Vice President Cost Management

Job Description

<p>RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a Public Joint Stock Company based in the United Arab Emirates (UAE). It was founded in 1976 and is one of the oldest banks in the UAE. The Bank operates within retail and corporate banking, offering a range of services including personal and business banking, credit cards, loans, investment services, and wealth management.</p><p><br></p><p>In the recent years, the Bank has achieved significant milestones which includes being named as one of the world’s best banks by Forbes ME (2022) and was awarded UAE’s SME Bank of the year by the Asian Banking and Finance Awards. The Bank has been successful in achieving the highest profitability and lowest cost of risk since 2015. It has also seen significant growth in its acquiring business, card spending, and business loans.</p><p><br></p><p>Being on a transformational journey, in partnership with Honeywell, RAKBANK has also taken steps towards sustainability by reducing its overall energy consumption.</p><p><br></p><p>We are a diverse team comprising of over 3,000 employees from across 58 countries. We make conscious efforts to build talented and diversified teams and encourage people to develop their full potential. We are committed to providing a working environment that promotes work-life balance, career development, recognition and security for the future.</p><p><br></p><p>In line with our strategy, a major part of our transformation journey is to future proof our bank and establish ourselves as a ‘Digital bank with human touch’, for our customers.</p><p><br></p><p>So join us in co-creating the future of RAKBANK!</p><p><br></p><p><em>What You Will Be Doing </em></p><ul><li>Responsible for supporting the formation, execution, and optimization of the Cost Management Framework and Policies for the Group</li><li>Collaborate closely with various stakeholders to ensure efficient cost allocation, tracking, and control across the organization</li><li>Support the formation and execution of the Cost Management Framework &amp; Policies for the Group, ensuring adherence to best practices and industry standards.</li><li>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.</li></ul><p><br></p><p><em>What You Should Have</em></p><ul><li>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<strong>.</strong></li><li>Experience in collaborating with cross-functional teams to support Group-wide Cost Optimization Projects, identifying cost improvement opportunities and driving their execution</li><li>Accountable for tracking costs by relationship/vendor wise cost tracking, enabling effective vendor management and cost control measures.</li><li>Ability to conduct ongoing cost control and assessment for the Group, identifying areas for improvement and implementing necessary measures.</li><li>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</li><li>Experience is developing cost forecasting models at all levels of the organization, enabling proactive decision-making and budgetary planning.</li><li>Experience in generating monthly cost center-level MIS reports and providing detailed insights into cost performance and trends.</li></ul><p><br></p><p><em>What We Are Looking For</em></p><ul><li>Minimum 10 years’ of experience in the field of Finance or Cost Accounting preferably within the Banking environment</li><li>Must have a Bachelor’s degree in Finance, Accounting or related field.</li><li>Professional certifications such as CMA, CIMA, CPA, CFA or ACCA are preferred</li><li>Extensive experience in cost management, financial analysis, and performance reporting within the banking or financial services industry.</li><li>In-depth knowledge of cost management frameworks, policies, and best practices.</li><li>Strong analytical skills with the ability to interpret complex financial data and identify trends and patterns.</li><li>Excellent attention to detail and accuracy in financial analysis and reporting</li><li>Strong communication and interpersonal skills, with the ability to collaborate effectively with stakeholders at all levels.</li><li>Proven track record in identifying cost improvement opportunities and implementing cost-saving initiatives.</li><li>Proficiency in relevant financial software and systems.</li></ul><p><br></p><p><em>What’s In It For You</em></p><ul><li>Pay for performance culture (Competitive and performance-linked compensation)</li><li>Provision of medical care plan for your family and you</li><li>Comprehensive Life insurance plan</li><li>Diverse workforce and inclusive culture</li><li>Career development and growth opportunities by design</li><li>Work with the best minds in the field</li><li>Get opportunities to bring your whole-self to the organization and perform to your best.</li></ul>