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Navigating with Clarity

Shaping Dynamic Teams

1

NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS

IntroductionSingapore is on a journey to implement structural changes to its economy following the seminal report of the Committee on the Future Economy (CFE) in 2017. As the CFE has pointed out, the stakes are high. There are significant structural shifts in Singapore’s external environment; global growth is subdued; productivity has been sluggish; value chains are changing; and technology is evolving rapidly.

A clear vision has been identified for Singapore to stay open to trade, talent and ideas, and build deep capabilities. The CFE itself has laid out seven mutually-reinforcing strategies to achieve this vision. Among them is acquiring and utilising deep skills.

The Skills Framework for the Accountancy Sector was jointly developed by SkillsFuture Singapore (SSG), Workforce Singapore (WSG), and the Singapore Accountancy Commission (SAC), together with industry associations, training providers, organisations and unions. The Skills Framework provides guidance on the functional roles necessary for an organisation’s success. Companies may need to undergo some form of restructuring and will need to develop future-ready talent for a very dynamic, fast-paced environment.

To support these national developments, analytics solutions provider L+D has embarked on developing ALGO, an enterprise-scale solution for systematic measurement, storage and tracking of individual employee and team performance based on competencies. The solution leverages sophisticated analytics to derive insights into human capital that aid corporate decision-making around hiring and training.

CPA Australia, in partnership with L+D, has sponsored this study to systematically quantify the current skills and competencies to gain insights into the companies’ preparedness to embark on future-proofing their talent structure. The study, based on ALGO’s conceptual analytics framework, surveyed 100 respondents in the healthcare, insurance, manufacturing and public accounting sectors.

In measuring these competencies, this study sought to:

• Develop an understanding of the current distribution of skills and competencies across individuals in finance and accounting teams

• Identify key areas of proficiency and learning opportunities for individuals

This competency-based assessment process provides a way of building the skills and knowledge people need to perform their job. Over time, the longitudinal data collection will enable the team to understand the dynamics of skills acquisition, both organically and with interventions (e.g. training sessions).

Combined with an understanding of the skills distribution within the team, the outputs of this study will allow for strategic decision making on talent acquisition and training investment. These programs can then be targeted to address genuine skills shortages and strategic future needs of the team.


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HighlightsBased on our analysis of data collected in this study, our key observations are:

• All companies studied do not currently have a structured framework for evaluating their team competencies.

• In the current state, the benchmark skills and competencies differ widely between companies in the corporate sectors and small and medium size practitioners in the public accounting space.

• For the corporate environment, skill sets in high demand relate mainly to those relevant to the finance functions such as corporate reporting, technology, business transformation, corporate finance and tax. Whereas for those in public accounting, their critical knowledge areas involve audit, tax and ethics.

• There are substantial opportunities to upskill members of the team across all the categories, as the most skilled practitioners in each discipline are significantly more skilled than the least skilled employees.

• In many areas where the benchmark requirements for the organisation are higher than the highest skill-level that exists within the team, there are opportunities for external training options and programs should be considered to close the skill gap identified.

• One size does not fit all. Organisations could identify competencies where high proficiency is limited to a few individuals, allowing proactive management of key person risk through training or hiring. They could also strategically play to their strengths where teams have good depth in a specific competency and team members are able to provide support should there be unforeseen circumstances.

About this studyThis study surveyed five companies in the healthcare, insurance, manufacturing and public accounting sectors. The accounting and finance headcount in the companies ranged from 20 to 300. All companies that participated in the study do not currently have a structured way of competency evaluation.

In gathering data on their present state of competencies and skills, questions were asked on:

A. Team Depth (number of employees in each competency)

B. Upskilling Opportunity (the highest rating and the lowest rating), and

C. Benchmark Gap (average benchmark score and reviewed score)

The competencies selected are aligned to the 84 technical competencies identified by the Skills Framework for the Accountancy Sector. The group of skills also broadly match the nature of the business of the participating companies. In our view, the Skills Framework is a good step forward, where there was none in the past, to critically identify the relevant skill sets for the accounting and finance sector.

The survey garnered 100 respondents. In total, 72 competencies selected were grouped and analysed under the following categories:

• Corporate Reporting • Infocomm Technology • Audit • Professional Values and Ethics • Management Accounting • Internal Audit • Strategic Business Management • Business Transformation

• Corporate Finance• Governance and Risk Management• Business Relations • Business Law and Regulations • Business Valuation • Project Management• Taxation

All companies studied do not currently have a structured framework for evaluating their team competencies.

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The future skills journeyIn analysing the breadth of competencies, we employed a modern visualisation technique (t-SNE) to display the patterns in data of the reviewer scores for all 100 respondents being rated on more than 70 skills. In the plot, the closer two points are together, the more similar they are in terms of competencies and proficiencies (Figure 1).

Figure 1 – Clustering Analysis

Our analysis of the current state suggests that the benchmark skills and competencies differ widely between companies in the corporate sectors (dots in the red circle) and small and medium size practitioners in the public accounting space (dots in green circle). The analysis shows that public accountants are not evaluating themselves based on needs of the corporate sector where their clients are likely to be.

In the healthcare, insurance and manufacturing sectors, there appears to be a common focus on corporate reporting requiring the traditional competencies in accounting standards, financial closing, financial reporting, financial statement review, financial transactions and transaction accounting. Our analysis is also supported by the assessments of the study participants themselves. Respondents suggested that they are still some distance from the benchmarks desired of their respective skills sets.

