strategic plan 2017 - 2021 · present icam’s strategic plan for the five years 2017-2021. the...

STRATEGIC PLAN 2017 - 2021

Committed to Excellence

THE INSTITUTE OFCHARTERED ACCOUNTANTS

IN MALAWI

Approved by ICAM Council July 2017

Table of Contents

Message from the President............................................................2Strategic Plan at a Glance.................................................................3

List of Abbreviations and Acronyms.............................................4

1. Introduction............................................................................5

2. Background and Statutory Mandate..............................5

3. Stakeholders............................................................................5

4. ICAM’s governance structure............................................ 6

5. Vision, Mission and Core Values....................................... 7

6. PESTEL and SWOT analysis................................................ 8

7. Baseline and Critical Success Factors ...........................10

8. Strategy Design....................................................................12

8.1 Business Model............................................................................12

8.2 Strategy Map................................................................................12

8.3.1 Organisation and Learning..................................................12

8.3.2 Internal Business Processes.................................................12

8.3.3 Members and stakeholders...........................................,.....13

8.3.4 Financial......................................................................................13

9. Implementation and Monitoring..................................14

10. Risk Assessment...................................................................23

APPENDIX i...........................................................................................24

APPENDIX ii .........................................................................................25

ICAM Strategic Plan 2017-2021 1

2 ICAM Strategic Plan 2017-2021

The vision of the Institute of Chartered Accountants in Malawi is to build and support professional accountants and positively impact the country’s econom-ic growth. The vision sets the tone for ICAM’s long term growth in the current local and global economic environment in which stakeholders’ demands for transparency and accountability are always increasing by the day.

In line with the vision, I am delighted to present ICAM’s strategic plan for the five years 2017-2021. The strategic plan was developed after a thorough process that included environmental analysis and understanding stakehold-er needs. Members of Council, Techni-cal Committees, Management and some members of staff participated in surveys, focus interviews and engaging workshops during the period of developing the plan.

ICAM’s ultimate goal is to serve the public interest by ensuring that accoun-tancy qualifications, the standards of accounting and auditing in Malawi and the standing of members of ICAM are acceptable both locally and internation-ally.

ICAM also aims to serve the public interest by utilizing the skills of its members in advocating for matters of public interest.

The 2017-2021 Strategic Plan outlines the major objectives and performance indicators that will take centre stage during the five year period.The identified areas of strategic focus, supporting strategic goals and initiatives support ICAM’s vision, mission and values. The performance indicators will enable ICAM to measure progress towards the stated objectives.

I am confident that this Strategic Plan will increase ICAM’s capability to deliver value to all stakeholders including members, students, employ-ers, businesses, non business economic entities and the entire Malawi public. It will serve as a basis for planning, implementing, monitoring and evaluation. In addition, the plan provides valuable input to deal with current issues in the environment including political, economic, social, technological, environmental and legal.

I am proud of the heritage of the accountancy profession in Malawi which dates back to the year 1969 when, the predecessor organization to ICAM, SOCAM, was formed. This strategic plan builds on the solid foundations which have been laid over the years to date.

The dedication of the Council, Techni-cal Committees as well as of the Management of ICAM are key strengths which will be harnessed in order to fulfill the vision and mission and indeed to live the values as outlined in this strategic plan.

I would like to thank the Pan African Federation of Accountants (PAFA) for sponsoring the development of this strategic plan with funding from the World Bank. I would also like to acknowledge contributions from the consultant, staff, committee members and Council of ICAM who played a significant role in the development of this strategic plan.

I expectantly look forward to the continued dedication of members of ICAM as we continue working togeth-er in building a stronger professional accountancy in Malawi which will make vital contributions in the continuing process of building trust in the country’s economic systems.

HENRY CHOWAWA

MESSAGE FROM THE PRESIDENT


STRATEGIC PLAN AT A GLANCE

VISION A reputable and renowned professional body of chartered accountants

MISSION To maintain at all times the highest professional standards in accountancy,

through education and training for the bene t of business, government and the nation at large.

1. Financial While maintaining resilience, we strive for nancial sustainability

2. Satisfy and delight

stakeholders To satisfy and delight our members, students and other stakeholders

3. Internal Business Processes

To optimize our processes delivering superior service

4. Organiz ation and Learning

To strengthen our capacity and build technical capability serving our members, students and other stakeholders

3 . 1 High Quality

Portable Qua cations 3.2 Enhance uptake of

internal standards 3.3 Enhance Technical

Support 3.4 Strengthen Ethics

and CPD Regulation 3.5 Enhance advocacy

on matters of public interest

2.1 Review and strengthen processes for:

• Students’ registration • Examinations • New members’ registration • Communications with

members

2.2 Enhance use of IT to support business processes.

2.3 Well informed and well laid out marketing plan

2.1 To optimize our processes delivering superior service

1.1 Highly engaged Council and Technical Committees.

1.2 Highly engaged Employees

1.3 Compliance with IFAC SMOs

VALUES Independence - We strive to be objective and professional in everything we

Transparency and accountability – We are open and responsible

Adaptive - We positively respond to change

Integrity - we do the right things even if no one is looking.

Diversity – we embrace diversity.

Leadership – we lead by example.

