Manager - Cost Optimization Strategy - BFSI

Manager - Cost Optimization Strategy

Develop and implement a pan bank cost optimization strategy by collaborating with cross functional teams.

Cost growth analysis and development of cost optimization strategy :

- Analyse the cost growth in key cost categories and identify the drivers and cost owners for the same.

- Review categories in which the cost growth is more than the underlying revenue growth and highlight the same to CFO/Cost Head

- Collaborate with owners of the cost head (e.g CRES and end users like Distribution, Operations for Real Estate expenses) and design strategies for optimizing the same.

- Conduct primary and secondary research to identify cost optimization best practices and incorporate the same while developing the cost control strategy.

- This would require interviews with new joinees, competitor staff and vendors who are serving both us and competitors

- Discuss with Senior/Middle Management and facilitate a sign-off on the cost control strategies

- Identify improvements (in process, policy, technology) in the End to End process, covering all steps (including cost origination, - cost booking, payment, capitalization and such others).

Implementation and follow-up :

- Translate the cost control strategy into implementation steps (changes in people, structure, process, policies and technology) with clear owners and deadlines.

- Follow-up on the execution of cost control strategy and organize fortnightly review meetings with the core team. Provide weekly updates to CFO/Cost Head on the progress of key projects

- Provide periodic updates to the management and solicit their support as an when required

- Celebrate success by sharing learning and stories amongst the various cost owners

Budgeting and periodic MIS :

- Prepare a detailed cost budget for all cost categories (Pan bank, department-wise and branch-wise)

- Develop metrics for cost control and publish periodic MIS to all the cost owners and to HR (for Balance Scorecard)

Review investment proposals from a cost perspective and recommend course of action to the CFO/Cost Head"