Mervyn King awarded honorary FCMA

Kaplan and Norton 20th Anniversary

Issue 78 – D

ecemb

er/Janu

ary 2012/2013

78

In Midrand, Johannesburg on 7 November employers, CIMA members and CIMA students attended a webinar via live web link from the main event, which was held at The Hospital Club in London. The webinar was hosted by CIMA South Africa at Bytes Technology Conference and discussed, company’s practices in performance and risk reporting to the board of directors.

The research entitled “Integrating risk into performance: reporting to the board of directors” highlights the responsibility of board directors regarding the company’s success or failure which relates to how informed they are about the company’s performance and risks.

Prof Regine Slagmulder, Vlerick Leuven Gent Management School, who conducted the research,

says: “It is no longer sufficient for the finance function to only report on performance, while ignoring other risks that may also impact the company’s results.”

“There must be a robust process to identify the risks and also to prioritise them in terms of probability and impact, because it’s not beneficial or practical to focus on every single risk,” says Doug Bonthrone ACMA, CGMA, Director of Global Services Strategy, The Coca-Cola Company.

Dr David Norton responded to the results saying: “Risk management is potentially a big idea, but it can also be a small idea and much of that has to do with how much success you have in taking the idea and moving it forward. For an idea to become a big idea it has to create value, it has to show how it creates value and must be used by many people.”

Professor Mervyn King was awarded ‘Honorary Fellowship of CIMA’ with the CIMA President, Mr Gulzari Lal Babber FCMA, CGMA travelling from London to present the award. “Professor King is a named recipient of this Honorary Fellowship for his well-recognised, and globally accepted work in advancing Integrated Reporting. He has been instrumental in setting up the International Integrated Reporting Council (IIRC) and was elected Chair in October 2011.

“CIMA plays a key role in the IIRC’s work and our Chief Executive, Charles Tilley, is the Chair of its Technical Taskforce,” says Mr Gulzari.

Says Professor King: “CIMA is advancing my passion of integrated reporting. We live in a changing world and at the same time we live in a world of radical transparency.”

Send your contributions to: The Editor, The Bottom Line PO BOX 745, Northlands, 2116 • E: editor@cimaglobal.com • T: 011 788 8723 • F: 011 788 8724Design by Design Bandits • M: 083 460 3633 • Published by BusinessBrief Publishing • T: 011 788 0880

CIMA President Gulzari Lal Babber presenting Honorary Fellowship to Prof Mervyn King

Sandton . Braamfontein . Pretoria

Leaders in Professional Accounting, Treasury & Finance Education

Sandton & Pretoria Tel.: +27 (0)11-656-2625 | 2597

Braamfontein Tel.: +27 (0) 11-403-0642 | 0656 Pretoria Tel.: +27 (0)12 751 7605

Email: enquiries@charterquest.co.za Website: www.charterquest.co.za

Up to 25%-OFF including Early Bird Discounts + Up to 6 Months Installment Pay Plan +

Free 1st Time Pass or Full Refund Guarantee + Exam Fee Remittance

LIMITED OFFER FOR 1st 20 NEW STUDENTS: Quote CIMACGA13/14

Choose Sandton, Braamfontein or Pretoria Campus to Study

Full-Time/Part-Time/Evenings/Weekends

or Supported Home Study from Anywhere!

2013 1st Semester Enrollments Now Open

Come See Why We Are The Best At What We Do!!!

CHARTERQUEST PRETORIA CAMPUS NOW OPEN

GET FREE QUOTES/ENROL

TODAY! www.charterquest.co.za

SPECIAL OFFER(T/Cs Apply):

Also on Sale are BPP CIMA Books & Materials!

78

3

CIMA has appointed a new Education Manager for South Africa. Caretha Laubscher joined CIMA in September with the responsibility of promoting the

CIMA qualification and will report directly to Zahra Cassim, Head of South Africa.

Caretha joins CIMA from the University of South Africa (UNISA) where she was the Masters and Doctorate coordinator. Ms Laubscher has worked as a Financial Administrator for more than 10 years across various industries.

Ms. Laubscher holds a B.Com degree in Economics Actuarial Sciences as well as a BA and Honours in Psychology. She started her Masters in Research Psychology in 2010 and will be submitting her Masters dissertation at the end of 2012. It is quite clear that Caretha has a passion for studying and will register for the CIMA qualification in 2013.