The study also noted some outliers requiring specialist skill set like business transformation, strategic business management and infocomm technology. There is also the issue of personnel risk, where expert knowledge is still very thin based on the scoring. This suggests a high reliance on external experts to close the gaps in knowledge and experience.

Healthcare

Insurance

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Public Accounting

There is also the issue of personnel risk, where expert knowledge is still very thin based on the scoring. This suggests a high reliance on external experts to close the gaps in knowledge and experience.


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The loss of key employees can cripple a business. Companies will find value in drawing up and regularly reviewing key person risk management and contingency plans to reduce uncertainty about the future of the business and the risk of team failure.

Competency demand and supplyAsked to rate the skills that are currently in high demand, respondents from the corporate sector indicated skills in corporate reporting, information technology, management accounting, strategic business management, business transformation, corporate finance and taxation.

This was in contrast to the high-demand competencies of audit, ethics and tax-related skills for the public accounting sector. The findings suggest that public accounting staff are too narrowly focused on their roles. They could acquire other corporate sector competencies to widen industry knowledge of their clients.

Business Transformation

Business transformation relies on implementing effective market and stay-in-business strategies that attract more profitable customers in selected markets and lower operating costs. Furthermore, the increasingly digitalised environment has changed the way organisations and workers function. Companies are being forced to transform their business models on an ongoing basis to thrive in the digital marketplace.

The study found that skills required for Business Transformation are high in the healthcare and insurance sectors (Figure 2). However, the manufacturing and public accounting sectors did not select any of the competencies in this category. Business transformation is a journey and not a destination. Research has shown that a company’s ability to gain strategic clarity on its path to business model is crucial to its success. Hence, embarking on business transformation - whether big or small - is not an option but survival for all organisations.

Where current skill levels are concerned, the study noted that there are gaps in competencies. In the healthcare and insurance sectors, for instance, the mean reviewer scores are assessed to be below the benchmarks (Figure 3).

While the benchmarks set for the competencies are high, the number of skilled staff in the team is low suggesting personnel risk (Figure 4). Business transformation is an important management strategy which aims to align people, processes, and technology initiatives. Organisations will find value in transforming as required to survive in the evolving business environment.

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Skills Required

Figure 2 - Skills required for business transformation are high in healthcare and insurance sectors. The manufacturing and public accounting sectors did not select any of the competencies in this category

Current Skill Levels

Figure 3 - There are gaps in the competencies as the mean reviewer scores for healthcare and insurance sectors are below the benchmarks

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% of team with skill

Figure 4 - While the benchmarks set for the competencies are high, the number of skilled staff in the team is low suggesting personnel risk. Business transformation is an important management strategy which aims to align people, processes, and technology initiatives. Organisations need to transform to survive in the evolving business environment

Infocomm Technology

As organisations evolve in the digital era, many new technology skills are taking a more prominent role within the working environment. These include skills in information technology and digital, information security and information management for areas that require these competencies, such as data mining and statistical analysis.

Increasingly, finance and accounting professionals need to become drivers of data. It will be in their interest to develop capabilities in how data is collected and analysed, and how data will guide organisational functions now and in the future, to facilitate evidence-based decision-making.

This study found that skills required for Infocomm Technology across the competencies are high in the healthcare, insurance and manufacturing sectors. However, the public accounting sector did not select any of the competencies in this category (Figure 5).

The mean reviewer scores for the healthcare, insurance and manufacturing sectors were also noted to be below the benchmarks. This indicates gaps in a majority of the competencies (Figure 6), suggesting that investment in upskilling is crucial especially in the age where technology is constantly improving and driving change in the workplace.

In terms of the percentage of the team with the skillset, the study’s scores are low. This could point to personnel risk in cyber security, data analytics, adoption, innovation and governance (Figure 7).

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Skills Required

Figure 5 - Skills required for infocomm technology across the competencies are high in healthcare, insurance and manufacturing sectors. However, public accounting sector did not select any of the competencies in this category


Figure 6 - There are gaps in majority of the competencies as the mean reviewer scores for healthcare, insurance and manufacturing sectors are below the benchmarks

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Figure 7 - Percentage of team with skillset is low indicating personnel risk in cyber security, data analytics, adoption, innovation and governance

Strategic Business Management

In many commercial organisations, the role of accounting professionals has expanded beyond just the financials. It has become increasingly common for CFOs and their staff to act as business partners and advisors to other functions in their organisations.

CFOs are also increasingly being called upon to serve as strategists and catalysts. As a strategist, CFOs are expected to provide financial leadership in shaping the organisation’s direction. As a catalyst, the role ensures financial discipline in the organisation while managing the business risks appropriately.

As a result, there is greater demand for these professionals to think strategically in the management of the business. These skills may include things like leadership, business acumen, communication, influencing, and analysis.

According to reviewer assessments, skills required for Strategic Business Management are high for the insurance sector (Figure 8). This could be due to the job functions of respondents in this space as their organisation acts as a regional finance centre in setting strategic direction.

For the healthcare sector, the reviewer scores for business process management are higher than the benchmark (Figure 9). There may be opportunities for employees to identify new avenues to deploy their skills beyond their current scope. The job requirement could be reassessed with other competencies development added to motivate the staff.

