to improve financial reporting, analytics, and operational efficiencies.
• Deliver presentations to relevant forums within the organisation, make formal representation at various finance forums.
• Lead the cost management function within the bank, focusing on cost reduction and efficiency improvements.
• Develop and oversee the costing strategy in alignment with the bank’s financial objectives, profitability targets, and growth strategies.
• Work closely with senior management to optimise the profitability of various banking products and services by improving cost efficiency and ensuring proper cost allocation.
• Gain functional enablement views across the bank collaborating with BU Finance teams to produce these reports with insights for Senior executives monthly.
• Oversee the preparation of comprehensive costing reports for internal and external stakeholders, highlighting cost drivers and cost allocations across various departments and services.
• Ensure accurate cost reporting related to both product-specific and bank-wide expenses, providing transparency and accountability in financial performance.
• Conduct detailed cost analysis, including variance analysis, to identify any discrepancies between projected and actual costs, recommending corrective actions where necessary.
• Ensure that all cost-related reports comply with regulatory and reporting standards (e.g., IFRS, Basel III).
• Implement cost control measures and track their effectiveness in improving profitability.
• Collaborate with the operations and risk management teams to ensure that cost control initiatives align with broader operational goals and risk management policies.
• Develop and monitor KPIs related to cost efficiency, ensuring that financial goals and cost-saving targets are met.
• Partner with Executives, senior leadership, business unit managers, and department heads to align cost structures with strategic business objectives.
• Provide costing insights to assist in strategic decisions related to investments, product launches, and financial planning.
• Lead and mentor the costing and finance team, providing guidance and development opportunities to ensure a high level of expertise.
• Oversee the training and development of staff in costing techniques, financial systems, and cost reporting practices.
• Foster a cost-conscious culture within the organisation, emphasising the importance of accurate cost attribution and financial stewardship at all levels.
• Ensure that all cost attribution practices comply with relevant financial regulations, including those specific to the banking sector (e.g., Basel III, IFRS 9).
• Oversee the internal control processes related to cost accounting and ensure robust systems or processes are in place to prevent misallocation of costs.
• Ensure adherence to financial reporting standards and other banking industry regulations to maintain transparency and integrity in cost reporting
• Drive continuous improvement initiatives within the finance function, ensuring best practices, process efficiencies, and innovation in financial management.
• Promote innovation and thought leadership within the finance function, identifying opportunities to optimise financial processes and drive value creation.
• Enhance cross-functional collaboration by engaging with business leaders, risk teams, and operations to integrate financial insights into overall business strategy.