AVP- Cost Allocation

Company Description

FAB, the UAE's largest bank and one of the world's most secure financial institutions, is dedicated to creating value for its employees, customers, shareholders, and communities. Through innovation, agility, and differentiation, FAB is committed to fostering growth.

FAB GBS India is looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark a top company, in an exciting and dynamic industry. 

Job Description

Job Purpose:

The role holder should focus on cost allocation rule maintenances, related analytics, cost review, ad hoc MI requirements, cost projects, and to support in the overall objectives of FP&A team in terms of cost allocation automation to assist decisions making. The role holder will be responsible for update cost allocation rule book, cost reporting, designing and development of new reports and to bring efficiency in the overall allocation process Reporting. The role holder would be looked upon for maintenance and governance of ‘HO Cost Allocation Process’ for UAE and all the group entities, prepare cost MIs and support respective team in key cost related projects and its timely delivery.

Impact Analysis: Perform impact analysis of change (pre vs post) in allocation rule, percentage update, and driver change to give complete analytical view on the performance numbers driven by the suggested change.

Cost Governance: Assist in establishing strong centralised governance around allocation procedures and processes by putting control steps built-in checks, mandatory forms, approval matrix and its implementation.

Data Management: Oversee the management and governance of data to ensure accuracy, reliability, and security.

Streamline and Efficiencies: Rationalizing of allocation rules in logical and sequential manner ensuring efficient cost flow through minimum numbers of rules and same time avoiding any loop in allocation to make it most robust and effective.

Key Accountabilities:

• Cross functional coordination with relative stakeholders (finance, enablement finance and business finance functions).
• Initiation of Group activities across functions/countries and entities
• Coordinate with internal stakeholders to develop and enhance allocation processes during discovery sessions.
• Cross function collaboration to introduce tools and procedure in alignment with the group allocation policies.
• Provide support to the Group with ongoing initiatives with the implementation of relevant policies and frameworks.
• Manage the preparation and development of the MI reports for the HO Cost Allocation process and handle reporting issues for the same.
• Work with the team to test the Cost allocation model for setting up various reports.
• Assist in preparation of budgets, forecasts & monthly one-off business analysis and produce reports needed during budgeting exercise.
• Assist in contributing key areas of considerations during business reviews using advanced analytics skills.
• Preparation and periodic maintenance and update of cost allocation rules and drivers.
• Monthly review of hierarchy changes and accordingly appropriate modification to the cost allocation rules/drivers.
• Investigate material movement in BAU reporting by identify underling reasons.
• Identify redundant and dormant RCs (cost centers) and perform clean-up exercise.
• Documentation of all steps being performed during different cost allocation processes.
• Identify unallocated cost (default cost) and reason for not being allocated. Suggest solution by fixing rules or putting outward rule.

Job Context:

• Sound knowledge on banking structure, especially front office and support function and flow of cost thought allocation processes.
• Good understanding of cost accounting principle used in area of work.
• Preparation of MI Analysis & reports to be used for cost related decision making.
• Assist in monitoring, analyzing, and flagging required action related to cost allocation for any corrective measures and adjustment where necessary.

Qualifications

Job knowledge, skills & experience:

5+ years of relevant experience in the banking sector with at least 2 years in similar positions in the Cost Analysis, Cost Optimisation and Cost & MI Reporting.

• Strong background working with banking systems and data modelling
• Advanced Excel skills
• Advanced Power BI Functional and capabilities knowledge
• Advanced Strong data visualization and dot connecting skills
• Ability to interact with senior stakeholders across the Group
• Excellent communication skills with a high degree of personal integrity who can deliver under pressure.
• Advanced presentation skills
• Proactive in Attention to detail
• Good understanding of cost accounting, its policies and framework.
• Basic SQL knowledge

Academic/Professional Qualifications:

• CA / ACCA / CFA / any other equivalent professional certification; or Master's in finance