The low number of skilled staff in the team generally indicates personnel risk, particularly in strategic management (Figure 10). Strategic management entails planning for business growth and directing adequate efforts into the right areas of the business. .

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Skills Required

Figure 8 - Skills required for strategic business management is high for the insurance sector


Figure 9 - In the healthcare sector, the reviewer scores for business process management are higher than benchmark. There may be opportunities for employees to identify new avenues to deploy their skills beyond their current scope

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Insurance

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Figure 10 - The low number of skilled staff in the team generally indicates personnel risk, particularly in strategic management. Strategic management entails planning for business growth and directing adequate efforts into the right areas of the business

Governance and Risk Management

CFOs and their finance colleagues are expected to play important roles in governance and risk management in organisations. Not only are they tasked with robust financial management, cost controls and driving organisational performance, they also need to manage risk effectively.

CFOs and the finance function serve to bridge business units, management, the chief risk officer (if there is one) and the board and especially its audit and risk committee, by providing necessary information and experience to fill the gaps within the organisation. This requires processes that are effective to enhance control, drive value, and cultivate the right organisational behaviours.

On the question of governance and risk management, respondents to this study assessed the skills required across the competencies to be high (Figure 11).

However, mean reviewer scores came in below the benchmarks, suggesting there are still gaps in a majority of the competencies (Figure 12). For the insurance and healthcare sectors, the low number of skilled staff suggests possible personnel risk (Figure 13). This is not an ideal situation as risk management is the responsibility of all employees.

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Skills Required

Figure 11 - Skills required for governance and risk management across the competencies are high


Figure 12 - There are gaps in majority of the competencies as the mean reviewer scores are below the benchmarks

Healthcare

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Figure 13 - The low number of skilled staff in insurance and healthcare suggests possible personnel risk

Opportunities

The findings suggest more work lies ahead to improve the capabilities of members of the team across all categories to promote future-ready skills. Here, organisations may find value in leveraging their most senior staff to enhance their contributions to the organisation. The study noted that the most skilled practitioners in each discipline are significantly more skilled than the least skilled employees. This presents opportunities for organisations to draw upon the valuable knowledge of their experienced staff.

The study also noted some competency areas where the benchmark requirements for the organisation are higher than the highest skill-level that exists within the team. This situation would provide guidance to decision makers to consider investments in external training and other relevant programmes that could close the skills gap identified.

What became clear is that there was no common approach for all companies. Varying approaches are required to meet the specific needs of a given organisation. In this regard, we suggest that organisations could identify competencies where high proficiency is limited to few individuals, allowing proactive management of key person risk through training or hiring. At a strategic level, they could also play to their strengths where teams that have good depth in a specific competency could provide support in the event of unforeseen circumstances.

Healthcare

Insurance

Manufacturing

Public Accounting

Complia

nce

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The survey noted that the most skilled practitioners in each discipline are significantly more skilled than the least skilled employees. This presents opportunities for organisations to draw upon the valuable knowledge of their experienced staff.

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The Road AheadThe key observations in this study, supported by data collected, confirm a number of gaps between skills available now both within organisations and in the accounting and finance sector, and what competencies are required in the future digital market place. We have also observed that the companies studied are generally not using structured skills-based in performance evaluation.

What can be done about it?

Digitalisation, artificial intelligence, analytics, big data, and blockchain are some major disruptive forces at play, which are transforming traditional roles in accounting and finance. There is a growing acceptance that relevant skills will be needed to cope with the changes brought about by technology. Employees have to recognise the need for lifelong learning and to constantly seek opportunities to stay on top of the changes resulting from data analytics and automation.

For their part, companies may need to restructure to take advantage of their internal experience in knowledge sharing and cross-function training. Where internal competencies are lacking, there will be a need to invest in external sources for relevant skills and exposure to international markets.

The findings also suggest that more can be done to equip finance and accounting professionals with agile skills. Current competencies appear to be too focused on individuals’ day job and sector. But clients or stakeholders may be operating to a different dimension. An example in point is from the audit perspective, where professionals will need to have an agile mindset in order to anticipate and manage their clients’ evolving business issues.

The Finance Function needs to evolve

The finance function needs to evolve to a strategic, analytical, data-driven powerhouse that embraces digitalisation and drives performance, thereby adding value throughout the business.

To successfully adapt to the finance function of the future, CFOs and organisations need to have an efficient finance model, technologies, and not least, highly skilled people.

Due to ever-changing technology developments, finance professionals need to upskill their technical abilities. Data mining, extraction and faster interpretation of Big Data will be critical skills to hone.

Statistical modelling and data analysis, financial analysis and planning, budgeting, forecasting and operational analysis will be key areas of focus for the ambitious finance professional to offer real value to any organisation.

Technical Competency Planner

For the journey ahead, this report leverages the experience and insights of the SkillsFuture Committee of CPA Australia’s Singapore Division, which comprises experienced top leaders1 across industry and public practice. To support ongoing efforts to upskill professionals for the finance function in the digital era, the committee has conceptualised and validated a multi-pronged approach involving a mix of breadth and depth of knowledge across key aspects of the finance function. This recommends a set of skills that finance professionals could acquire to advance in their trade and stay relevant in the digital economy.

1 The leaders include senior partners of the Big 4 professional services firms as well as smaller public practice firms, CFOs from a diverse group of sectors, heads of functions in the public sector, and senior academics in accounting and finance. The Committee is chaired by the head of a Big 4 firm.

