strategic plan 2017 - 2021 · present icam’s strategic plan for the five years 2017-2021. the...
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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
ICAM Strategic Plan 2017-2021 3
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
4 ICAM Strategic Plan 2017-2021
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
4 ICAM Strategic Plan 2017-2021
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
ICAM Strategic Plan 2017-2021 5
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 qualifica- tions 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.
6 ICAM Strategic Plan 2017-2021
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 accept- able international standing. - Ensuring that Professional accountants in Malawi are regulated through monitoring and enforce- ment 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
ICAM Strategic Plan 2017-2021 7
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
8 ICAM Strategic Plan 2017-2021
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.
ICAM Strategic Plan 2017-2021 9
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
10 ICAM Strategic Plan 2017-2021
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.
10 ICAM Strategic Plan 2017-2021
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.
ICAM Strategic Plan 2017-2021 11
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
12 ICAM Strategic Plan 2017-2021
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.
12 ICAM Strategic Plan 2017-2021
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.
ICAM Strategic Plan 2017-2021 13
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.
14 ICAM Strategic Plan 2017-2021
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ICAM Strategic Plan 2017-2021 15
Hig
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gy
2.
Co
mm
ittee
s an
nual
wor
k pl
an s
peci
fyin
g ke
y m
atte
rs i
n re
latio
n to
str
ateg
y an
d SM
Os t
o be
dea
lt w
ith a
t eac
h qu
arte
rly
mee
ting
3.
Com
mitt
ees’
annu
al se
lf as
sess
men
t aga
inst
wor
k pl
an
16 ICAM Strategic Plan 2017-2021
asse
ssm
ent
IFA
C m
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
ICAM Strategic Plan 2017-2021 17
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
18 ICAM Strategic Plan 2017-2021
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
ICAM Strategic Plan 2017-2021 19
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
20 ICAM Strategic Plan 2017-2021
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
.
ICAM Strategic Plan 2017-2021 21
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.
22 ICAM Strategic Plan 2017-2021
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
22 ICAM Strategic Plan 2017-2021
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
ICAM Strategic Plan 2017-2021 23
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
24 ICAM Strategic Plan 2017-2021
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
ICAM Strategic Plan 2017-2021 25
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
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tion
and
Lear
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Inte
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Bus
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Mem
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Stak
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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