Malikah Rylands has been appointed the new Media and Communication Executive for CIMA Africa.

Malikah Rylands joined CIMA in November with the overall responsibility of coordinating internal and external communication, including marketing collateral, publications, website, media liaison, social media, electronic mailings and editing the Bottom Line, she will report directly to Lorraine van Schalkwyk, Regional Marketing and Communications Manager, Africa.

Malikah joins CIMA from Leezak Logistics where she was a Corporate Communications Assistant.

Ms Rylands holds a BA degree in Corporate Communications, which she obtained from the University of Johannesburg in 2011.

Linda Khoza has been appointed by CIMA as the new CPD and Events Executive for Africa. Linda joined CIMA in October and

her overall responsibility includes planning and managing all events for CIMA Africa.

She reports directly to Lorraine van Schalkwyk, Regional Marketing and Communications Manager, Africa.

Linda joins CIMA from Ernest and Young where she was the Events Manager and was responsible for all client events.

Ms Khoza has completed a brand management course at Vega, as well as a course through the Institute of Marketing Management (IMM) and she is in the process of completing her B.Com degree in marketing management.

Issue 78 – D

ecemb

er/Janu

ary 2012/2013

Sandton . Braamfontein . Pretoria

Leaders in Professional Accounting, Treasury & Finance Education

Sandton & Pretoria Tel.: +27 (0)11-656-2625 | 2597

Braamfontein Tel.: +27 (0) 11-403-0642 | 0656 Pretoria Tel.: +27 (0)12 751 7605

Email: enquiries@charterquest.co.za Website: www.charterquest.co.za

Up to 25%-OFF including Early Bird Discounts + Up to 6 Months Installment Pay Plan +

Free 1st Time Pass or Full Refund Guarantee + Exam Fee Remittance

LIMITED OFFER FOR 1st 20 NEW STUDENTS: Quote CIMACGA13/14

Choose Sandton, Braamfontein or Pretoria Campus to Study

Full-Time/Part-Time/Evenings/Weekends

or Supported Home Study from Anywhere!

2013 1st Semester Enrollments Now Open

Come See Why We Are The Best At What We Do!!!

CHARTERQUEST PRETORIA CAMPUS NOW OPEN

GET FREE QUOTES/ENROL

TODAY! www.charterquest.co.za

SPECIAL OFFER(T/Cs Apply):

Also on Sale are BPP CIMA Books & Materials!

CIMA appoints new education manager, media and communications executive and CPD events executive

How do you become a competent leader and communicator?Join the CIMA Gauteng Toastmasters todayImprove your communication and leadership skills by joining CIMA toastmasters. This event will present the tools and techniques essential for developing leadership and public speaking skills.

There are benefits of joining CIMA Gauteng Toastmasters’ club, such as overcoming the fear of public speaking, communicating more effectively, becoming a better listener, improving presentation and management skills, enhancing leadership potential, building the ability to persuade and motivate as well as increasing your self-confidence. Annual subscription and membership fees for Toastmasters will apply.

Date: 24 January 2013Time: 17:15- 18:00Venue: Regenesys Campus Sandton Dress Code: Smart casual RSVP: To book send an email to eventssa@cimaglobal.com by 22 January Cost: R 50.00 per person

CIMA President Gulzari Lal Babber and Alfred Ramosedi

4

78

The CIMA Gauteng Branch annual dinner and awards evening was a big success with some 130 guests in attendance.The event, at the Radisson Blu, Sandton on 12 November, was held to celebrate and honour award recipients.

David Cropper ACMA, GCMA presented a CIMA Silver Medal to Alfred Ramosedi FCMA, CGMA who is one of the most active and distinguished members of CIMA.

Mr Cropper who is the Chairman of CIMA Africa Regional Board, says: “In awarding a Silver Medal to Alfred, CIMA has recognised his invaluable contributions over the years. It is a great honour and privilege to present this award, The Institute Silver Medal is awarded exceptionally by the council to members who are judged to have given outstanding service to the Institute.” The CIMA Global Business Challenge (GBC) SA Winners were recognised by Wikus Roets ACMA, CGMA who serves on the Gauteng committee. Says Wikus: “This year we had over 14,000 participants from 22 regions and I am extremely proud to announce that the South African team was one of the four shortlisted teams in the global final.”