The findings also suggest that more can be done to equip finance and accounting professionals with agile skills. Current competencies appear to be too focused on individuals’ day job and sector.


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In building the breadth of skills, business ethics and technology enablers are critical regardless of where an individual sits across the finance function.

These two areas underpin the ability of professionals to act ethically in their business settings, as well as equip themselves with working knowledge of emerging technologies that are transforming processes and job scopes in traditional finance.

Finance professionals need even more digital skills at their core of their professional development. Primarily, these could be grouped into knowledge areas that could be enhanced through continuing professional development:

Knowledge Area Desired Skills

Automation Understanding the implications of the digital revolution and its impact on finance processes, behaviour, and new opportunities. These include applied knowledge in artificial intelligence, blockchain, cloud computing, big data, and robotic process automation.

Data analytics Understanding data analytics and its critical application to the role of finance to solve business analysis and reporting problems with analytics.

Data forensics Understanding forensic analytics and its application of specialised analytical knowledge and techniques to identify patterns and activities such as potential fraud, misappropriation, and corruption.

IT governance Appreciating emerging trends in infocomm technology and ways to establish Infocomm Technology governance and controls from a business and finance perspective.

Cybersecurity Knowledge of developments and issues arising from security threats and creating awareness on managing these threats particularly from a finance perspective.

Agile in finance Ability to navigate changing business landscapes, spot new opportunities and drive growth. This approach requires true business transformation, driving the finance teams to rethink their missions and operating models

Table 1 - Enhancing digital skills through continuing professional development

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Technology aside, there is still a future for certain core accounting skills that require judgement and are less likely, for now, to be replaced by machines. These include areas such as:

Knowledge Area Desired Skills

Financial Reporting Standards Holistic understanding and application of judgement from key developments prescribed by the International Accounting Standards Board (IASB) and Financial Reporting Standards (FRS).

Accounting Standards Applied knowledge in concept and standards for financial reporting frameworks prescribed by the relevant governing bodies to ensure all transactions meet regulatory requirements.

Tax legislation and regulations Understanding technical aspects and implications of changes in tax laws such as indirect tax legislation and their practical impacts on business.

Business Valuation Practical knowledge of procedures that are common to a comprehensive business valuation. These include core business valuation theory and practices that address professional and practical issues.

Business and Financial Analysis Ability to investigate past business performance using data and statistical models to develop new insights and understanding of future business performance. These could include converting data into financial metrics that assist in decision making, and assessing the relationships between items within the financial statements.

Design Thinking Appreciate design thinking from a business perspective to create better and more innovative solutions. Understand how to apply creativity and lead creative processes at work through integrating the needs of stakeholders, technology, and the requirements of the organisation.

Communication Ability to shape and clarify messages on finance information, understand the approaches in communications with senior executives, and having an appreciation of how to build credibility.

Strategic Business Management Ability to assess organisational performance, as well as review strategic, operational and tactical imperatives. Knowledge to manage and optimise an organisation’s business processes for efficiency and effectiveness. Skills to explain risk management rationale, develop framework and monitor performance.

Corporate Finance With corporate finance at the heart of both investment banking and corporate structures, possible applied skills to create, enhance and maximise corporate value. Areas of value are capital raising, financial management, mergers & acquisition, or treasury.

Table 2 - Core accounting skills that require judgement are less likely to be replaced by machines for now.


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ConclusionAccounting and finance people in the corporate sector control the purse strings for investments. If skill sets are lacking, there is a risk that wrong decisions could be made at the expense of the organisation. Deepening skill sets within the organisation is a strategy priority.

It is suggested that organisations adopt a more holistic way to plan the needs of their workforce based on the requirements of future-ready skills. In addition to technical competencies, professionals will also need industry knowledge or industry domain to complete their competency mix.

Based on the findings of this study, it appears that companies currently do not have a structured competency framework to guide the upskilling of their staff to acquire future-ready capabilities. We have observed that existing professional development efforts have not yet closed the gap between the skill sets available now against the ideal benchmarks as assessed by the study’s participants.

Therefore, more needs to be done to raise the competency levels relevant to specific job roles and industries. Accounting and finance professionals will also benefit from cultivating an agile mindset to proactively anticipate and address business issues faced by their stakeholders.

At the national level, support is available from the Skills Framework for the Accountancy Sector and the Industry Transformation Maps as envisioned by the Committee on the Future Economy. The Skills Framework is a relevant starting point to robustly benchmark and guide the upskilling of workers and professionals as Singapore is striving to do as a nation. This report’s findings may also be relevant when the current Skills Framework for the Accountancy Sector is refreshed.

APPENDIX


18

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ntin

g a

cro

ss a

ll th

e co

mp

ete

nci

es

are

hig

h in

he

alth

care

an

d in

sura

nce

se

cto

rs.