FOCUS AREAS


List of Abbreviations and Acronyms

A&A Accounting and AuditingACCA Association of Certified Chartered AccountantsCIMA Chartered Institute of Management AccountantsCPD Continuing Professional DevelopmentGDP Gross Domestic ProductICAM The Institute of Chartered Accountants in MalawiICEAW The Institute of Chartered Accountants in England and WalesIFAC International Federation of AccountantsIFRS International Financial Reporting StandardsISA International Standards in AuditingMOU Memorandum of UnderstandingPAEC Public Accountants Examination CouncilPAFA Pan African Federation of AccountantsPAO Professional Accountancy Organization. PESTLE Political, Economic, Social, Technological, Legal, EcologicalROSC Report on the Observance of Standards and CodesSMO Statement of Member ObligationsSOCAM Society of Accountants in MalawiSWOT Strengths, Weaknesses, Opportunities, Threats


List of Abbreviations and Acronyms

A&A Accounting and AuditingACCA Association of Certified Chartered AccountantsCIMA Chartered Institute of Management AccountantsCPD Continuing Professional DevelopmentGDP Gross Domestic ProductICAM The Institute of Chartered Accountants in MalawiICEAW The Institute of Chartered Accountants in England and WalesIFAC International Federation of AccountantsIFRS International Financial Reporting StandardsISA International Standards in AuditingMOU Memorandum of UnderstandingPAEC Public Accountants Examination CouncilPAFA Pan African Federation of AccountantsPAO Professional Accountancy Organization. PESTLE Political, Economic, Social, Technological, Legal, EcologicalROSC Report on the Observance of Standards and CodesSMO Statement of Member ObligationsSOCAM Society of Accountants in MalawiSWOT Strengths, Weaknesses, Opportunities, Threats


1. IntroductionThis document is ICAM’s Strategic plan for the five year period 2017- 2021 and shall be used as a road map to guide all activities of the Institute for five year period. The strategic plan was developed after a thorough process that included environmental analysis and understanding stakeholder needs. Members of Council, Technical Committees, Manage-ment and some staff participated in surveys, focus interviews and engaging workshops during the period July to October 2016.

The plan identifies strategic objectives and strategies that ICAM will pursue during the 2017-2021 period subject to annual reviews and adjustments as appropriate of targets and initiatives.

2. Background and Statutory MandateICAM is the Professional Accountancy Organization (PAO) in Malawi. ICAM was incorporated as a public company limited by guarantee on 23 August 2013. ICAM took over and merged the operations of the Society of Accountants in Malawi (SOCAM) and those of the Public Accountants Examination Council (PAEC). The merger of SOCAM and PAEC to form ICAM was facilitated by the Public Accountants and Auditors Act (Act No 5 of 2013), hereafter referred to as ‘the Act’. To achieve the objectives of ICAM as provided in Section 40 of the Act, the Institute shall perform the following functions among others: • The continuous review and dissemination to its members and others of information concerning international developments in technical matters affecting the profession of accounting and auditing. • The setting of accounting and auditing standards appropriate to conditions prevailing in Malawi and to the continued international acceptance of auditing financial statements originating in Malawi. • The provision of continuing professional education for its members and monitoring compliance. • Promoting issues of good corporate governance in Malawi. • The definition and enforcement of ethical practice and discipline among members. • Setting examinations for those desirous of qualifying for registration under the Act. • Performing such other functions relating to the training of accountants and the requisite qualifications for the registration of accountants.

In performing its functions, ICAM acts with regard to safeguarding the public interest.

3. Stakeholders Stakeholders are an integral part of ICAM’s strategy and operations. ICAM’s primary stakeholders are: 3.1 Members of ICAM ICAM will serve members by providing them with technical updates and technical support necessary for them to continually deliver professional accountancy service to their employers and other economic entities.

3.2 Students of ICAM ICAM will serve students by ensuring that the standards of qualifications awarded by the Institute are of acceptable standing locally and internationally.

3.3 Employers, being economic entities both in the private and public sectors ICAM will serve employers by ensuring the supply and sustenance of qualified, well trained, updated and regulated accountants to serve in their organizations.


3.4 The Public As a PAO, ICAM’s ultimate goal is to serve the public interest. ICAM shall serve the public interest by:

- Ensuring that accounting, auditing and accounting education standards in Malawi are of acceptable international standing. - Ensuring that Professional accountants in Malawi are regulated through monitoring and enforcement of requirements of continuing professional education and adherence to the Code of Ethics or Professional Accountants - Disseminating information on developments in accountancy, corporate governance and matters related thereto to its members and other economic players in Malawi.

4. ICAM’s governance structure

COUNCIL

TECHNICAL COMMITTEES

CHIEF EXECUTIVE OFFICER (CEO)

DIRECTOR OF LEARNING &

PROFESSIONAL DEVELOPMENT (DLPD)

DIRECTOR OF TECHNICAL AND

MEMBER SERVICES (DTMS)

HEAD OF FINANCE AND

ADMINISTRATION (HOFA)

MEMBERS

MARKETING OFFICER


4.1 Members Members of the Institute are professional accountants who are admitted to the membership of the Institute having met criteria on qualifications. The Institute has two main categories of membership:

● Full Members: These are members who are qualified professional accountants and have been subjected to at least 500 days of on-job training. The full members are further categorized into Practicing Members and Non Practicing Members; and

● Diplomate members: These are members who hold an accredited diploma or degree and have been subjected to at least 250 days of on-job training.

