Subject: CORPORATE STRATEGIC MANAGEMENT AND ETHICS (CSME)

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  • 15 Marks

CSME – Nov 2023 – L2 – Q7 – Risk Management and Corporate Strategy

This question discusses the application of risk management frameworks in an IT start-up, focusing on Enterprise Risk Management (ERM), ISO31000, and the ALARP strategy.

An Information Technology start-up located in Lagos is planning to establish a robust risk management system that covers all its activities. You have been engaged as a consultant to advise it on how an effective risk management framework can be incorporated into the company’s processes to ensure that all risks that could impair the achievement of organisational goals are effectively managed.

Required:
a. Suggest to your client a risk management framework that the management can adopt using the following:
i. Enterprise Risk Management (ERM) (6 Marks)
ii. ISO31000 frameworks (3 Marks)

b. Draft an enterprise risk management strategy for the firm, using ALARP. (5 Marks)

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  • 15 Marks

CSME – Nov 2023 – L2 – Q6 – Risk Management and Corporate Strategy

This question identifies types of risk in a volatile business environment, using the Turnbull Report.

Today’s business environment is often described by many experts as Volatile, Uncertain, Complex, and Ambiguous (VUCA). Some of the driving forces of the VUCA environment include COVID-19 pandemic, the war in Europe, global warming, and a rapidly changing technological environment.

The impact of the VUCA environment on the global economy includes inflation, dwindling consumers’ purchasing power, rising energy costs, among others, leading to an increase in a sense of turbulence, danger, and unpredictability. With the volatility in the business environment also comes frequent changes in laws and regulations affecting businesses, a factor that adds instability to an already unstable business environment.

You have been asked by a start-up company in the consumer goods retailing business to provide advice on risk management as it concerns the global economy. The company is planning to launch an online retail store with a focus on the global consumer goods market.

Required:
Using the Turnbull Report and drawing from the given scenario, identify and explain to your client the types of risk that are inherent in the VUCA business environment. (15 Marks)

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  • 15 Marks

CSME – Nov 2023 – L2 – Q5 – Ethics in Business

This question covers the definition and importance of social thinking, key social thinking concepts, and intervention methods to improve social skills.

Prepare a presentation on social skills, detailing the following:

a. Definition and importance of social thinking (3 Marks)
b. Key concepts in social thinking (8 Marks)
c. Social thinking interventions (4 Marks)

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  • 20 Marks

CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

There are different models of relationship between a professional accountant and his/her clients. In the context of the above:

a. Explain the different models of relationship between a professional accountant and his/her clients. (16 Marks)

b. Which of the models in (a) above would you recommend, and which do you consider to be the least recommended? (Provide justification for your choices) (4 Marks)

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  • 20 Marks

CSME – Nov 2023 – L2 – Q3 – Risk Management and Corporate Strategy

Clarify key concepts in risk management for an investor considering a new business venture.

Professor Akinlabi has been teaching physics at a frontline public university in Nigeria for 30 years. He made quite some money from research grants and has over the years saved about 75 million naira, which he has been keeping in a fixed deposit facility. He complained to his friend, Dr. Albert, who is a professional accountant and expert in risk management, about the low interest rate on fixed deposits and how the high inflation rate in the country is fast eroding the real value of his savings. He is thinking of investing his savings in a poultry farm, but he is quite averse to risks.

Having tried to get some information on the diverse dimensions and dynamics of risks involved in business, he asked Dr. Albert to offer some clarifications. As Dr. Albert, you are required to offer clarifications on the following:

a. Exposure to risk and the nature of qualitative risks. (5 Marks)

b. Residual risk. (3 Marks)

c. The dynamic nature of risk assessment. (7 Marks)

d. Risk-based approach to business. (5 Marks)

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  • 20 Marks

CSME – Nov 2023 – L2 – Q2 – Sustainability and Strategic Management

Develop a sustainable development blueprint using specific environmental and social reporting frameworks.

You have been appointed as a consultant to a company manufacturing microchips in Nigeria. The company’s management and board of directors want to implement a sustainable development agenda. You have been asked to develop a blueprint of financial and environmental reporting that captures the influence of the company’s activities on the physical and social environment.

Required:

a. Define the term ‘Sustainable Development’. (1 Mark)

b. Suggest frameworks for environmental and social reporting using the following:

  • i. Triple Bottom Line (4 Marks)
  • ii. Balanced Scorecard (BSC) (4 Marks)
  • iii. Sustainability Assessment Model (SAM) (4 Marks)

c. What are the steps involved in implementing the SAM approach to measure a product’s performance over its entire life-cycle? (7 Marks)

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  • 30 Marks

CSME – Nov 2023 – L2 – Q1 – Business-Level Strategies

Analyze DITA’s strategy consistency with Porter’s six principles of strategic positioning and classify its strategic position.

Adeoye Oladejo was an exceptionally brilliant student. He graduated from the Department of Wildlife and Ecotourism in the Second-Class Upper Division. He was fortunate to undertake his youth service in Lagos with Dovic International Travel Agency (DITA), which apart from sales of tickets and hotel reservations, is reputed for organizing tours for individuals and groups to different parts of the world. By dint of hard work and impressive results in attracting clients to the travel agency, Adeoye was made a sales manager immediately after completing his service year. He held this position for two years, after which he was made a senior operations manager, a position he held before becoming the CEO.

