MATERIALITY DETERMINATION

PROCESS AND MATERIAL MATTERS

MATERIALITY DETERMINATION PROCESS AND MATERIAL MATTERS

SAICA’s material matters are those that have the most significant impact on strategic delivery and the Institute’s ability to create value over the short, medium and long term.

The material matters are identified, prioritised, evaluated and reported on as follows:

SAICA’s material matters are those that have the most significant impact on strategic delivery and the Institute’s ability to create value over the short, medium and long term.

The material matters are identified, prioritised, evaluated and reported on as follows:

STEP 1:
IDENTIFY

We review SAICA’s external and internal operating environment, key risks and opportunities, issues identified as critical to stakeholders (especially members) and matters discussed by the Board and Board sub-committees

STEP 2:
PRIORITISE

We rank the matters identified according to their impact on SAICA’s reputation and strategic delivery, the extent of control we have over the issue and its effect on risk metrics in relation to the strategy

STEP 3:
RESPOND

SAICA assesses the impact on our risk tolerance/appetite, actions required to manage the material matters and identified opportunities, as well as impact on strategy

STEP 4
REPORT

The outcomes of these reviews and evaluations are presented to the Board and Audit and Risk Committee and reported to members and other stakeholders

STEP 1:
IDENTIFY

We review SAICA’s external and internal operating environment, key risks and opportunities, issues identified as critical to stakeholders (especially members) and matters discussed by the Board and Board sub-committees

STEP 2:
PRIORITISE

We rank the matters identified according to their impact on SAICA’s reputation and strategic delivery, the extent of control we have over the issue and its effect on risk metrics in relation to the strategy

STEP 3:
RESPOND

SAICA assesses the impact on our risk tolerance/appetite, actions required to manage the material matters and identified opportunities, as well as impact on strategy

STEP 4
REPORT

The outcomes of these reviews and evaluations are presented to the Board and Audit and Risk Committee and reported to members and other stakeholders

The seven material matters have been refreshed for 2022 based on changes in the internal and external operating environment. The legend below illustrates how each matter has evolved during the reporting period. Material matters are ranked according to priority.

LEGEND:

Worsening

Improving

Stable

The seven material matters have been refreshed for 2022 based on changes in the internal and external operating environment. The legend below illustrates how each matter has evolved during the reporting period. Material matters are ranked according to priority.

LEGEND:

Worsening

Improving

Stable

1. SILO OPERATION

RISKS AND OPPORTUNITIES

IMPACT

Due to inadequate ownership, monitoring, and inadequate cross-departmental cooperation and inadequate risk escalation, SAICA faced considerable issues with the APC exam process in December 2021, including hardware, connectivity, and technical assistance problems for candidates

RISKS

  • Inability of SAICA to effectively collaborate across functions and apply integrated thinking to its work
  • A lack of unified vision, which significantly impedes success
  • Potential negative rating of the robustness of the SAICA exams process due to the challenges experienced at the APC exams on 1 December 2021

RELATED OPPORTUNITIES

  • Improved collaboration and efficiency in conducting exams
  • Future mitigation of root cause of the failures and prevention of recurrence

capitals

strategic pillars

 1. SILO OPERATION

Due to inadequate ownership, monitoring, and inadequate cross-departmental cooperation and inadequate risk escalation, SAICA faced considerable issues with the APC exam process in December 2021, including hardware, connectivity, and technical assistance problems for candidates

RISKS AND OPPORTUNITIES

RISKS

  • Inability of SAICA to effectively collaborate across functions and apply integrated thinking to its work
  • A lack of unified vision, which significantly impedes success
  • Potential negative rating of the robustness of the SAICA exams process due to the challenges experienced at the APC exams on 1 December 2021

RELATED OPPORTUNITIES

  • Improved collaboration and efficiency in conducting exams
  • Future mitigation of root cause of the failures and prevention of recurrence

IMPACT

capitals

strategic pillars

Strategic response IN THE SHORT TERM

  • Formalisation of the Education and Assessment Board sub-committee to ensure a smooth examination process
  • Strengthening controls and risk oversight
  • Implementation of a coaching framework to ensure creation of a unified vision and contribute to the responsive culture SAICA is building

Strategic response IN THE SHORT TERM

  • Formalisation of the Education and Assessment Board sub-committee to ensure a smooth examination process
  • Strengthening controls and risk oversight
  • Implementation of a coaching framework to ensure creation of a unified vision and contribute to the responsive culture SAICA is building

Outlook for the long term

Following the strategic response, management, through improved collaboration and controls, will continue to ensure a successful examinations process in the long term

Outlook for the long term

Following the strategic response, management, through improved collaboration and controls, will continue to ensure a successful examinations process in the long term

 2. Slow pace in advancing the digitisation strategy

RISKS AND OPPORTUNITIES

IMPACT

  • Acceleration of the digitisation strategy to create efficiencies and maximise automation of processes
  • A solid, resilient and stable IT platform is critical to execute the SAICA strategy and meet the changing needs of the new world of work

RISKS

  • Delays due to insufficient capacity/capabilities required to execute on the digitisation strategy

RELATED OPPORTUNITIES

  • Create efficiencies to improve member experience
  • Ongoing risk and compliance management support to the Ushintsho project

capitals

strategic pillars

 2. Slow pace in advancing the digitisation strategy

  • Acceleration of the digitisation strategy to create efficiencies and maximise automation of processes
  • A solid, resilient and stable IT platform is critical to execute the SAICA strategy and meet the changing needs of the new world of work

RISKS AND OPPORTUNITIES

RISKS

  • Delays due to insufficient capacity/capabilities required to execute on the digitisation strategy

RELATED OPPORTUNITIES

  • Create efficiencies to improve member experience
  • Ongoing risk and compliance management support to the Ushintsho project

IMPACT

capitals

strategic pillars

Strategic response

  • A decision was made in 2022 to change service providers which will see the acceleration of this programme under budget and executed earlier than initially planned

Strategic response

  • A decision was made in 2022 to change service providers which will see the acceleration of this programme under budget and executed earlier than initially planned

Outlook for the short, medium and long term

Oversight and monitoring of key milestones planned to complete implementation of phase 2 in 2023 by the Digital Transformation Governance Committee. Full implementation of the digital strategy is expected by the end of 2024. The successful implementation of the digital strategy will translate into improved member value in the medium to long term

Outlook for the short, medium and long term

Oversight and monitoring of key milestones planned to complete implementation of phase 2 in 2023 by the Digital Transformation Governance Committee. Full implementation of the digital strategy is expected by the end of 2024. The successful implementation of the digital strategy will translate into improved member value in the medium to long term

TRUST RESTORATION

Need Help? Get in Touch

Need Help? Get in Touch

SAICA Integrated Report 2022.
All Rights Reserved.

Site Links

Site Links

Head Office

SAICA Integrated Report 2022. All Rights Reserved.

Site Links

Site Links

Head Office