4.2 The Council The directors of ICAM are the Council for the management of the Institute’s affairs. The Council is for all pur- poses the governing body of the Institute and is elected by members of the Institute in a General Meeting.

4.3 Management Administratively, ICAM is headed by a Chief Executive Officer (CEO) who also serves as the Secretary to the Council. Reporting directly to the CEO are two Directors (for the department of Learning and Professional Development and the department of Technical and Member Services) the Head of Finance and Administration, and the Marketing Officer. The CEO, the two Directors and the Head of Finance and Administration make the management Executive Committee (EXCO) of ICAM.

5. Vision, Mission and Core Values5.1 Vision The vision serves as a clear guide for current and future courses of action. It is an aspirational description of what ICAM would like to accomplish in the medium to long term. ICAM’s vision is:

A reputable and renowned professional body of chartered accountants.

5.2 Mission The mission relates to ICAM’s commitment to carry out its mandate which is provided in the Act. It explains why ICAM exists and depict what it will be doing for the benefit of all its stakeholders. It is a formal commitment by ICAM that strategies will be formulated in the interests of stakeholders

To maintain at all times the highest professional standards in accountancy, through education and training for the benefit of business, government and the nation at large.

5.3 Core Values Core values which reflect the organizational culture, imply moral and professional standards of behavior by members and staff. The core values of ICAM express the manner in which members of staff will conduct business and the kind of institution they want to build. These core values will be the drivers towards ICAM’s motto: Committed to Excellence.

Independence We strive to be objective and professional in everything we do

Transparency and Accountability We are open and responsible

Adaptive We positively respond to change.

Integrity We do the right things even if no one is looking


Diversity We embrace and positively utilize differences.

Leadership We lead by example

6. PESTEL and SWOT analysis

6.1 PESTEL analysis Recognizing that the global, financial, economical and socio political environment have influence on stakeholders expectations from the Institute, ICAM undertook a PESTEL analysis to examine the Political, Economical, Social, Technological, Environmental and Legal Forces on the operations of ICAM. The intention was to allow the planning process to identify and take advantages of opportunities and prepare plans to guide against threats there from. The findings of the PESTEL analysis were as follows:

Political • Enabling environment for professional associations to operate (Peaceful and stable country) • Stable • Political will is there • Good collaboration between ICAM and Government • Government is short term focused Economic • High interest rates • High exchange rates • High unemployment rate • GDP slowing down • High inflation Social • High levels of poverty • HIV/AIDS • High unemployment rate • Food insecurity • Rise in cost of living Technological • Technologically lagging • Increased use in mobile technologies • Increased use of technology in business Ecological • Floods/erratic rainfall. • Recycling Legal and Regulatory • Court cases take too long to process. • Companies Act 2013 • Insolvency Act 2016 • Upcoming comprehensive review of tax laws

6.2 SWOT analysisICAM also undertook an internal examination of the Institute to identify strengths and weakness so that the strategy could capitalize on the strengths as well as make plans to improve the weak areas.


The strengths, weaknesses, opportunities and threats which were identifies are presented in the matrix below:

STRENGTHS ICAM has good international relations with IFAC,

PAFA and PAOs in other countries ICAM’s qualifications, especially the Technician

Diploma which has been there for some time has good market recognition regarding quality.

ICAM is a full member of IFAC and has been compliant with IFAC SMOs

Technical advice that ICAM renders to its members are appropriate and accurate

ICAM is able to develop necessary local guidance so as to bear relevance in the country

ICAM is able to effectively influence legislation in the country.

The CPD policy is appropriate and understood by all

Education and training programs comply with international standards and are relevant to meet the needs of future employers of accountants and auditors

Our organizational structure is the most appropriate to deliver our services

A robust performance management culture exists in ICAM which enables employees to deliver effectively and efficiently

ICAM has a good financial assets base

WEAKNESSES

Practical training on the ICAM qualification

yet to be instituted Monitoring and enforcement of CPD and

ethics Unable to contribute more and influence

international development of accounting and auditing standards

The benefits/services of a PAO yet to be clearly understood by all stakeholders

ICAM brand not fully accepted as a first choice accountancy course in Malawi

Develop strong relationships with stakeholders

OPPORTUNITIES

• Branding (importance of Institute and Member - what is an Accountant?)

• A significant number of ''Accountants' in both the public and private sectors are yet to join ICAM’s membership

• Advocacy (new Legislation/Acts, standards, fraud, corruption, budgets, hyper-inflation)

• Thought Leadership (Corporate Governance, Leadership[soft], salary survey Entrepreneurship e.g. setting up new businesses, etc) - relevance)

• IFAC - participate in international affairs (standards - exposure drafts)

• Ethics - leadership events/papers/various communication - positioning. Ethics monitoring

• ''Engagement' of Stakeholders • Mentorship programme - developing a

support system • The emergence of private universities in

Malawi offers ICAM an opportunity to offer its courses

• Stakeholder Map (for marketing and communications), list of all businesses, key stakeholders, etc

• Profiling the members • CPD - relevant content

THREATS • Competition (including private universities and

other international accountancy bodies) • Reputational damage (corruption/fraud) e.g.

cashgate • Cases take too long to investigate (judiciary

system) • Examinations perceived to be too difficult. • Lack of skilled/competent tutors/trainers to

offer ICAM courses. • Members reducing their attendance of CPD

events • Economic challenges including unemployment

negatively affecting numbers of students and retention of members

• Exam fees – barrier. • Loss of key staff in implementing the strategy


7. Baseline and Critical Success Factors 7.1 Maturity level and gap analysis

From the richness of the PESTEL and SWOT analysis, the maturity level of ICAM and gap analysis were established as a baseline. The overall strategic maturity of ICAM using the baseline was above 60% (figure 2). A good score coming from the solid foundations which have been laid over the years since the initial foundation of the predecessor institution of ICAM, SOCAM in the year 1969

Figure 1 – maturity of ICAMThe high-level gap analysis (Figure 3) revealed some focus areas, but also recognized the critical success factors that were crucial for the strategy formulation.


