OPERATING

CONTEXT

OPERATING CONTEXT

BUSINESS FUNDAMENTALS CONTINUE TO SHIFT TO A NEW NORMAL

Changed/hybrid working environments, evolving workplace skills and a focus on mental wellbeing post the pandemic

characterised by

  • In a post-COVID era, organisations are continually reinventing their business at a complex and faster pace, including how they engage with customers/members and build their brands

CHALLENGES

  • The working world continues to evolve. Employee and employer needs are changing rapidly, increasing competition for scarce skills and leaving many without the skills needed to compete. Alignment with company purpose, a focus on holistic wellbeing, and growth opportunities are becoming an essential part of an employee value proposition (EVP)
  • Doing good business has become imperative. Demonstrating good governance, ethical leadership and regulatory compliance is essential to protect reputation
  • Cyber threats and digitisation are on the increase. The world has become more digitised, and technology is pervasive in our lives. This has increased individuals’ and businesses’ vulnerability to cyberattacks and data misuse

OUTLOOK

  • In the post-Covid recovery phase businesses continue to identify opportunities while becoming stronger – including resilience to navigate future shocks
  • Businesses will be transformed by the complex interplay between social, economic and political shifts, disruptive ideas, bold strategies and breakthroughs in science and technology

HOW THIS AFFECTS OUR STRATEGY

  • Evolving our EVP with a focus on well-being and employee centredness, comprising financial wellness and resilience. The necessity to fast-track our digitisation has resulted in the appointment of a new service provider to execute the remaining deliverables of our Ushintsho project
  • Engagement with our members has returned to a very active face-to-face approach with regular interaction with members locally and internationally
  • A new cyber security strategy has been implemented through the Managed Security Operations Centre (MSOC) to proactively monitor and prevent potential security incidents

CAPITALS
AFFECTED

MATERIAL MATTERS AFFECTED

STRATEGIC INITIATIVES AFFECTED

TOP RISKS
AFFECTED

BUSINESS FUNDAMENTALS CONTINUE TO SHIFT TO A NEW NORMAL

Changed/hybrid working environments, evolving workplace skills and a focus on mental wellbeing post the pandemic

characterised by

  • In a post-COVID era, organisations are continually reinventing their business at a complex and faster pace, including how they engage with customers/members and build their brands

CHALLENGES

  • The working world continues to evolve. Employee and employer needs are changing rapidly, increasing competition for scarce skills and leaving many without the skills needed to compete. Alignment with company purpose, a focus on holistic wellbeing, and growth opportunities are becoming an essential part of an employee value proposition (EVP)
  • Doing good business has become imperative. Demonstrating good governance, ethical leadership and regulatory compliance is essential to protect reputation
  • Cyber threats and digitisation are on the increase. The world has become more digitised, and technology is pervasive in our lives. This has increased individuals’ and businesses’ vulnerability to cyberattacks and data misuse

OUTLOOK

  • In the post-Covid recovery phase businesses continue to identify opportunities while becoming stronger – including resilience to navigate future shocks
  • Businesses will be transformed by the complex interplay between social, economic and political shifts, disruptive ideas, bold strategies and breakthroughs in science and technology

HOW THIS AFFECTS OUR STRATEGY

  • Evolving our EVP with a focus on well-being and employee centredness, comprising financial wellness and resilience. The necessity to fast-track our digitisation has resulted in the appointment of a new service provider to execute the remaining deliverables of our Ushintsho project
  • Engagement with our members has returned to a very active face-to-face approach with regular interaction with members locally and internationally
  • A new cyber security strategy has been implemented through the Managed Security Operations Centre (MSOC) to proactively monitor and prevent potential security incidents

CAPITALS
AFFECTED

MATERIAL MATTERS AFFECTED

STRATEGIC INITIATIVES AFFECTED

TOP RISKS
AFFECTED

ELEVATION OF ESG/SUSTAINABILITY

A strong focus on ESG is a business imperative for creating a thriving society and driving economic growth for a greener sustainable future

characterised by

  • The importance of sustainable development has never been more pronounced

CHALLENGES

  • The world faces a range of pressing environmental, social and economic development challenges such as poverty, hunger, poor health, inadequate education, global warming, gender inequality, lack of access to water, poor sanitation, loss of biodiversity and social injustice

