Sorry for terse reply - but just typed out a 300 word answer and lost the b�gger!
Yes - the process is called saponification - reacting a fat (usually animal) with concentrated sodium hydroxide (caustic soda)
I use it for cleaning my hob (enamel), which I find quite fun since dissolving the "caustic soda" granules is an exothermic reaction - then the resultant of reacting with the fat / oil residues is a gel you can scrape off - the basis of soap-making.
Disclaimer Bit - I'm an ex lab-tech so I know what it can do. If you are using caustic soda at home, remember it will dissolve fat, grease, skin, hair, eyes, etc. and will damage / mark aluminium, chrome , trendy brushed stainless steel, PTFE ("Teflon" or 'non-stick') pans, (given long enough), so wear rubber gloves, protect vulnerable surfaces, and watch out for the Anti-Terrorist Squad.....