7. Baseline and Critical Success Factors 7.1 Maturity level and gap analysis

From the richness of the PESTEL and SWOT analysis, the maturity level of ICAM and gap analysis were established as a baseline. The overall strategic maturity of ICAM using the baseline was above 60% (figure 2). A good score coming from the solid foundations which have been laid over the years since the initial foundation of the predecessor institution of ICAM, SOCAM in the year 1969

Figure 1 – maturity of ICAMThe high-level gap analysis (Figure 3) revealed some focus areas, but also recognized the critical success factors that were crucial for the strategy formulation.


Figure 2 – Gap analysis

7.2 Critical Success Factors From the baseline the following were identified as critical success factors for the progress of ICAM towards its vision and in delivering the mission: • Resources (man, money, machine) • Proper Marketing Strategy • Portability of the qualification • Need for local examiners without a compromise in quality

Professional Development

Growth

Administration

Service Delivery

Compliance monitoring & enforcement

• International & Organisational strategy • Thought Leadership • Stakeholder management

Organisational Strategy

• Monitoring and Enforcement of CPD • Ethics and Discipline monitoring

• Marketing and Communication • Brand awareness • Leveraging technology • Structure (+committees) • Funding • Leveraging technology

• Practical training execution • Compliance to standards

(adoption in the country) • Implementation of CPD policy • Accreditation criteria • Training capacity • Training o�cers • Registered Training o�ces

• Products and services • Technical leadership • IT Systems • Leveraging Social Media

• Growth strategy • Career Awareness • ICAM Brand as First Choice


8. Strategy DesignThe strategy design started off with ICAM understanding its business model [refer to appendix i] which created a great base for knowing its key value propositions per customer segment, its key activities, key resources, key delivery channels and its strategic partners. From a sustainability perspective, revenue sources were evaluated.

8.1 Business ModelICAM strategic intents are defined as below: • Organization and Learning - Our intent is to strengthen our capacity and build technical capability serving our members, students and other stakeholders • Internal Business Processes - To optimize our processes delivering superior service • Members and other stakeholders - We aim to delight our members/stakeholders and improve our satisfaction levels with the students • Financial - While maintaining resilience, we strive for financial sustainability

8.2 Strategy MapThe strategy map describes the strategy using the critical success factors based on the spiral of success. The cause-and-effect nature of the ICAM strategy map makes it easy to understand and explain to stakeholders. For the strategy map refer to appendix ii

8.3 Strategic Objectives

8.3.1 Organization and Learning ICAM recognizes that it needs to develop technical capabilities backed by research and a strong service delivery ethic to build a strong foundation for the institute. The organization itself requires high performance teams that are fully engaged to build great internal business processes.

ICAM needs to create impact and presence in Malawi by moving into its own custom designed building.

In order for the Institute to promote sustainable growth, it also requires local examiners building strong capacity.

8.3.2 Internal Business ProcessesThe strong capabilities at the Institute will foster great processes such as: Marketing related – career awareness, member relationship management, and communications.

Technical related – advocacy (bearing relevance to the members and acting in the public interest), thought leadership (positioning the institute as a thought leader) and technical support to members from an accounting, auditing and tax perspective.

Key internal processes have to be optimized such as the student registration process, new member registration process and the exam process. These processes would be institutionalised into system over the medium term once they have been bedded down.

ICAM recognizes that its foundation and respect lie in its ability to conduct monitoring and ensure compliance through enforcement.

The Institute recognizes that continuous improvement of its processes will always be required. As such, it will keep focus on its strategy through a Plan, Do, Review process to ensure delivery and high performance.


8. Strategy DesignThe strategy design started off with ICAM understanding its business model [refer to appendix i] which created a great base for knowing its key value propositions per customer segment, its key activities, key resources, key delivery channels and its strategic partners. From a sustainability perspective, revenue sources were evaluated.

8.1 Business ModelICAM strategic intents are defined as below: • Organization and Learning - Our intent is to strengthen our capacity and build technical capability serving our members, students and other stakeholders • Internal Business Processes - To optimize our processes delivering superior service • Members and other stakeholders - We aim to delight our members/stakeholders and improve our satisfaction levels with the students • Financial - While maintaining resilience, we strive for financial sustainability

8.2 Strategy MapThe strategy map describes the strategy using the critical success factors based on the spiral of success. The cause-and-effect nature of the ICAM strategy map makes it easy to understand and explain to stakeholders. For the strategy map refer to appendix ii

8.3 Strategic Objectives

8.3.1 Organization and Learning ICAM recognizes that it needs to develop technical capabilities backed by research and a strong service delivery ethic to build a strong foundation for the institute. The organization itself requires high performance teams that are fully engaged to build great internal business processes.

