Welcome Address by ISCA Vice President, Ms Yvonne Chan at ISCA PAIB Conference on 28 September 2018 at Marina Bay Sands Expo and Convention Centre

Mrs. Tan Ching Yee

Permanent Secretary for Finance

Ms. Rachel Grimes

President of the International Federation of Accountants 

Mr Kon Yin Tong

President of the Institute of Singapore Chartered Accountants 

Distinguished guests

Ladies and Gentlemen,

Thank you for attending ISCA’s Professional Accountants in Business, or what we call PAIB, Conference. Today’s conference is held in conjunction with the International Federation of Accountants PAIB Committee Meeting in Singapore, hosted by ISCA. As such, we are honoured to have internationally renowned speakers from the IFAC leadership team in today’s programme line-up. I would also like to welcome our international guests who are attending today’s conference. 

We are living in a time of great change.  Technology continues to disrupt many industries. While there are challenges that come with digitalisation, this is also a time of exponential growth. Businesses that react to change with agility and leverage technology to transform themselves will be able to seize the opportunities ahead. 

Hence, the theme of today’s conference is “Championing Growth in the Transformation Wave”. At the Institute, we recognise that amid the Fourth Industrial Revolution, there are many opportunities for the accountancy profession to be the driver of change in the business world. 

Today, we are privileged to have many international experts and business leaders who will share with us the global trends impacting the profession, as well as growth areas for finance professionals in this age of volatility, uncertainty, complexity and ambiguity.  IFAC President Ms. Grimes will discuss the two drivers of change in tomorrow’s world – people and technology.  Mr Charles Tilley, Chair of the IFAC PAIB Committee and the CGMA Research Foundation, will elaborate on global trends impacting the continued evolution of professional accountants in business. We also have experts sharing about the top five tech trends the finance function needs to know for the next five years, as well as a panel discussion on how finance professionals can thrive amid the rise of the digital workforce.

In the afternoon, there will be two parallel tracks – one for PAIBs in the private sector, and another for PAIBs in the public sector. Each track features topics relevant to the respective PAIB segment. We have curated each track to equip participants for the digital age. In the track for PAIBs in the private sector, participants will hear experts speak about how climate change will impact financial disclosures, how finance professionals can ride the next technology wave as well as updates on the Singapore Financial Reporting Standards. There will also be a panel discussion on how CFOs can be an all-rounded business advisor and think like a CEO. 

In the track for PAIBs in the public sector, participants can learn about the factors that impact public sector transformation, effective business partnering and project financing for major infrastructure projects.

ISCA PAIB Framework

Slide #1

Along the same vein of preparing the profession for what lies ahead, I am delighted to announce that ISCA is launching the ISCA Professional Accountants in Business (or PAIB) Framework today. Along with the PAIB Framework, we are also unveiling the PAIB Learning Roadmap for Financial Accountants and Management Accountants. 

Slide #2

The ISCA PAIB Framework is developed to provide finance professionals with an overview of the five key essential DNAs that a PAIB should possess to stay relevant and competitive in a constantly changing business environment. It also serves as a guide for PAIBs to understand the different competencies required under the respective DNAs.

Slide #3

The five DNAs are:

• Future Finance;
• Business Acumen;
• Professional Values and Ethics;
• Technical Excellence; and
• Leadership and Personal Empowerment

• What does each DNA represent?
  • Future Finance:  This means that finance professionals must be adaptable and embrace emerging technologies such as Blockchain, Robotic Process Automation and Artificial Intelligence to enhance efficiency in business processes, as well as changes in corporate reporting which will add value to businesses, such as Sustainability Reporting
  • Business Acumen:  Today’s finance professionals are to be more business savvy to effectively take on a business partnering role
  • Professional Values and Ethics: Having strong ethical values is the foundation for all other traits, and finance professionals must act professionally and ethically at all times.
  • Technical Excellence: Finance professionals are to be proficient in the knowledge and application of accounting and other professional standards.
  • Leadership and Personal Empowerment: This DNA means finance professionals must take ownership of their professional development through lifelong learning, as well as develop leadership and management skills

ISCA PAIB Learning Roadmap for Financial Accountants and Management Accountants

Slide #4

Referencing the ISCA PAIB Framework, the Institute has also developed the PAIB Learning Roadmap for Financial Accountants and Management Accountants. The Roadmap seeks to equip financial and management accountants with the right skill sets by recommending relevant learning opportunities aligned with the five DNAs from the PAIB Framework and according to their proficiency levels.

Slide #5

Employers and HR Professionals can use the learning roadmap to chart the professional development programmes of their staff. 

Financial Accountants and Management Accountants can use it  to assess the relevant learning opportunities  to meet their development needs.

Slide #6

This Learning Roadmap also maps ISCA’s Continuing Professional Education courses to the five DNAs of the PAIB framework.  Accountants can select the relevant courses to further their learning journey according to their level of proficiency – Foundational, Intermediate, Advanced and Expert— based on their years of work experience. 

Slide #7

With the Learning Roadmap, financial accountants and management accountants can now take charge of their professional development with a progressive learning plan for skills upgrading and career planning, at a glance. 

A copy of the Learning Roadmap with the ISCA PAIB Framework can be found in your conference welcome pack. I encourage participants to use it to plot your own learning journey and take charge of your professional development.

Conclusion

It is said that “the future belongs to those who prepare for it today”.  This is especially so in today’s world of ever-growing new products, new technologies and new ways of working. Only by embracing a culture of lifelong learning can we continue to stay relevant and resilient, and keep one step ahead of change in this brave new digital world. 

May today’s conference accelerate your learning journey, and may you have a fruitful and enjoyable session.  Thank you.