OUTLOOK

  • ESG risks are now one of the largest threats facing businesses and they could have a significant impact on businesses long-term performance and profitability, including their ability to raise new capital/funding

HOW THIS AFFECTS OUR STRATEGY

  • As Difference Makers, chartered accountants have a lead role to play in addressing these critical problems. The principal purpose of the Institute is to promote the common interests of members and associates and the public interest by enhancing the relevance, values, competence and influence of both in South Africa and abroad and to contribute to economic and social development in South Africa

  • SAICA established a consolidated sustainability programme to combine all sustainability-related initiatives. This assists with the quantification of the environmental impact, ensures effective engagement with members around sustainability, and provides appropriate learning and development opportunities to members, associates, learners, students and trainees. Representatives engage with stakeholders to influence standard-setting development and advocate for effective sustainability practices and reporting, as well as develop success measurement criteria for current initiatives and measuring progress

  • SAICA established a sustainability technical committee to support it in addressing the current and emerging sustainability aspects as these relate to members and the Institute, and to advocate on behalf of members for the new direction of corporate reporting globally and in South Africa. Additional Advocacy work has begun and will continue to take place in this new aspect of corporate reporting and compliance for members

  • SAICA participates in and supports FinBiz2030 − a collaboration between One Young World Chartered Accountants worldwide and SAICA − and the concept of sustainability: South Africa collaborates with a number of organisations to promote the UN SDGs. These include Sustainable SA and FinBiz2030

CAPITALS
AFFECTED

MATERIAL MATTERS AFFECTED

STRATEGIC INITIATIVES AFFECTED

TOP RISKS
AFFECTED

ELEVATION OF ESG/SUSTAINABILITY

A strong focus on ESG is a business imperative for creating a thriving society and driving economic growth for a greener sustainable future

characterised by

  • The importance of sustainable development has never been more pronounced

CHALLENGES

  • The world faces a range of pressing environmental, social and economic development challenges such as poverty, hunger, poor health, inadequate education, global warming, gender inequality, lack of access to water, poor sanitation, loss of biodiversity and social injustice

OUTLOOK

  • ESG risks are now one of the largest threats facing businesses and they could have a significant impact on businesses long-term performance and profitability, including their ability to raise new capital/funding

HOW THIS AFFECTS OUR STRATEGY

  • As Difference Makers, chartered accountants have a lead role to play in addressing these critical problems. The principal purpose of the Institute is to promote the common interests of members and associates and the public interest by enhancing the relevance, values, competence and influence of both in South Africa and abroad and to contribute to economic and social development in South Africa

  • SAICA established a consolidated sustainability programme to combine all sustainability-related initiatives. This assists with the quantification of the environmental impact, ensures effective engagement with members around sustainability, and provides appropriate learning and development opportunities to members, associates, learners, students and trainees. Representatives engage with stakeholders to influence standard-setting development and advocate for effective sustainability practices and reporting, as well as develop success measurement criteria for current initiatives and measuring progress

  • SAICA established a sustainability technical committee to support it in addressing the current and emerging sustainability aspects as these relate to members and the Institute, and to advocate on behalf of members for the new direction of corporate reporting globally and in South Africa. Additional Advocacy work has begun and will continue to take place in this new aspect of corporate reporting and compliance for members

  • SAICA participates in and supports FinBiz2030 − a collaboration between One Young World Chartered Accountants worldwide and SAICA − and the concept of sustainability: South Africa collaborates with a number of organisations to promote the UN SDGs. These include Sustainable SA and FinBiz2030

CAPITALS
AFFECTED

MATERIAL MATTERS AFFECTED

STRATEGIC INITIATIVES AFFECTED

TOP RISKS
AFFECTED