ICAM needs to create impact and presence in Malawi by moving into its own custom designed building.

In order for the Institute to promote sustainable growth, it also requires local examiners building strong capacity.

8.3.2 Internal Business ProcessesThe strong capabilities at the Institute will foster great processes such as: Marketing related – career awareness, member relationship management, and communications.

Technical related – advocacy (bearing relevance to the members and acting in the public interest), thought leadership (positioning the institute as a thought leader) and technical support to members from an accounting, auditing and tax perspective.

Key internal processes have to be optimized such as the student registration process, new member registration process and the exam process. These processes would be institutionalised into system over the medium term once they have been bedded down.

ICAM recognizes that its foundation and respect lie in its ability to conduct monitoring and ensure compliance through enforcement.

The Institute recognizes that continuous improvement of its processes will always be required. As such, it will keep focus on its strategy through a Plan, Do, Review process to ensure delivery and high performance.


8.3.3 Members and stakeholdersGrowth imperative is broken into volume (increasing the number of professional accountants, diplomates and student pipeline) and value (providing relevant service offerings to the member and student base). It takes many years to produce a professional accountant and hence retaining them on the ICAM base is crucial. Over the years, members have churned and an opportunity presents itself in the form of an eligible pool. ICAM’s compelling value proposition will bring the members back.

ICAM recognizes that once members are not only satisfied but rather delighted, then they would be engaged in the affairs of ICAM and the profession at large. This bears significance and relevance to the membership.

ICAM does not exist on its own and has recognized various stakeholders. To this end, a stakeholder management plan will be developed to lobby support, obtain donor funding, and engage stakeholders to provide alignment and relevance.

8.3.4 FinancialOver a period of time, with dedication and commitment from staff, committees, members, students and the various stakeholders, ICAM will achieve long term financial sustainability.


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embe

rshi

p

To m

aint

ain

com

plia

nce

with

IF

AC

SMO

s Co

mpl

ianc

e to

IF

AC

SMO

s

The

Ann

ual

proc

ess

of

subm

ittin

g IF

AC

SMO

s co

mpl

ianc

e re

turn

is

w

ell

supp

orte

d.

Coun

cil

2016

SM

O

com

plia

nce

plan

1.

Com

mitt

ees

annu

al

wor

k pl

ans

inco

rpor

ate

SMO

s re

quire

men

ts

2.

Annu

ally

con

solid

ate

Com

mitt

ees

outp

uts

in r

espe

ct o

f SM

Os

for s

ubm

issi

on o

f the

ann

ual c

ompl

ianc

e re

turn

.

FOCU

S A

REA

IN

TERN

AL

BUSI

NES

S PR

OCE

SSES

Stra

tegi

c In

tent

To o

ptim

ize

proc

esse

s fo

r del

iver

ing

supe

rior s

ervi

ce

KRA

s ST

RATE

GIC

OBJ

ECTI

VE

MEA

SURE

MEN

T ST

RATE

GI

C INIT

IATI

VE

Mea

sur

e Ba

se

Targ

et

Colla

tor

20

17

2018

20

19

2020

20

21

Stud

ent

com

mun

ica

tion

plan

Revi

ew

and

stre

ngth

en

stud

ents

an

d m

embe

rs

proc

esse

s in

clud

ing

enha

ncin

g th

e in

crea

sing

use

of

IT t

o su

ppor

t bus

ines

s pr

oces

ses

Stud

ent

info

rmat

ion

upda

ted

to

enab

le

elec

tron

ic

com

mun

ica t

ion

Stud

ents

re

gist

ratio

n &

com

mun

ica

tion

proc

esse

s

DLP

D &

M

arke

ting

O

�ce

r

Dev

elop

in

form

atio

n proc

essi

ng

plan

, co

mm

unic

atio

n pl

an

Incr

ease

th

e us

e of

te

chno

logy

in

co

mm

unic

atin

g w

ith

stud

ents

50%

of

st

uden

ts'

emai

ls a

nd

phon

e nu

mbe

rs re

gist

ered

70%

of

st

uden

ts'

emai

ls a

nd

phon

e nu

mbe

rs re

gist

ered

80%

of

st

uden

ts'

emai

ls a

nd

phon

e nu

mbe

rs re

gist

ered

90%

of

st

uden

ts'

emai

ls a

nd

phon

e nu

mbe

rs re

gist

ered


Impr

oved

an

d au

tom

ate

d exam

inat

ion

pro

cess

Som

e of

ex

amin

atio

n pr

oces

ses

auto

mat

ed

Exam

inat

ion

proc

ess-

impr

ove

the

exam

inat

ion

proc

ess

by

auto

mat

ion

whe

re

poss

ible

DLP

D &

H

OFA

an

d re

leva

nt

polic

ies

Iden

tify

a m

oder

n ex

amin

atio

n sy

stem

Proc

urem

ent

of

an

ex

amin

atio

n so

ftw

are.

Dev

elop

me

nt o

f ite

m

bank

.

