OUR GOVERNANCE

Corporate governance aligned to the King IVTM principles

Board COMMITTEE Reports - Focus 2023 and outlook for the year ahead 2024

DIGITAL TRANSFORMATION GOVERNANCE COMMITTEE (DTGC)

CHAIRPERSON: Babalwa Bekwa
Members of committee in the period 1 January 2023 to 31 December 2023
  • Babalwa Bekwa - (100% Attendance)
  • Dheren Singh - (100% Attendance)
  • Cyril Madiba - (100% Attendance)
COMMITTEE PURPOSE AND HOW IT CONTRIBUTES TO VALUE CREATION

The committee's main responsibility entails assisting the Board in providing independent oversight of SAICA’s strategic direction and investment in digital transformation and technology. The committee also ensures effective planning, development, implementation, and monitoring and maintenance of the overall IT policies, processes, people, and technical assets of the digital transformation strategy including, but not limited to, applications, integration, business process re-engineering, organisational change, and business model revamp. It also oversees building and recruiting digital capabilities (both human and computerised) to facilitate the achievement of SAICA’s strategic objectives.

Key initiatives include the transformation of how members experience and engage with SAICA digitally, legacy systems eradication, and improved internal processes to ensure that members’ needs are attended to speedily.

DECLARATION

The committee met four times and reports that for the year ended 31 December 2023, it is satisfied that it has fulfilled its responsibilities in accordance with the Companies Act, the Board Charter, the Committee Terms of Reference, King IV™ and other applicable standards and codes.

Key focus areas and value-creating activities for the period under review

The SAICA digital transformation programme is progressing well with the end in sight.

The digital transformation programme at SAICA is essential for implementing the overall strategy. Despite challenges with the Ushintsho programme implementation partners and after a revision of the scope of work, the project is on track and Stage 2 of Ushintsho was delivered successfully with minor challenges which have been addressed. In addition to Ushintsho, the following digital initiatives were successfully completed in the 2023 financial year:

  • Member Compliance Business Rescue Practitioners Declaration
  • SAICA website initiatives (exam booking)
  • Electronic Assessment Tool Phase 2
  • Human Capital Management System Tool
  • Asset Management System
  • Thuthuka Student Tracking System
FUTURE FOCUS AREAS 2024

The committee’s 2024 focus will be on the oversight of:

Legacy eradication and implementation of the Digital Transformation programme

In 2024, SAICA will be able to decommission the application and infrastructure layers on iMIS. The removal of these end-of-life assets from the SAICA landscape will also lower the SAICA risk profile in this regard. Ushintsho Stage 3 will also bring about other applications being removed from the landscape and will ensure the total cost of ownership is lowered and optimised for SAICA.

In terms of member value, the functionality planned for 2024 promises to finally conclude the digitisation heavy-lifting and set SAICA up for continued digital agility. Here is the planned functionality that members can look forward to with the final instalment of Ushintsho Stage 3:

  • Enhanced learning and development eco-system (Training and Education)
  • Ability for prospective members to complete online membership applications
  • Prospective Thuthuka Bursary Fund applicants will have an end-to-end online-based application platform
  • Interactive, online-based platform for Thuthuka bursars to access donation information
  • Improved Enterprise and Supplier Development, Socio-economic Development and SMME Development service offering will enhance members’ economic and B-BBEE points
  • Updating of member data will ensure that SAICA designs products suited for members based on accurate data

Member processes will be enhanced and simplified to ensure that members have a wonderful experience when using SAICA applications and systems.

Cybersecurity and vulnerability management

The monitoring of SAICA’s digital assets, user awareness and maturity are improving monthly with the mature processes and systems that SAICA invested in at the start of the SAICA Digital Transformation journey. There has been an improvement on the SAICA Security Maturity score from 3,65 to 4,39.

The implementation of the initiatives from the 2024–2028 SAICA strategy which are expected to include:

Member Experience, Employee Experience, Embracing Artificial Intelligence, Data Quality Management and Data-Driven Decision Making (Insights/intelligence to inform decisions - Business Intelligence), Online Committee Management and Stakeholder reporting, ERCMS (BCM and Internal Audit), CPD/TP Enhancement, Contract Management System, Education (TCMS re-write, EAT re-write, Education Administration, Evolve CI and Enhancement) and Strategy Management System.

Remediation of the IT general controls weaknesses

The committee noted that the assurance function provided to management and the ARC on the design, adequacy, and effectiveness of certain controls over specific Information Technology (IT) general controls requires improvement. DTGC will focus on monitoring remediation over 2024.

IMPACT
Risks
Capitals
King IVTM
Stakeholders

Internal members: CEO, COO, Company Secretary, National Council, MANCO and SAICA-controlled entities
External members: IRBA and other regulators

Ms Babalwa Bekwa
Chairperson: Digital Transformation Governance Committee

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