Th

e m

anu

fact

urin

g a

nd

p

ub

lic a

cco

unt

ing

se

cto

rs d

id n

ot

sele

ct a

ny o

f th

e co

mp

ete

nci

es

in t

his

cate

go

ry

(B)

Th

ere

are

gap

s in

maj

orit

y o

f th

e co

mp

ete

nci

es

as

the

me

an r

evie

we

r sc

ore

s fo

r h

eal

thca

re a

nd

insu

ran

ce s

ect

ors

are

be

low

th

e b

en

chm

arks

(C)

Whi

le t

he

be

nch

mar

ks s

et fo

r al

l co

mp

ete

nci

es

are

hig

h, t

he

num

be

r o

f sk

ille

d s

taff

in t

he

team

is lo

w e

xce

pt

for

finan

cial

ana

lysi

s su

gg

est

ing

o

pp

ort

uni

ties

for

up

skill

ing

, kn

owle

dg

e sh

arin

g, o

n jo

b a

nd

str

uct

ure

d t

rain

ing

.

Benchmark

ing

Cost M

anagement

Capital E

xpenditu

re and

Inve

stm

ent Eva

luatio

n

Financial Analys

isFinancial P

lanning

Managem

ent Decisi

on Makin

g

Perform

ance Managem

ent

Benchmark

ing

Cost M

anagement

Capital E

xpenditu

re and

Inve

stm

ent Eva

luatio

n

Financial Analys

isFinancial P

lanning

Managem

ent Decisi

on Makin

g

Perform

ance Managem

ent

Benchmark

ing

Cost M

anagement

Capital E

xpenditu

re and

Inve

stm

ent Eva

luatio

n

Financial Analys

isFinancial P

lanning

Managem

ent Decisi

on Makin

g

Perform

ance Managem

ent

21


Str

ate

gic

Bu

sin

ess

Man

age

me

nt

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Ski

lls

req

uir

ed

fo

r st

rate

gic

bu

sin

ess

man

age

me

nt

are

hig

h f

or

the

insu

ran

ce s

ect

or

(B)

In t

he

he

alth

care

se

cto

r, th

e r

evi

ew

er

sco

res

for

bu

sin

ess

pla

nn

ing

an

d p

roce

ss m

anag

em

en

t ar

e h

igh

er

than

be

nch

mar

k su

gg

est

a r

evi

ew

of

the

ro

les

(C)

Th

e lo

w n

um

be

r o

f sk

ille

d s

taff

in t

he

te

am g

en

era

lly in

dic

ate

s p

ers

on

ne

l ris

k, p

arti

cula

rly

in s

trat

eg

ic m

anag

em

en

t. S

trat

eg

ic m

anag

em

en

t e

nta

ils p

lan

nin

g f

or

bu

sin

ess

gro

wth

an

d d

ire

ctin

g a

de

qu

ate

eff

ort

s in

to t

he

rig

ht

are

as o

f th

e b

usi

ne

ss.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Business

Develo

pment

Business

Pro

cess

Managem

ent

Macro

economic

Analysis

Business

Pla

nning

Business

Develo

pment

Business

Pro

cess

Managem

ent

Macro

economic

Analysis

Business

Pla

nning

Business

Develo

pment

Business

Pro

cess

Managem

ent

Macro

economic

Analysis

Business

Pla

nning


22

Bu

sin

ess

Tra

nsf

orm

atio

nC

om

pe

ten

cy D

istr

ibu

tio

ns

(A)

Ski

lls

req

uir

ed

fo

r b

usi

ne

ss t

ran

sfo

rmat

ion

are

hig

h in

he

alth

care

an

d in

sura

nce

se

cto

rs.

Th

e m

anu

fact

uri

ng

an

d p

ub

lic a

cco

un

tin

g s

ect

ors

did

n

ot

sele

ct a

ny

of

the

co

mp

ete

nci

es

in t

his

cat

eg

ory

(B)

Th

ere

are

gap

s in

th

e c

om

pe

ten

cie

s a

s th

e m

ean

re

vie

we

r sc

ore

s fo

r h

eal

thca

re a

nd

insu

ran

ce s

ect

ors

are

be

low

th

e b

en

chm

arks

(C)

Wh

ile t

he

be

nch

mar

ks s

et

for

the

co

mp

ete

nci

es

are

hig

h, t

he

nu

mb

er

of

skill

ed

sta

ff in

th

e t

eam

is lo

w s

ug

ge

stin

g p

ers

on

ne

l ris

k. B

usi

ne

ss

tran

sfo

rmat

ion

is a

n im

po

rtan

t m

anag

em

en

t st

rate

gy

wh

ich

aim

s to

alig

n p

eo

ple

, pro

cess

es,

an

d t

ech

no

log

y in

itia

tive

s. O

rgan

isat

ion

s n

ee

d

to t

ran

sfo

rm t

o s

urv

ive

in t

he

evo

lvin

g b

usi

ne

ss e

nvi

ron

me

nt.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Business

Innova

tion

Change Managem

ent

Business

Innova

tion

Change Managem

ent

Business

Innova

tion

Change Managem

ent

23


Co

rpo

rate

Fin

ance

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Co

mp

ete

nci

es

in c

orp

ora

te fi

nan

ce w

ere

on

ly s

ele

cte

d b

y th

e in

sura

nce

gro

up

. T

his

may

be

du

e t

o it

s re

gio

nal

ro

le a

s fin

ance

ce

ntr

e f

or

AP

AC

.

(B)

Th

ere

are

gap

s in

maj

ori

ty o

f th

e c

om

pe

ten

cie

s a

s th

e m

ean

re

vie

we

r sc

ore

s ar

e b

elo

w t

he

be

nch

mar

ks

(C)

Wh

ile t

he

be

nch

mar

ks s

et

for

all c

om

pe

ten

cie

s ar

e h

igh

, th

e n

um

be

r o

f sk

ille

d s

taff

in t

he

te

am is

low

su

gg

est

ing

pe

rso

nn

el r

isk.

