Page 126 - 2020 CXC Annual Report

CARIBBEAN EXAMINATIONS COUNCIL ANNUAL REPORT 2020

Financials

Financial Stability

Talent acquisition and retention of an adequate and well- (b) The implementation and enforcement of the procurement
equipped workforce is a priority of the HR department. policy;
Based on the approved 2020 staff structure, a gap analysis (c) Creation of a smart building by implementing building
was conducted to ensure adequate skill sets within each management systems and environmental monitoring
department. solutions which monitor, alert and activates corrective
solutions;
For the period, Finance and Office Management (FOM) (d) The review of the compensation strategy payable to
continued to provide accurate, relevant and timely financial resource persons;
information to enable sound decision-making, and provide (e) Improved payment cycle to resource persons;
operational and logistical support to the wider organisation. (f) Sourcing and implementation of a Document Management
System that allows for the management of strategic
The department’s strategic objectives focused on information;
(a) Reducing operational cost (g) The use of a scanning bureau; and
(b) On-time payment of resource persons (h) Implementation of environmentally friendly solutions and
(c) Providing access to strategic information green initiatives which will improve internal and external
(d) Improving stakeholder experience customer Health and Wellness.

FOM worked with stakeholders to automate existing manual Digital records retention and retrieval will continue to be
processes through greater use of ICT tools towards improving vital as the organisation moves towards the use of multiple
the timely delivery of its customer services, namely e-functional platforms that will allow for synchronisation across
(a) Full utilisation of financial tools such as the fixed assets the block chain. It is therefore vital that records be stored in a
norming and budgeting and planning modules; retrievable format for the utilisation of block chain technology
(b) Full use of record management tools for both retention that will bring efficiencies as well as generate other sources of
and retrieval of information; income streams if CXC® is to become fully self-financed.
(c) Use of business intelligence tools to improve analysis.
(d) Electronic processing of payments to resource persons The FOM team has a mandate to ensure that budget provisions
including moderators via the Resource Management are in line with the strategic vision of the organisation. It is
System (RMS); and therefore incumbent to ensure that all cost centres provide
(e) Expanded revenue collection via e-commerce. budgets reflecting not only the strategic goals, but also
reasonable estimates of expected expenditure allowing
A number of other initiatives were rolled out to support the limited financial resources to be invested in the areas that truly
strategic objectives and included the following: require them.
(a) The retrofitting of the air-conditioning system by the
second quarter of 2020;

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