Sure, e.g. using conditional formatting with a formula along the lines of:
not IsEmpty ( CostCentre::CostCentre ) and FilterValues ( ValueListItems ( "" ; "CostCentres" ) ; CostCentre::CostCentre ) = ""
I guess it may not work in your case, but in general, one may want to add a field validation criteria to only allow values that are part of the value list.
Set a global variable to the values in the value list. When you set that depends on your need. Do it like:
Set Variable $$ValueList = ValueListItems(fileName;valuelist)
Then on the field with CostCenter, enter a conditional formatting option such as:
PatternCount ( $$ValueList ; Table::TheFieldYouWantFormatted ) = 0
Anytime a CostCenter isn't in the value list, it'll take on the formatting you apply.