Safety Checks

SAFETY CHECKS

ISCA is proactive in mitigating risks and seizing opportunities to ensure the continued relevance of the organisation in today’s economy.

We constantly monitor the risks posed by the external environment to ensure the relevance of our strategies and initiatives in a rapidly changing global economy, and that they benefit our members and the profession.

Our main source of revenue comes from membership dues, so maintaining a strong membership base is important for the Institute to be able to continue rolling out more initiatives and benefits for our members. Additionally, a smaller membership limits our ability to represent the views of our members in the industry, and reduces our standing on a global scale.

We remain committed to helping our members meet the challenging demands of the corporate world. In view of the volatile economy, we remain rooted in our goal of creating value for our members and to support them in each step of their careers.

We constantly monitor the risks posed by the external environment to ensure the relevance of our strategies and initiatives in a rapidly changing global economy, and that they benefit our members and the profession.

Accountants are strategic business partners to their organisations and clients. Hence, we support our members in acquiring skills and capabilities that go beyond pure technical knowledge to help them overcome new hurdles while chiseling their competitive edge.

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TALENT RETENTION

Each one of our staff plays an important role. Like military aircraft flying together, every plane is crucial to the integrity of the formation. We maneuver together in a disciplined and synchronised manner, moving in complete harmony. While flying in unison requires training, practice, focus, and discipline, it improves our efficiency and safety. 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. Our commitment to our vision is what helps us achieve stellar performances.

TECHNOLOGICAL ADVANCEMENT

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The pace of technological progress, especially information technology, is transforming the way we live and work. At the same time, there is greater volatility, uncertainty, complexity and ambiguity in the global economy today than ever before. Every sector is going through transformative change to meet the challenges arising from technological disruption. Accountancy is no exception.

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. Routine accounting functions are being automated, and cloud accounting has transformed the role of accountants. With the development of artificial intelligence, we may even see robots taking on the work of white-collar professionals in the near future.

CYBER AND DATA SECURITY RISKS

ISCA faces the same cyber risks that now confront all businesses. Increased global cybersecurity vulnerabilities, threats as well as more sophisticated and targeted cyberattacks pose a risk to the security of systems and networks, and the confidentiality, availability and integrity of data.

As the national accountancy body, the Institute has access to sensitive and confidential data that is subject to privacy and security laws, regulations and membership-imposed controls. To mitigate these risks, ISCA employs a number of protection, security and safeguard measures, including monitoring and testing, controls and guidelines, updates and patches, contingency plans, and employee training.

REPUTATIONAL RISK

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Reputational risk impacts the ISCA brand, and the trust and relationships the Institute has built with members, regulators and other stakeholders. Online scrutiny and exposure is posing more challenges for the Institute to manage its reputation. Members, industry partners and employees now have multiple platforms to voice their views or concerns.

The Institute has developed policies to protect the consistency of our brand and to safeguard our corporate identity and reputation. We also uphold and enhance our reputation through sound corporate values and robust policies and processes to identify, assess and respond to any of such risks. Staff of the Institute also uphold quality, professional and ethical standards in our work.

STAYING RELEVANT

As Singapore prepares its people and the economy for the “new normal”, ISCA plays an active role in preparing the accountancy profession for the future economy. Our programmes equip our members with the skills and knowledge that allow them to harness existing and emerging technologies to create greater value for businesses.

As the online learning revolution continues to unfold, the Institute has grown its e-learning library, which now has over 400 courses for our members to acquire new skills at their own time and convenience. We will continue to capitalise on web-based learning to deliver greater value to our members.

The Institute will continue to engage with our members and key stakeholders, such as government agencies, regulators and industry partners, to obtain feedback on how we can better deliver holistic and multi-faceted value to our members.