Managing Risks

MANAGING RISKS

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For a member-based institute, the ability to fulfill our mission as the national accountancy body depends on the support of our members. Accounting professionals join us to achieve their career goals, leveraging our technical expertise, training courses, accreditation and networking events.

Our main stream of revenue comes from membership fees, thus a drop in our membership number will impact our turnover. A reduced membership base will also hinder us from rolling out more initiatives and benefits to our members. Additionally, a declining membership will impose challenges on our ability to represent the views of our members in the industry, and impact our standing on a global scale.

In view of the volatile economy, we remain rooted in our goal to create value for our members, supporting them in each step of their career development. We remain committed to helping our members meet challenging demands in the corporate world.

Internally, we are constantly monitoring the risks posed by the external environment, to ensure that our strategies and initiatives stay relevant and continue to benefit our members and the profession.

Today’s accountants are called to be strategic business partners to their organisations and clients. Hence, we continue to support our members to acquire the latest skills beyond pure technical knowledge to help them overcome new hurdles while chiseling their competitive edge.

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Talent Retention

Every staff at ISCA plays an important role. It is with the collective expertise of our staff that we can execute the strategies to achieve our mission.

We are committed to maintaining an exemplary human resource policy to retain and attract talent. We aim to help our staff realise their career goals by continuously creating more opportunities for skills development, whether through on the job training or external courses.

Like an orchestra, we do not operate individually but as a whole. We must complement each other to create a harmonious balance. Though certain compositions take hard work to be perfected, it does not deter us from practicing and perfecting our craft. Our commitment to our vision is what fuels us to deliver a stellar performance.

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Technological Advancement

Technology has accelerated the speed of change at an exponential pace. There is greater volatility, uncertainty, complexity and ambiguity in the world. There is no doubt technology will continue to transform the way we live and work. Every sector will continue to undergo transformative change to meet the challenges arising from technological disruption. Accountancy is no exception.

It is important for the profession to think critically about the future. With the rise of disruptive technologies, routine accounting functions will be automated. Cloud accounting has transformed the role of accountants. Even more transformative is the development of artificial intelligence that is capable of learning and teaching itself. In the next five to 10 years, we may even see robots taking on work once undertaken by white-collar professionals. The accountancy profession has to think of ways to innovate and capitalise on the opportunities presented in the digital era, or risk being left behind.

Staying Relevant

As Singapore prepares its people and the economy for this “new normal”, ISCA, as the national accountancy body, will take an active role in preparing the accountancy profession for the future economy. We continue to ensure our programmes adequately equip our members with skills and knowledge that allow them to harness existing and emerging technologies to create greater value for businesses.

The online learning revolution continues to unfold. In line with this trend, our e-learning library with over 400 courses enables members to acquire skills at their own time and convenience. We will continue to capitalise on web-based learning to deliver greater value to our members.