The Central Securities Clearing System (CSCS) Plc today, Tuesday, February 6, 2018, unveiled its three-year strategic plan that would leverage technology for process optimization and profitability.
This was revealed by the Managing Director/Chief Executive Officer, Haruna Jalo-Waziri to the company’s stakeholders in Lagos at the unveiling of CSCS new three-year strategy effective 2018 – 2020.
Based on its previous two-year strategic plan from 2016 to 2017, CSCS recorded some major milestones among which are the signing of a Memorandum of Understanding (MoU) with Strate (South Africa) and Central Depository and Settlement Corporation Limited (CDSC Kenya), achievement of Thomas Murray “A” rating (from “A-“), full dematerialization of share certificates, the co-sponsoring of Centre Counter party (CCP) platform with other stakeholders and recently, the deployment of the state of the art new central securities depository clearing and settlement platform.
During his presentation, the Managing Director/Chief Executive Officer said the three-year strategy would help keep the company in focus and provides a clear direction of where it is headed. He said this transformative strategy is predicated upon five strategic pillars which are focused on technology, customer satisfaction, processes optimization, partnership through strategic alliances, and revenue growth.
According to Jalo-Waziri, "based on our culture of continuous improvement, the technology pillar will focus on necessary technological improvements to ensure that the company delivers on its corporate goals and is proactive in embracing new and disruptive technologies, optimizing the use of innovative technology, instituting Straight Through Processes (STP) across all touch points and establishing e-learning platforms.”
Speaking further, Jalo-Waziri said “we will leverage innovative technology in skilling and reskilling human resources for optimum service delivery”.
The Chief Executive Officer also explained that with the customer satisfaction pillar, CSCS will become truly customer-centric and boost commercial excellence by achieving a minimum of 80% customer satisfaction with 20% minimum of new and existing customer activities on all touch points, ensuring seamless relationship with all stakeholders and preventing dissatisfaction of customers, as well as setting up Customer Call Centre to attend to the needs of CSCS’ teeming customers.
Jalo-Waziri also said the company will optimize enterprise process performance by achieving 80% process automation, A+ Thomas Murray rating, and maintain ISO 270001 Standard Information Security. “We will also perform a holistic enterprise architecture in order to ensure we connect our operations and bring about speed in our service delivery”, he added.
For the strategic pillar of alliances across businesses and regions, CSCS will expand the capital market ecosystem by partnering with policy makers. The company also seeks to drive this pillar by building relationships with Regulators, actualize CSCS’ Self-Regulatory Organization (SRO) responsibility, and create feedback mechanism to all stakeholders that will enable quick resolution of any query that may occur in the course of doing business.
Speaking on the fifth pillar which is on revenue growth, Jalo-Waziri said CSCS is not only into clearing and settlement but has developed other products that will bring about more efficiency and a robust capital market. He said CSCS has developed electronic storage system that makes market participants to be more efficient. Other products developed by the company are the Electronic General Meeting (eGEM), Insurance Repository and Pension Contribution Management System amongst others.
The CEO added that no matter how great and strategic a plan is, without action and support from both internal and external stakeholders, the transformative plan may achieve little or no result.
According to him, “the strategic plan is a straightforward and clear roadmap of where we will be in the next three years and achieving these strategic pillars clearly defines the quality of our team. However, this lofty plan needs the collaboration of all our stakeholders so as to work together and make the capital market more effective and efficient.”