Mon

itorin

g of

th

e im

prov

eme

nt

in

the

exam

pr

oces

sing

us

ing

the

syst

em

iden

ti�ca

tion

of a

n e-

mar

king

so

ftw

are

and

asse

ssm

ent

of

a�or

dabi

lity

Purc

hase

of

e-

mar

king

so

ftw

are

and

mon

itorin

g of

ex

amin

atio

n data

base

New

m

embe

rs'

regi

stra

tion

polic

y

Adh

eren

ce

to

the

new

m

embe

rs'

regi

stra

tion

polic

y

New

m

embe

rs

regi

stra

tion

DTM

S &

Mar

keti

ng

O�

cer

Dev

elop

a

com

mun

ica

tion

polic

y to

ne

w

mem

bers

Qua

rter

ly r

epor

ts o

n n

ew m

embe

rs p

ositi

on a

nd

annu

al n

ew m

embe

rs' s

atis

fact

ion

surv

ey

Elec

tron

ic

com

mun

ica

tion

with

m

embe

rs

Perc

enta

ge

of m

embe

rs'

elec

tron

ic

com

mun

icat

ion

Com

mun

icat

ion

with

m

embe

rs -

incr

ease

th

e us

e of

IT

in

pr

ovid

ing

upda

tes

and

CPD

to

m

embe

rs

DTM

S &

Mar

keti

ng

O�

cer

Ach

ieve

80

%

of

com

mun

ica

tions

el

ectr

onic

ally

Exce

ed

targ

et:

> 80

%

of

com

mun

ica

tions

el

ectr

onic

ally

Exce

ed

targ

et:

> 85

%

of

com

mun

ica

tions

el

ectr

onic

ally

Exce

ed

targ

et:

> 90

%

of

com

mun

ica

tions

el

ectr

onic

ally

Exce

ed

targ

et:

> 95

%

of

com

mun

ica

tions

el

ectr

onic

ally


Mar

ketin

g Pl

an

Wel

l in

form

ed a

nd w

ell

laid

m

arke

ting

plan

80

%

adhe

renc

e to

th

e m

arke

ting

plan

Get

ting

fe

edba

ck

from

th

e m

arke

t on

In

stitu

te’s

posi

tioni

ng

CEO

&

Mar

keti

ng

O�

cer

Dev

elop

a

mar

ketin

g pl

an

1.

Co

nduc

t a

rese

arch

on

th

e de

man

d fo

r ac

coun

tant

s in

M

alaw

i.

1. C

ondu

ct

regu

lar

(ann

ual)

surv

eys

seek

ing

feed

back

fro

m m

embe

rs a

nd s

tude

nts

on

cus

tom

er v

alue

and

exp

erie

nce.

2. In

crea

sed

awar

enes

s of

the

ICA

M b

rand

Incr

ease

vi

sibi

lity

of

the

Inst

itute

Ann

ual b

udge

t and

qua

rter

ly re

port

on

bran

d vi

sibi

lity

Incr

ease

aw

aren

ess

of

the

acco

unta

ncy pr

ofes

sion

to

sc

hool

le

aver

s an

d ot

her

catc

hmen

t ar

eas

Exis

ting

care

er

awar

enes

s pl

an

Ann

ual c

ount

ry w

ide

visi

ts to

scho

ols

Ann

ual s

choo

l lea

vers

con

fere

nce

Bi

-ann

ual

repo

rt o

n di

rect

sel

ling

to k

ey st

akeh

olde

rs fo

r IC

AM

pr

ofes

sion

al q

uali�

catio

n

FOCU

S A

REA

SA

TISF

Y A

ND

DEL

IGH

T ST

AKE

HO

LDER

S

Stra

tegi

c In

tent

To d

elig

ht m

emb

ers/

stak

ehol

ders

and

impr

ove

satis

fact

ion

leve

ls w

ith th

e st

uden

ts


KRA

s ST

RATE

GIC

OBJ

ECTI

VE

MEA

SURE

MEN

T ST

RATE

GI

C INIT

IATI

VE

Mea

sur

e Ba

se

Targ

et

Colla

tor

20

17

2018

20

19

2020

20

21

Hig

h qu

ality

po

rtab

le

qual

i�ca

tion

s

Hig

h qu

ality

po

rtab

le

qual

i�ca

tions

Hig

h qu

ality

po

rtab

le

qual

i�ca

tion

s

Mai

ntai

n th

e in

tegr

ity o

f th

e ex

amin

atio

n proc

esse

s an

d th

e qu

ality

of

qu

ali�

cati

ons

DLP

D Ex

istin

g pl

an

1. T

rain

ing

and

mon

itorin

g of

sta

�, e

xam

iner

s an

d as

sess

ors

DLP

D Ex

istin

g pl

an

impl

emen

t pr

actic

al

trai

ning

of

the

PQ

Mon

itor

prac

tical

tra

inin

g of

the

PQ

- q

uart

erly

re

port

s

CEO

&

Coun

cil

Exis

ting

plan

M

onito

r pra

ctic

al tr

aini

ng o

f the

PQ

- qu

arte

rly re

port

s

DLP

D

Revi

ew o

f syl

labi

eve

ry 5

yea

rs

Upd

ates

on

al

l de

velo

pmen

ts in

the

pr

ofes

sion

Upt

ake

of

inte

rnat

iona

l st

anda

rds

Num

ber

of

upda

tes

to

mem

bers

Enha

nce

upta

ke

of

IFRS

, IS

As

and

othe

r re

gula

tory

de

velo

pmen

ts

DTM

S Ex

istin

g pl

an

1.

Cont

inue

with

ann

ual I

FRS

upda

te an

d ot

her C

PD e

vent

s

2.

