Cost Management and Efficiency Committee

Cost Management and Efficiency Committee

Type of Committee: Main Committees

Subcommittee Type: Orientation / Coordination

Committee's Aim / Responsibilities: The Cost Management Committee's mission is to support the local Steering Committee in order to control costs within the context of real revenue performance (operating efficiency) and to achieve savings against the budget by optimizing budget implementation over the course of the year.

The Committee is also responsible for:

• Determining the efficiency areas of the Bank and providing platform to discuss improvement areas,
• Informing committee members about cost developments and evaluating suggestions related to cost reduction,
• Providing a platform to discuss and making decisions related to new ideas and alternatives about efficient cost management by taking consideration into Bank's strategies,
• Approving expense or investment projects and proposals sponsored by their Units within the established limits of delegation,
• Clearing the corresponding budget allocations,
• Ensuring local or regional implementation of corporate models, standards and specifications,
• Monitoring the policies, procedures, regulations and similar documents under its responsibility with respect to necessary updates, and taking action to keep them up-to-date.

Committee History: Established on January 2016.

Meeting Frequency: The committee is held in two different groups: investment requests are evaluated on a quarterly committee, while efficiency projects are evaluated twice a year when needed.

Number of Meetings (2022): 2 (As of November 2022)

Committee Members 

(*) Other committee participants. They are not standing committee members.