Th

ere

are

o

pp

ort

un

itie

s fo

r u

psk

illin

g, k

no

wle

dg

e s

har

ing

, on

job

an

d s

tru

ctu

red

tra

inin

g.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Capital R

aising

Financial Managem

entM

ergers

and Acquisi

tions

Treasu

ry M

anagement

Valuatio

n

Capital R

aising

Financial Managem

entM

ergers

and Acquisi

tions

Treasu

ry M

anagement

Valuatio

n

Capital R

aising

Financial Managem

entM

ergers

and Acquisi

tions

Treasu

ry M

anagement

Valuatio

n


24

Go

vern

ance

an

d R

isk

Man

age

me

nt

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Ski

lls

req

uir

ed

fo

r g

ove

rnan

ce a

nd

ris

k m

anag

em

en

t ac

ross

th

e c

om

pe

ten

cie

s ar

e h

igh

(B)

Th

ere

are

gap

s in

maj

ori

ty o

f th

e c

om

pe

ten

cie

s as

th

e m

ean

re

vie

we

r sc

ore

s ar

e b

elo

w t

he

be

nch

mar

ks

(C)

Th

e lo

w n

um

be

r o

f sk

ille

d s

taff

in in

sura

nce

an

d h

eal

thca

re s

ug

ge

sts

po

ssib

le p

ers

on

ne

l ris

k.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Complia

nce

Govern

ance

Inte

rnal C

ontrols

Enterp

rise R

isk M

anagement

Risk M

anagement S

trate

gy

Fraud R

isk M

anagement

Complia

nce

Govern

ance

Inte

rnal C

ontrols

Enterp

rise R

isk M

anagement

Risk M

anagement S

trate

gy

Fraud R

isk M

anagement

Complia

nce

Govern

ance

Inte

rnal C

ontrols

Enterp

rise R

isk M

anagement

Risk M

anagement S

trate

gy

Fraud R

isk M

anagement

25


Bu

sin

ess

Re

lati

on

sC

om

pe

ten

cy D

istr

ibu

tio

ns

(A)

Ski

lls

req

uir

ed

fo

r b

usi

ne

ss r

ela

tio

ns

acro

ss t

he

co

mp

ete

nci

es

are

hig

h in

he

alth

care

, in

sura

nce

an

d m

anu

fact

uri

ng

se

cto

rs

(B)

Th

e g

ap b

etw

ee

n b

en

chm

ark

and

re

vie

we

r sc

ore

is n

ot

sig

nifi

can

t in

co

nfl

ict

man

age

me

nt

sug

ge

stin

g c

urr

en

t sk

ill le

vels

ge

ne

rally

me

et

the

job

re

qu

ire

me

nt.

Ho

we

ver

the

re is

gap

s in

sta

keh

old

er

man

age

me

nt

as t

he

me

an r

evi

ew

er

sco

res

are

be

low

th

e b

en

chm

arks

(C)

Th

e %

of

team

wit

h s

kill

set

is lo

w (l

ess

th

an 2

0%

) fo

r b

oth

co

nfl

ict

and

sta

keh

old

er

man

age

me

nt

for

the

insu

ran

ce s

ect

or.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Conflict Managem

ent

Stake

holder M

anagement

Conflict Managem

ent

Stake

holder M

anagement

Conflict Managem

ent

Stake

holder M

anagement


26

Bu

sin

ess

Law

an

d R

eg

ula

tio

ns

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Co

mp

ete

nci

es

in b

usi

ne

ss la

w a

nd

re

gu

lati

on

s w

ere

on

ly s

ele

cte

d b

y th

e in

sura

nce

gro

up

. T

his

may

be

du

e t

o it

s re

gio

nal

ro

le a

s fin

ance

ce

ntr

e

for

AP

AC

.

(B)

Th

ere

are

gap

s in

maj

ori

ty o

f th

e c

om

pe

ten

cie

s as

th

e m

ean

re

vie

we

r sc

ore

s ar

e b

elo

w t

he

be

nch

mar

ks

(C)

Wh

ile t

he

be

nch

mar

ks s

et

for

all c

om

pe

ten

cie

s ar

e h

igh

, th

e n

um

be

r o

f sk

ille

d s

taff

in t

he

te

am is

be

low

10

% s

ug

ge

stin

g p

ers

on

ne

l ris

k. T

he

re a

re

op

po

rtu

nit

ies

for

up

skill

ing

, kn

ow

led

ge

sh

arin

g, o

n jo

b a

nd

str

uct

ure

d t

rain

ing

.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Corpora

te and

Business

Law

Regulatory

Risk

Assess

ment

Regulatory

Stra

tegy

Corpora

te and

Business

Law

Regulatory

Risk

Assess

ment

Regulatory

Stra

tegy

Corpora

te and

Business

Law

Regulatory

Risk

Assess

ment

Regulatory

Stra

tegy

27


Bu

sin

ess

Val

uat

ion

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Co

mp

ete

nci

es

in b

usi

ne

ss v

alu

atio

n w

ere

on

ly s

ele

cte

d b

y th

e in

sura

nce

gro

up

. T

his

may

be

du

e t

o it

s re

gio

nal

ro

le a

s fin

ance

ce

ntr

e f

or

AP

AC

.