Com

men

t on

all e

xpos

ure

draf

ts w

ith m

embe

rs e

vent

s

3.

Mon

thly

eth

ics

upda

tes

4.

On

line

CPD

tra

inin

g – 2

018

to 2

021(

intr

oduc

e 2

sets

of

mod

ules

per y

ear)

2. C

ondu

ct fo

cuse

d an

nual

trai

ning

s fo

r aud

itors

3. C

ondu

ct a

nnua

l tra

inin

gs o

n re

gula

tory

dev

elop

men

ts


Tech

nica

l su

ppor

t Te

chni

cal s

uppo

rt to

mem

bers

Adhe

renc

e to

th

e te

chni

cal

supp

ort

plan

Enha

nce

tech

nica

l su

ppor

t to

m

embe

rs

DTM

S Ex

istin

g An

nual

memb

ers'

input

on t

echn

ical a

reas

of w

hich s

uppo

rt ma

y be

requ

ired

and

orga

nizing

ap

prop

riate

inter

venti

ons

Cont

inuo

us

Prof

essi

onal

D

evel

opm

ent

Stre

ngth

en

ethi

cs a

nd C

PD

regu

latio

ns Ad

here

nce

to t

he

CPD

pl

an

1. P

rom

ote

awar

enes

s of

th

e re

quire

me

nts

for

com

plia

nce

with

CP

D

and

Ethi

cs

as w

ell

as

repe

rcus

sion

s in

ca

ses

of

non-

com

plia

nce

.

DTM

S Ex

istin

g CP

D

polic

y

1.

Send

CP

D

form

s w

ith

annu

al

subs

crip

tion

invo

ices

.

2.

Reg

ular

rem

inde

rs to

mem

bers

and

sam

plin

g.

2.

Be

vi

gila

nt

in

mon

itorin

g co

mpl

ianc

e an

d im

plem

enti

ng

sanc

tions

fo

r ca

ses

on

non-

com

plia

nce

.

Exis

ting

A

nnua

l re

port

on

com

plia

nce

and

case

s of

non

-com

plia

nce

an

d sa

nctio

ns

Adv

ocac

y A

dvoc

acy

on

mat

ters

of

pu

blic

inte

rest

En

hanc

e ad

voca

cy

on m

atte

rs

CEO

1.

Cont

inue

pro

vidi

ng in

put

to M

inis

try

of F

inan

ce o

n ta

xatio

n m

atte

rs a

s wel

l as o

n ot

her e

cono

mic

mat

ters

.


of

publ

ic

inte

rest

2.

Ann

ually

con

duct

at l

east

two

open

foru

m d

iscu

ssio

ns o

n m

atte

rs

of p

ublic

inte

rest

Co

rpor

ate

Soci

al

Resp

onsi

bilit

y N

umbe

r of

ev

ents

and

visi

bilit

y

Impr

ove

and

give

ba

ck

to

the

com

mun

it y

in

whi

ch

we

oper

ate

in

Coun

cil

Exis

ting

CSR

polic

y A

nnua

l bud

get a

nd at

leas

t one

CSR

act

ivity

ann

ually

FOCU

S A

REA

FI

NAN

CIA

L

Stra

tegi

c In

tent

To m

aint

ain r

esili

ence

and

str

ive

for �

nanc

ial s

usta

inab

ility

KRA

s

STRA

TEG

IC O

BJEC

TIVE

MEA

SURE

MEN

T

STRA

TEG

IC IN

ITIA

TIVE

Ta

rget

Colla

tor

2017

20

18

2019

20

20

2021

Sust

aina

ble

grow

th

Striv

ing

for

�nan

cial

su

stai

nabi

lity

whi

le

mai

ntai

ning

resi

lienc

e

%

Reve

nue

incr

ease

Gro

w

reve

nue

from

st

uden

ts

by

>10%

an

nual

ly bu

t st

rivin

g fo

r co

st

lead

ersh

ip

DLP

D 20

16

1. 20

18 m

aint

ain

stud

ents

fees

and

gro

w s

tude

nt n

umbe

rs

by

5%.

2. 2

019

incr

ease

stu

dent

fee

s by

10%

and

gro

w s

tude

nt

num

bers

by

5%.

3. 20

20 m

aint

ain

stud

ents

fee

s an

d gr

ow s

tude

nt n

umbe

rs

by 5

%.

4.

2021

5%

in

crea

se

in

num

ber

of

stud

ent

and 10

%

incr

ease

in st

uden

t fee

s.

Gro

w

reve

nue

from

DTM

S 20

16

10%

incr

ease

in n

umbe

r of

mem

bers

and

incre

ase

in su

bscr

iptio

n fe

es

not b

eyon

d th

e in

�atio

n ra

te.