The team which represented South Africa, Team Monomotapa from the University of Witwatersrand, comprised Panashe Chigumadzi, Simbarashe Nyatsambo, Khetinkosi Dlamini and Sizwe Nxumalo.

Part of the international competition is also an award for the Future Business Leader, and this was won by Sizwe Khumalo who beat over 14,000 students to attain this accolade.

Charles Tilley concluded the evening by saying: “CIMA is committed to integrated reporting. The challenge for management accountants and organisations, is that we’ve got to focus not only on the assets that we can easily control, but also on our impact on society and the value chain. We need to consider what we’re doing to create long term economic value, not just for the company but the environment it operates in.

“This will be achieved by integrated reporting, but to do it well one has to have integrated thinking within the board room, the company must focus on its long term success. It has never been more important to have integrated reporting, for CIMA and its members it has never been a better time to be a management accountant.”

CIMA Gauteng hosts presidential awards

Issue 78 – D

ecemb

er/Janu

ary 2012/2013

David Cropper, Prof Mervyn King and President Gulzari Lal Babber

Guests enjoy welcome drinks

Sizwe Nxumalo, Panashe Chigumadzi accepting Global Business Challenge award from President Gulzari Lal Babber, Simbarashe

Nyatsambo and Khetinkosi Dlamini

78

Risk reporting to the board of directors

Issue 78 – D

ecemb

er/Janu

ary 2012/2013

CIMA Official Study Resources 2012–2013Helping you pass the first time!The only materials to be officially approved and endorsed by the CIMA Examining Faculty and written by Kaplan expert tutors and subject specialists.

CIMA Official Revision Cards

For more information, visit cimapublishing.com.

vanschaik.comvsorders@vanschaik.com

08600 78839 or 012 366 5400jutaonline.co.zaTel: 021 670 6680

kalahari.netTel: 0861 525242

info@bookexpress.co.za

CIMA Official Exam Practice KitsCIMA Official Study Texts

Our CIMA Official books can help you learn, practise and revise.

Available from:

loot.co.za

This year marks 20 years since Professor Robert Kaplan and Dr David Norton first promoted the Balanced Scorecard. To celebrate this, CIMA held four special events featuring Prof. Kaplan and Dr. Norton where new performance management related research was published.

One of the reports entitled ‘Integrating risk into performance: Reporting to the board of directors’, authored by Prof. Regine Slagmulder, sought to explore whether or not the board of directors of organisations are adequately informed about the company’s performance and risks.

According to long-standing research in management accounting, there is limited reporting on integration with risk, especially at board level. The research report’s key conclusions were that:

• There is an increased awareness by board members of the importance of explicitly considering risks in their decisions

• Companies have established both separate risk reporting to the board, as well as reporting that links risk with performance and strategy

• There is a tendency to look at risk both from a negative angle (potential threats) and a positive angle (potential opportunities).

Says Samantha Louis, CIMA Africa Regional Director: “What was observed across multiple case studies of European companies in a variety of non-financial industries, is that board members tend to perform

their own implicit assessment of strategic risks when they discuss new strategic initiatives. Such board risk assessments are usually not formalised, but are part of the regular discussions on long-term strategy and potential uncertainties related to that strategy.

“For the management accounting professional dealing with risk reporting to the board, the report recommends that the design of the management reporting has to be aligned with the expectations of the board. It is no longer sufficient to provide reporting that solely focuses on performance, while ignoring the risks that may affect the company’s results. Although this does not necessarily mean that large amounts of extra information need to be produced, it definitely signifies that the scope and quality of board level information has to increase.

“Some companies address this issue by explicitly redesigning the way they present the information to the board members. As board members become increasingly aware of the importance of considering risks in their decisions, it provides a strong signal to practising accountants and controllers to enhance their reporting with relevant risk information,” says Samantha.

The full report is available at www.cgma.org/Resources/Reports/Pages/integrating-risk-into-performance.aspx

78

6

Issue 78 – D

ecemb

er/Janu

ary 2012/2013

From left: CIMA Global President Gulzari Lal Babber FCMA, CGMA presenting the Training Partnership Certificate to the Zambian Minister of Finance, Hon. Alexander Chikwanda.