(B)

Th

ere

are

gap

s in

maj

ori

ty o

f th

e c

om

pe

ten

cie

s a

s th

e m

ean

re

vie

we

r sc

ore

s ar

e b

elo

w t

he

be

nch

mar

ks

(C)

Wh

ile t

he

be

nch

mar

ks s

et

for

all c

om

pe

ten

cie

s ar

e h

igh

, th

e n

um

be

r o

f sk

ille

d s

taff

in t

he

te

am is

be

low

4%

in v

alu

atio

n c

on

clu

sio

n, r

ep

ort

ing

re

sear

ch a

nd

an

alys

is, s

ug

ge

stin

g p

oss

ibili

ty o

f p

ers

on

ne

l ris

k. T

he

re a

re o

pp

ort

un

itie

s fo

r u

psk

illin

g, k

no

wle

dg

e s

har

ing

, on

job

an

d s

tru

ctu

red

tr

ain

ing

.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Valuatio

n Conclu

sion

and Reporti

ng

Financial Modellin

g

Valuatio

n Rese

arch and

Analysis

Valuatio

n Conclu

sion

and Reporti

ng

Financial Modellin

g

Valuatio

n Rese

arch and

Analysis

Valuatio

n Conclu

sion

and Reporti

ng

Financial Modellin

g

Valuatio

n Rese

arch and

Analysis


28

Pro

ject

Man

age

me

nt

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Ski

lls

req

uir

ed

fo

r p

roje

ct e

xecu

tio

n a

nd

co

ntr

ol a

re h

igh

in h

eal

thca

re, i

nsu

ran

ce a

nd

pu

blic

acc

ou

nti

ng

se

cto

rs

(B)

Th

ere

are

gap

s in

pro

ject

man

age

me

nt

as

the

me

an r

evi

ew

er

sco

res

are

be

low

th

e b

en

chm

arks

(C)

Th

e %

of

team

wit

h s

kill

set

in p

roje

ct e

xecu

tio

n a

nd

co

ntr

ol

is b

elo

w 2

0%

fo

r th

e in

sura

nce

se

cto

r. T

he

re a

re o

pp

ort

un

itie

s fo

r u

psk

illin

g,

kno

wle

dg

e s

har

ing

, on

job

an

d s

tru

ctu

red

tra

inin

g.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Project E

xecutio

n

and Contro

l

Project E

xecutio

n

and Contro

l

Project E

xecutio

n

and Contro

l

29


Taxa

tio

nC

om

pe

ten

cy D

istr

ibu

tio

ns

(A)

Ski

lls

req

uir

ed

fo

r ta

xati

on

acr

oss

th

e c

om

pe

ten

cie

s ar

e h

igh

acr

oss

all

sect

ors

.

(B)

Th

ere

are

gap

s ac

ross

all

com

pe

ten

cie

s as

th

e m

ean

re

vie

we

r sc

ore

s ar

e b

elo

w t

he

be

nch

mar

ks

(C)

Th

e %

of

team

wit

h s

kill

set

acro

ss a

ll co

mp

ete

nci

es

are

lo

w f

or

the

insu

ran

ce a

nd

he

alth

care

se

cto

rs. T

he

re a

re o

pp

ort

un

itie

s fo

r u

psk

illin

g,

kno

wle

dg

e s

har

ing

, on

job

an

d s

tru

ctu

red

tra

inin

g.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Tax A

dvisory Ta

x Com

pliance Ta

x Com

putatio

n

Tax I

mplic

ations

Transfe

r Pric

ing

Taxa

tion L

aws

Tax R

isk

Managem

ent

Tax C

ontrove

rsy

Managem

ent

Tax A

dvisory Ta

x Com

pliance Ta

x Com

putatio

n

Tax I

mplic

ations

Transfe

r Pric

ing

Taxa

tion L

aws

Tax R

isk

Managem

ent

Tax C

ontrove

rsy

Managem

ent

Tax A

dvisory Ta

x Com

pliance Ta

x Com

putatio

n

Tax I

mplic

ations

Transfe

r Pric

ing

Taxa

tion L

aws

Tax R

isk

Managem

ent

Tax C

ontrove

rsy

Managem

ent


30

Au

dit

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Au

dit

co

mp

ete

nci

es

are

mo

re r

ele

van

t to

th

e p

ub

lic a

cco

un

tin

g a

nd

th

e b

en

chm

arks

are

hig

h

(B)

Th

e g

ap b

etw

ee

n b

en

chm

ark

and

re

vie

we

r sc

ore

is n

ot

sig

nifi

can

t su

gg

est

ing

cu

rre

nt

skill

leve

ls g

en

era

lly m

ee

t th

e jo

b r

eq

uir

em

en

t

(C)

