Vice President Cost Management RAKBANK Dubai

Vice President Cost Management at RAKBANK Dubai is responsible to develop and implement cost management strategies to optimize expenditure and enhance financial efficiency for the organization. The vacancy was announced by the bank on March 5, 2024.

Responsibilities of Vice President Cost Management

• Responsible for supporting the formation, execution, and optimization of the Cost Management Framework and Policies for the Group.
• Collaborate closely with various stakeholders to ensure efficient cost allocation, tracking, and control across the organization.
• Support the formation and execution of the Cost Management Framework & Policies for the Group, ensuring adherence to best practices and industry standards.
• Assist in the formulation and implementation of the Cost Allocation Principles for the Group, ensuring fair and transparent distribution of costs among different business units and departments.

Requirements of Vice President Cost Management

• Must have a bachelor’s degree in Finance, Accounting or related field.
• Professional certifications such as CMA, CIMA, CPA, CFA or ACCA are preferred.
• Minimum 10 years of experience in the field of Finance or Cost Accounting preferably within the Banking environment
• Experience in preparing and circulating cost reports through various lenses, including controllable, semi controllable, fixed/variable base establishment and tracking, sales and marketing costs, product processing costs, directly controllable servicing costs, and shared support costs.
• Experience in collaborating with cross functional teams to support Group wide Cost Optimization Projects, identifying cost improvement opportunities and driving their execution.
• Experience is developing cost forecasting models at all levels of the organization, enabling proactive decision making and budgetary planning.
• Experience in generating monthly cost center level MIS reports and providing detailed insights into cost performance and trends.
• Extensive experience in cost management, financial analysis, and performance reporting within the banking or financial services industry.

Skills and Knowledge Desired

• Accountable for tracking costs by relationship/vendor wise cost tracking, enabling effective vendor management and cost control measures.
• Ability to conduct ongoing cost control and assessment for the Group, identifying areas for improvement and implementing necessary measures.
• Ability to review and manage the Head Count/Cost Management Information System (MIS), ensuring accurate and up to date data for cost analysis and decision making.
• In depth knowledge of cost management frameworks, policies, and best practices.
• Strong analytical skills with the ability to interpret complex financial data and identify trends and patterns.
• Excellent attention to detail and accuracy in financial analysis and reporting.
• Strong communication and interpersonal skills, with the ability to collaborate effectively with stakeholders at all levels.
• Proven track record in identifying cost improvement opportunities and implementing cost saving initiatives.
• Proficiency in relevant financial software and systems.

Job Benefits

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