The CIMA Zambia office held an employers and members end of year dinner, with CIMA Global President Gulzari Lal Babber FCMA, CGMA as guest of honour on 19 November.

At this event, training partnership certificates were presented to Zambian Breweries, Citibank, First National Bank, ZNBC, Bank of Zambia, African Supermarkets Limited and Bank of China Zambia Limited.

CIMA Global President Gulzari Lal Babber also paid a courtesy visit to the Minister of Finance – Alexander Chikwanda MP, on 19 November. During this meeting, a training partnership certificate was presented to the Ministry of Finance.

The CIMA Global President also held talks with representatives from the Zambia Institute of Chartered Accountants (ZICA) on 20 November. The discussions focussed on strengthening the working relations between the two accounting bodies.

CIMA President welcomed new training partners in Zambia

From left: Gulzari Lal Babber, Victor Nyasulu (Director of Finance at the Zambia National Broadcasting Authority), Danny Luswili (Branch Chairman, CIMA Zambia) and Kennedy Msusu (Country Head Zambia, CIMA).

From left: Gulzari Lal Babber, Lazaro Mukuka (representative from Bank of China, Zambia Ltd), Danny Luswili (Branch Chairman, CIMA Zambia) and Kennedy Msusu (Country Head Zambia, CIMA).

From left: Gulzari Lal Babber, Jenge Kazilimani (Head of HR, First National Bank), Danny Luswili (Branch Chairman, CIMA Zambia) and Kennedy Msusu (Country Head Zambia, CIMA).

From left: Gulzari Lal Babber, Penelope Mapoma (Director of HR, Bank of Zambia) and Danny Luswili (Branch Chairman, CIMA Zambia).

Events round–up and new training partners.

78

Issue 78 – D

ecemb

er/Janu

ary 2012/2013

Christian Gagiano (centre) facilitated the exam techniques session in Ghana. With CIMA students are Paul Aninakwah (CIMA Ghana Country Manager) and Leo Sossah (Benchmark Professional Training Centre Director).

From left: Dennis Flammer (CEO, Angor), Ane Britz (Angor CIMA Intern Rookie of the Year), Malcolm Mendes (Angor CIMA Intern of the Year), Kenneth Mabilisa (Business Development Manager, CIMA) and Willem Victor (Executive Director, Angor).

Wikus Roets, Gauteng Branch representative and Kevin Thomas, IBTC sponsor of the student cocktail event.

From left: Johan Pretorius (Human Resource Head of Finance, Telkom), Maggie Joubert (HR Finance Manager, Telkom), Zahra Cassim (CIMA Head of South Africa), Marius Blom (Training Manager, Telkom) and Sydney Sejeng (Study Schemes Manager, Telkom).

Gauteng Branch end of year cocktail Telkom

SABS Japan Motors – Ghana

Exam techniques session Angor year end function

7

From left: Kenneth Mabilisa (Business Development Manager, CIMA), Zahra Cassim (Head of South Africa, CIMA), Iris Photo (Learning and Development Manager, SABS) and Bright Amisi (Group Financial Manager, SABS).

From left: Miriam Yankey (Human Resource and Admin Manager, Japan Motors), Paul Aninakwah (Country Manager CIMA Ghana), Salem Kalmoni (Managing Director, Japan Motors) and Sanjay Verma (Finance Manager, Japan Motors).

Your days of hassling with recruitment procedures and complicated interview processes to find work-ready graduate employees are over.

Fasset-funded development projects produce a wide

range of top of the class, career-hungry, entry-level

graduates for all financial sectors. Employ a graduate

today and gain access to a number of benefits such as

the Fasset Learnership Cash Grant for SMMEs, which

will allow you to access up to a maximum of R30 000

in cash (an entry grant is a maximum of R10 000 and

an exit is a maximum of R20 000). It makes good

financial sense.

Call 086 101 0001 or visit www.fasset.org.za to find

out how you can access work-ready graduates and all

these benefits!

Work-ready graduates built for success. B

LAC

KM

OO

N 1

0791

10791 CIMA Aug/Sep 12 (Work-Ready).indd 1 2012/07/05 1:03 PM