Th

e lo

w n

um

be

r o

f sk

ille

d s

taff

in c

ert

ain

co

mp

ete

nci

es

in in

sura

nce

se

cto

r m

ay b

e a

cce

pta

ble

if t

he

se p

ract

ice

are

as a

re n

ich

e a

nd

sig

nifi

can

t sk

ills

cove

rag

e is

no

t re

qu

ire

d.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Audit

Complia

nce

Auditing and

Assura

nce Sta

ndards

Engagement C

omple

tion

and Reporti

ng

Profe

ssional S

cepticism

and Judgm

ent

Engagement E

xecutio

n Engagement R

eview

Risk A

ssess

ment

Audit

Complia

nce

Auditing and

Assura

nce Sta

ndards

Engagement C

omple

tion

and Reporti

ng

Profe

ssional S

cepticism

and Judgm

ent

Engagement E

xecutio

n Engagement R

eview

Risk A

ssess

ment

Audit

Complia

nce

Auditing and

Assura

nce Sta

ndards

Engagement C

omple

tion

and Reporti

ng

Profe

ssional S

cepticism

and Judgm

ent

Engagement E

xecutio

n Engagement R

eview

Risk A

ssess

ment

31


Pro

fess

ion

al V

alu

es

and

Eth

ics

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Co

mp

ete

nci

es

in u

ph

old

ing

pro

fess

ion

al v

alu

es

and

eth

ics

are

re

leva

nt

to m

ost

se

cto

rs

(B)

Th

e g

ap b

etw

ee

n b

en

chm

ark

and

re

vie

we

r sc

ore

is n

ot

sig

nifi

can

t su

gg

est

ing

cu

rre

nt

skill

leve

ls g

en

era

lly m

ee

t th

e jo

b r

eq

uir

em

en

t

(C)

Th

e lo

w n

um

be

r o

f sk

ille

d s

taff

in c

ert

ain

co

mp

ete

nci

es

in t

he

insu

ran

ce a

nd

he

alth

care

se

cto

rs m

ay b

e a

cce

pta

ble

if t

he

se p

ract

ice

are

as a

re

nic

he

an

d s

ign

ifica

nt

skill

s co

vera

ge

is n

ot

req

uir

ed

.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Auditor

Independence

Ethical C

limate

Ethical C

ulture

Profe

ssional G

rowth

Profe

ssional S

tandard

s

Auditor

Independence

Ethical C

limate

Ethical C

ulture

Profe

ssional G

rowth

Profe

ssional S

tandard

s

Auditor

Independence

Ethical C

limate

Ethical C

ulture

Profe

ssional G

rowth

Profe

ssional S

tandard

s


32

Inte

rnal

Au

dit

Co

mp

ete

ncy

Dis

trib

uti

on

s

(A)

Co

mp

ete

nci

es

in in

tern

al a

ud

it a

re m

ore

re

leva

nt

to p

ub

lic a

cco

un

tin

g a

s it

is a

re

ven

ue

ge

ne

rati

ng

se

rvic

e p

rovi

de

d b

y th

ese

pra

ctit

ion

ers

.

(B)

Th

e g

ap b

etw

ee

n b

en

chm

ark

and

re

vie

we

r sc

ore

is n

ot

sig

nifi

can

t su

gg

est

ing

cu

rre

nt

skill

leve

ls g

en

era

lly m

ee

t th

e jo

b r

eq

uir

em

en

t

(C)

Th

e lo

w n

um

be

r o

f sk

ille

d s

taff

in c

ert

ain

co

mp

ete

nci

es

in t

he

insu

ran

ce, m

anu

fact

uri

ng

an

d h

eal

thca

re s

ect

ors

may

be

acc

ep

tab

le if

th

ese

p

ract

ice

are

as a

re n

ich

e a

nd

sig

nifi

can

t sk

ills

cove

rag

e is

no

t re

qu

ire

d.

(A

) SK

ILL

S R

EQ

UIR

ED

(B

) CU

RR

EN

T S

KIL

L L

EV

EL

S

(C) %

OF

TE

AM

WIT

H S

KIL

L

Business

Acumen

Business

Pro

cess A

nalysis

Data C

ollectio

n and Analys

is

Impro

vem

ent and In

novatio

nIn

tern

al Audit E

ngagement

Executio

n

Inte

rnal A

udit Engagem

ent

Planning

Business

Acumen

Business

Pro

cess A

nalysis

Data C

ollectio

n and Analys

is

Impro

vem

ent and In

novatio

nIn

tern

al Audit E

ngagement

Executio

n

Inte

rnal A

udit Engagem

ent

Planning

Business

Acumen

Business

Pro

cess A

nalysis

Data C

ollectio

n and Analys

is

Impro

vem

ent and In

novatio

nIn

tern

al Audit E

ngagement

Executio

n

Inte

rnal A

udit Engagem

ent

Planning

About CPA Australia

Founded in 1886, CPA Australia is one of the world’s largest professional accounting bodies representing more than 160,000 members working in 150 countries around the world. CPA Australia advances its members’ interests through education and knowledge exchange, the development of professional networks, advocacy in relation to policy, standards and regulation and the promotion of value of CPA Australia members to employers, government, regulators and the public. The world-renowned CPA designation is synonymous with professional credibility and international portability. CPA Australia has been operating in Singapore for 65 years, having arrived in this market in 1954 under the auspices of the Colombo Plan.For more information, please visit cpaaustralia.com.au

About L+D

L+D seeks to develop enterprise-scale solutions for measuring, recording, analysing and predicting employee performance. Specifically, L+D implements frameworks that facilitate the systematic measurement, storage, and tracking of employee competencies. In addition, the company leverages sophisticated analytics to derive insights into human capital that aid in corporate decisioning around hiring and training. L+D also provides consulting services to assist clients in understanding and shaping the framework to suit their strategic needs.

CPA Australia1 Raffles Place#31-01 One Raffles PlaceSingapore 048616+65 6671 [email protected]

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