Job Description
PositionDeputy Manager– IT Cost Vendor Relations Analyst
Incumbent
DepartmentSPC (Strategy, Portfolio Compliance)FunctionSPCReporting toManagerBandLocationGurgaon HOTeam size (Direct/Indirect)
3
JOB SUMMARY
SPC empowers the Operations, Technology and Digital teams within Max Life. This team manages the planning, budgeting, training, outsourcing, project management and process controls for the largest non-sales patch in the organization. To run efficient and profitable operations, it is imperative to plan effectively for all large projects as well as unit level transactions. There are 4 functions within SPC
Project Management Transformation Office: There are various projects and initiatives that each of the various functions within the fulfillment group (FLG) and Digital/Tech are working on – some of which are of strategic importance at the org./CEO level. These projects need to be managed centrally at the COO’s office such that the (CEO – 1) level of governance is effective in ensuring deliveries on these projects. Moreover, the functions themselves need augmentation of their bandwidth to be able to manage these projects better and also effectively solve for the respective problem statements. This will include projects in key areas such as protection and underwriting, customer agenda, fulfillment, renewals and capability building projects in technology.
Strategy, Planning and Budgeting: Technology and Digital are strategic growth pillars for Max Life while Operations ensure running an efficient and profitable organization. SPC team is responsible for evolving the functional planning for Ops and IT, planning for COO’s patch and managing all organization spends for these verticals. The team helps Max Life run cost efficient operations, arrive at the right strategic decisions for build vs. buy, Capex vs. Opex etc, identifies the projects that deliver the biggest impact, and is the gatekeeper of all the spends. Regular cost reporting, identification of cost saving initiatives and its execution is done by this team.
Outsourcing: There are over 300+ vendors being actively managed by the SPC team for vendor lifecycle from onboarding to compliance, payments till contract closures. The unit also helps onboarding of vendors for POCs and special purposes, and works closely with business units, procurement and finance teams to manage vendor operations for both Operations and IT.
Process Controls: This unit interfaces with business units and compliance teams to ensure adherence with the regulatory requirements, helps with both internal and IRDAI audit readiness, and proactively monitors and mitigates and compliance related risks. It reports out the status to various regulatory forums and helps with completion of compliance tasks..
KEY RESPONSIBILITIES
Key Responsibilities:Accounts Payable Management:
Oversee the processing of IT-related invoices, ensuring they are accurate and match purchase orders, contracts, or agreements.
Review and validate IT vendor invoices for payment in accordance with company policies and procedures.
Ensure all IT accounts payable transactions are recorded accurately in the general ledger and financial system.
Manage and process the IT payment cycle, ensuring timely and accurate payments to vendors.
Vendor Relations Communication:
Serve as a point of contact for IT-related vendors, addressing any invoice discrepancies, queries, or payment issues.
Negotiate and communicate payment terms with IT suppliers to maintain positive vendor relationships.
Ensure that all required documentation (e.g., purchase orders, receipts) is collected and maintained for auditing purposes.
Reconciliation Reporting:
Reconcile IT-related accounts payable on a monthly basis, identifying and resolving discrepancies between vendor statements and internal records.
Prepare and present reports related to IT payables, including aging reports, cash flow forecasts, and payment schedules, to management.
Team Leadership Supervision:
Assist in the supervision and mentoring of junior accounts payable staff, providing guidance and support.
Train and develop staff in proper accounts payable processes, especially in handling IT-related transactions.
Ensure that the team adheres to the company's internal control procedures and best practices for accounts payable.
Process Improvement Compliance:
Work with the AP Manager to develop and implement process improvements to streamline the IT account’s payable function.
Ensure compliance with internal controls, accounting standards, and relevant tax regulations.
Participate in the development and maintenance of IT-specific accounts payable policies and procedures.
Audit Compliance Support:
Assist in internal and external audits by providing documentation, reconciliations, and explanations of IT-related transactions.
Ensure proper segregation of duties within the AP function, minimizing risks of fraud and errors.
Procurement Purchase Order (PO) Management Responsibilities:
Review and monitor open PO reports regularly.
Coordinate with Procurement and Vendor Management teams for pending PO tracking and closure.
Validate open PO balances against business requirements.
Track PO aging and maintain monitoring reports.
Initiate closure of unused, inactive, or fully utilized POs.
Perform periodic PO clean-up activities to ensure data accuracy and Compliance.
System Technology Integration:
Work closely with the IT department to ensure that accounts payable processes are integrated with relevant financial systems and technologies.
Monitor the efficiency of the accounts payable software, suggesting improvements or updates to optimize IT-related invoice processing.
MEASURES OF SUCCESS
Ensuring Department’s adherence to budget
Be a constant force of change and innovation for the organization, challenging status quo and bringing new ideas for testing and incubation
Successful archival of knowledge and dissemination of it across business functions
Positive feedback and appreciation from business owners and decision makers.
KEY COMPETENCIES/SKILLS REQUIRED
3-5 yrs experience. Presently should be working in Shared Services/ Finance role handling budgets
Proficiency in managing data through MS Office suite. Extensive Excel hands- on experience is a must.Knowledge of data visualization tools such Power BI and Tableau would be an added advantage.
Analytical skills and judgment to solve problems with limited information at hand by learning and using Statistical tools and logics.
Ability to work with cross functional teams; strong networking and inter‐personal skills
Detail‐oriented, critical thinker and self-driven with strong work ethics
Excellent communication skills and a thoughtful, persuasive personal style.
Self-starters are comfortable in a project-oriented environment and comfortable in dealing with large cross functional projects.
Ability to influence key stakeholders and operational owners through well-articulated strategies backed up with metric driven value statements.
Life insurance experience a plus, but not mandatory
