CSCS leverages technology for process optimisation, enhanced profitability

Targets 80 per cent process automation

The Central Securities Clearing System (CSCS) Plc has unveiled a three-year strategic plan that would enable it leverage technology for process optimisation and enhanced profitability.
   
The Managing Director/Chief Executive Officer, Haruna Jalo-Waziri, while addressing the company’s stakeholders at the unveiling of CSCS new strategy effective 2018 – 2020, in Lagos, on Tuesday, said the transformative plan is predicated upon five strategic pillars. These are technology, customer satisfaction, processes optimisation, partnership through strategic alliances, and revenue growth.
 
He added that the strategy would help keep the company in focus and provide a clear direction that would accelerate the overall growth of the company.
Jalo-Waziri said: “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. It is proactive in embracing new and disruptive technologies, optimising the use of innovative technology, instituting Straight Through Processes (STP) across all touch points, and establishing e-learning platforms.

Jalo-Waziri also said the company will optimise enterprise process performance by achieving 80 per cent process automation, A+ Thomas Murray rating, and maintain ISO 270001 Standard Information Security. “We will leverage innovative technology in skilling and re-skilling human resources for optimum service delivery. 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, he said CSCS will expand the capital market ecosystem by partnering with policy makers.The company, according to him, also seeks to drive this pillar by building relationships with Regulators, actualise CSCS’ Self-Regulatory Organisation (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.

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 explained that CSCS has developed electronic storage system that makes market participants to be more efficient. Other products developed 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.He said: “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,” he added.