Page 95 - 2019 CXC Annual Report

Financials

Financial Stability

CORPORATE SERVICES Statutory and Legal Matters
The strategic priorities that govern this area are mainly: Responding to legal matters and managing contracts are
1. SO1 - To strengthen our business model through critical elements of this area. Standard contract templates
diversification of our examinations portfolio, segment have been developed for the regular activities and these
profile and geographic markets, and will be reviewed as necessary. Legal and statutory matters
2. SO2 To secure financial stability through sustainable are mainly handled internally by the relevant personnel, with
revenue growth; increased efficiency and expense the department having been bolstered by the addition of
management a Paralegal during the year. However matters that are more
technical related to intellectual property, employment issues,
The key functional areas are as follows: complex staff matters, corporate matters and privileges and
Corporate Management immunities are managed by external attorneys.
The implementation of the strategic plan is critical in order
for the organisation to achieve its strategic goals. This area Financial Planning and Management
overseas the effective monitoring and reporting of this plan. Financial stability has been identified as a critical area as
Ensuring that the organisation operates within the Agreement outlined in the strategic plan. One of the keys ways identified to
Establishing the Council and updating governance documents do this is through expense management and revenue growth.
as necessary especially as processes change with the Developing new partnerships, obtaining grant funding and
introduction of more automated systems. identifying additional consultancies and contracted exams are
some areas to grow other revenues. Establishing connections
These are critical given the fact that the Council is in the process outside of the region and offering products and services in
of adopting an e-strategy. Previously set to be implemented in new markets is also a critical strategy. Other possible sources
2020, this date has now been revised to 2025. of revenue have been considered, including conferences and
seminars. Due diligence prospective opportunities will be
In order for the plan to be effective, the relevant structures also performed to ensure financial and operational feasibility.
need to be in place to ensure robust procurement policies,
a safe environment, and labour stability. The latter has been Records and Archives Management
identified as especially important given the relative unrest The Records Management objectives were aligned to reflect
experienced during the year. A people centric approach the Council’s strategic objectives within the area of Business
has been determined as the basis for prospective industrial Continuity. Access to electronic information has become
relations. one of the most important aspects in modern day record
management initiatives. More emphasis is being placed on
access to information than on storage options. Therefore,
to keep abreast of the rapidly evolving technologies used
to access records and information, the Unit’s main objective
was strategically channeled towards digitizing the records
retention and retrieval function to ensure that internal users
had easier electronic access to critical documentation.

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