mem

bers

fe

es

by

>15%

an

nual

ly

Gro

w

othe

r re

venu

e by

5%

an

nual

ly

DTM

S Ex

istin

g pl

an

Gro

w re

venu

e fr

om C

PD a

nd o

ther

act

iviti

es b

y 5%

ann

ually

N

ew

reve

nue

stre

ams

DLP

D

Intr

oduc

e a

new

reve

nue

stre

am o

nce

in 2

yea

rs

Act

ual

agai

nst

budg

et

perf

orm

anc

e

Ann

ually

m

anag

e th

e op

erat

ions

w

ithin

th

e av

aila

ble

annu

al

reve

nue

EXCO

Ex

istin

g pl

an

Mon

thly

�na

ncia

l rep

orts

H

OFA

Vigi

lant

bud

get c

ontr

ol a

nd c

ontr

ol o

f cos

ts

Num

ber

of

proj

ects

un

dert

aken

Plan

fo

r ac

cum

ulat

ion

of

su

rplu

s to

ca

rter

fo

r pr

ojec

ts

HO

FA

Non

-Ex

istin

g A

nnua

l for

ecas

t of

nec

essa

ry p

roje

cts

and

accu

mul

atio

n of

su

rplu

s to

car

ter f

or p

roje

cts


mem

bers

fe

es

by

>15%

an

nual

ly

Gro

w

othe

r re

venu

e by

5%

an

nual

ly

DTM

S Ex

istin

g pl

an

Gro

w re

venu

e fr

om C

PD a

nd o

ther

act

iviti

es b

y 5%

ann

ually

N

ew

reve

nue

stre

ams

DLP

D

Intr

oduc

e a

new

reve

nue

stre

am o

nce

in 2

yea

rs

Act

ual

agai

nst

budg

et

perf

orm

anc

e

Ann

ually

m

anag

e th

e op

erat

ions

w

ithin

th

e av

aila

ble

annu

al

reve

nue

EXCO

Ex

istin

g pl

an

Mon

thly

�na

ncia

l rep

orts

H

OFA

Vigi

lant

bud

get c

ontr

ol a

nd c

ontr

ol o

f cos

ts

Num

ber

of

proj

ects

un

dert

aken

Plan

fo

r ac

cum

ulat

ion

of

su

rplu

s to

ca

rter

fo

r pr

ojec

ts

HO

FA

Non

-Ex

istin

g A

nnua

l for

ecas

t of

nec

essa

ry p

roje

cts

and

accu

mul

atio

n of

su

rplu

s to

car

ter f

or p

roje

cts


10. Risk Assessment

The risk assessment was conducted based on the strategic objectives of implementation plan.

KRA Objectives Measures Risk Mitigation

Engaged Employees

To ensure employee engagement

Employee Engagement Employees are disengaged and the strategic objectives are not met

An employee engagement plan is developed and executed

Highly engaged Committee members

To ensure that the Committee members meet their objectives

Self-Assessment Committee members are not highly engaged in the committee structures

The self-assessments must be conducted and the results must be discussed. Terms of Reference must be updated to re�ect the assessments.

Employee Service Excellence

To provide excellent service to members and students

Member Satisfaction

Student Satisfaction

Members not satis�ed/delighted and become disengaged.

Students follow competitor stream and pipeline is destroyed.

A plan based on the satisfaction survey to increase member satisfaction

Student awareness and communication of the ICAM Value Proposition

Marketing Plan To develop and execute on the Marketing Plan

% adherence to the Marketing Plan

Non adherence to the execution of the marketing plan due to constraints

Resource the marketing plan (funding and people)

Member Communications Plan

To develop and execute on a Communications Plan

% adherence to the Communications Plan

The communications plan is not developed and approved

Share the Communications plan with all the relevant stakeholders and have it approved. Monitor thereafter.

Career Awareness Plan

To engage with students creating awareness

% adherence to the Career Awareness Plan

The Career Awareness Plan is not compelling for students

Ensure that the plans have compelling value propositions to the students

Member Relationship Management

To strengthen our member relationship management

% adherence to the Member Relationship Management Plan (MRM Plan)

The MRM plan is not clearly de�ned and driven hard

De�ne and approve the MRM plan

Set plans to achieve targets in the MRM plan


Technical Support

To increase the technical alerts and support to members

% adherence to the Technical Support Plan

Technical resources may not be made available

Identify the technical resources. Incorporate into budgets

Continuous Professional Development

To provide CPD opportunities for

members

% adherence to the CPD Plan

The CPD plan may not realise

Ensure that the CPD o�erings are relevant and members attend

IFAC SMOs To maintain compliance to the IFAC SMOs

% Adherence to the IFAC SMOs

The SMO progress may regress

Continuously assess that the SMOs are being met by setting KPIs for Sta�

APPENDIX IICAM business model


APPENDIX ii

Strategy map

Sustainable Growth

Delighted Stakeholder management

Grow membership

Volume (members)

Value(service offerings)

Plan, Do,

ReviewAdvocacy

Professional Development

Marketing Communications

Thought leadership

Capability

Org

anisa

tion

and

Lear

ning

Inte

rnal

Bus

ines

s Pr

oces

ses

Mem

bers

&

Stak

ehol

ders

Fina

ncia

l

Technical Custom designed Building

Career Awareness:

schools

Eligible pool

ICAM Strategy Map

Monitoring & Enforcement

High Performance

CultureResearch

ServiceLocal

Examiners

Member Relationship

Management Exam process

New Member Registration

Technical support

Engaged Employees

THE INSTITUTE OFCHARTERED ACCOUNTANTSIN MALAWI

Stans�eld HouseHaile Selassie Road

P.O. Box 1Blantyre

Tel: 01 820 301 / 318 / 423 Fax: 01 822 354Email: [email protected]

www.icam.mw

strategic plan 2017 - 2021 · present icam’s strategic plan for the five years 2017-2021. the...

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