About the Role
The Cost Control Manager ensures the financial health of projects by developing, monitoring, and managing budgets. They provide accurate cost estimates, track expenditures, and identify variances to maintain financial control. Their role involves implementing effective cost control systems and strategies to optimize resource allocation and achieve financial efficiency.
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Job Responsibilities
- Develop detailed project and departmental budgets, ensuring they align with overall organizational financial goals.
- Prepare accurate cost estimates for projects, incorporating all potential expenses and risks to forecast financial needs.
- Monitor and track project expenditures continuously, comparing actual costs against budgeted amounts.
- Analyze cost variances, identify reasons for discrepancies, and recommend corrective actions to manage budget deviations.
- Generate detailed financial reports, highlighting key metrics, trends, and issues for senior management and stakeholders.
- Implement and maintain robust cost control systems and procedures to ensure financial accuracy and efficiency.
- Identify financial risks and develop mitigation strategies to prevent cost overruns and budgetary impacts.
- Review and manage contracts, ensuring compliance with financial terms and addressing any cost-related issues.
- Communicate effectively with project managers, finance teams, and other stakeholders to ensure alignment on financial matters.
- Identify opportunities for improving cost control practices and processes, implementing changes to enhance financial management.
- Support the implementation of HSE initiatives, participate in safety awareness activities, and contribute to incident reporting and resolution in alignment with company and IMS policies.
Job Knowledge & Skills
- Expertise in budgeting, cost estimation, and financial analysis to ensure accurate and effective financial planning.
- Strong analytical skills to interpret financial data, identify cost variances, and provide actionable insights.
- Knowledge of risk assessment and mitigation strategies to manage potential financial risks and cost overruns.
- Understanding of contract terms and negotiation to oversee financial compliance and address cost-related issues.
- Excellent communication skills for reporting to stakeholders and strong leadership abilities to manage and guide financial teams.
- ERP knowledge, preferably SAP functional skills, are a requirement to be successful in this role.
Job Experience
- Minimum 8 years working experience, with 5 years in a relevant supervisory position.
- 2 years GCC experience is a plus.
Competencies
- Financial Reporting L4
- Fluency
- Agility
- Claim Studies L4
- Cost Control L4
- Cost Estimating L4
- Build High-Performing Teams
- Provide Direction
- Projects-Commercial L4
- Leadership
- Resilience
- Quality
Education
- Bachelor's Degree in Finance, Accounting, Economics, Public Administration, or Business Administration, and other related fields.
- Master's degree in Accounts and Finance is preferred.