The motto of the company is “service optimized,” and the company is very clear about its primary strategic goal, which is to optimize profit in the short, medium, and long terms. Hence, Adeoye, as the company CEO, undertook a specialized MBA course in International Business Management. He also wrote a book titled Optimizing Profit in International Tourism. In addition, he employed a business manager and an operations manager with very strong backgrounds in financial planning and strategic thinking, apart from the vast experience they acquired in the field of international tourism.

To ensure that DITA remains highly competitive in the global tourism arena, the company has different tourism packages for its clients from all parts of the world. These include cheap airfares, highly-rated hotels at unbelievably low prices, amazing tourist attractions, and the inclusion of rated artists (musicians, comedians, etc.) for the pleasure of their clients. What is quite significant is the fact that DITA has been able to establish excellent working relationships with airlines, hotels, and various service providers in the tourism industry, enabling it to provide world-class services at unbelievably cheap rates that its competitors find difficult to match.

Of course, the services that DITA offers are similar to those of its competitors in the tourism industry, but DITA has been able to introduce special flavors into its packages that render them more attractive than those of its competitors. These include free massages, horse riding, scuba diving, exquisite dinners, welcome parties, limousine airport shuttles, and much more.

However, DITA’s business strategies have trade-offs, which in the short, medium, and long terms offer it some competitive advantage. For instance, it does not offer services to large groups of people exceeding 50 at a time. Thus, it does not offer pilgrimage services. Nonetheless, DITA has become very popular among rated organizations, family groups, groups of friends, and other relatively small teams interested in organized tours to special places worldwide. Another trade-off of DITA’s strategies is that it does not sell travel tickets to individuals, only to groups.

Over two years, the CEO of DITA, in conjunction with the business and operations managers, has successfully established a synergy of all the elements of their business, making them intricately and seamlessly linked together, resulting in great success and a high return on investment for DITA.

To ensure continuity of its strategic direction, DITA organizes periodic training retreats for its staff and sends them on specialized training to enhance their productivity and commitment to the vision, strategic goals, and core values of the company. By doing so, it is systematically creating an impressive organizational culture that is key to its success. Overall, DITA has become a huge success story and a remarkable leader in the international tourism industry.

Required:

a. Discuss how the operations of DITA are consistent with Porter’s six principles of strategic positioning and how individual firms can achieve sustainable competitive advantage. (24 Marks)

b. A business entity can be classified as any one of the FOUR types in terms of strategic position.

i. Identify and briefly explain each of these types. (3 Marks)

ii. To which of these does DITA belong? (3 Marks)

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  • 15 Marks

MGE – Nov 2014 – L2 – Q7 – Risk Management and Corporate Strategy

Assessing risk in importing machinery and comparing finance vs. operating lease strategies for construction equipment.

EXPEE CONSTRUCTION PLC.

Expee Construction Plc. has been awarded a contract to construct a 50-kilometer feeder road from Abekoko to Idi Magoro by Adatan State. Unfortunately, the company’s earth-moving machine (bulldozer) suffered a major mechanical fault, making it impossible to mobilize to the site for execution of the contract.

Similar machines are not available for sale in the open market. Management is therefore considering the option of either importing a new machine from Japan or leasing one from Odogunyan Machines Limited located in Eko-Akete. The lease may be a finance or operating lease; either option would release the machine to the lessee for immediate use. Management’s decision on this choice is dependent on its willingness to either retain or transfer the risks involved in the usage of the machine.

Required:

a. Evaluate the risk exposure of the company in adopting the import option.
(5 Marks)

b. Identify and formulate strategies that might be used by the company in managing:

i. The finance lease option
(5 Marks)

ii. The operating lease option
(5 Marks)

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  • 15 Marks

MGE – Nov 2014 – L2 – Q6 – Corporate Governance

Evaluating stakeholder impact and ethical principles in response to financial reporting manipulation.

Gloria Okeke is the Chairman and Chief Executive Officer of Magi and Magi Pharmaceuticals, which produces drugs for the Lagoona region of the country. Gloria is convinced that the company is doing quite well and the management is following due process in terms of structure and governance. She believes that this is the reason for the company’s steady growth in terms of revenue, profit, and earnings.

In 2013, Magi and Magi Pharmaceuticals made a profit of 70% over and above the 2012 results. Mr. Joeb, the Chief Accountant, is quite impressed and is of the opinion that the company should make full disclosure of its profits in the Financial Statements, thinking this would engender greater confidence and attract additional investment in the company.

However, Gloria, claiming to be the boss, instructed Joeb to increase her compensation and inflate the cost of production of pharmaceutical drugs to reduce the disclosed profit of the company.

Joeb outrightly disagreed with Gloria’s instruction, giving her a long talk about his duty to comply with his Institute’s professional rules of conduct. However, Gloria cut short the meeting, saying that she did not wish to entertain any further discussion about her decision. She advised Joeb, in his own interest, to implement her instructions.

Required:

a. As a chartered accountant, specify any THREE categories of stakeholders that Joeb should consider in taking any professional decision or action with regard to the instruction stated above and give reasons for your choice.
(7½ Marks)

b. Discuss the basic principles of ethics that Joeb, as a chartered accountant, should comply with in the course of carrying out his professional responsibilities.
(7½ Marks)

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  • 15 Marks

MGE – Nov 2014 – L2 – Q5 – Innovation and Strategic Renewal

Developing strategies for recruiting and retaining innovative staff to sustain competitive advantage.

Hi-Tech Industries Limited is a leading manufacturer of computers and mobile phones in the country. The company is considering the implementation of low-cost, differentiation, and innovation strategies aimed at sustaining and improving its competitive position. Hi-Tech plans to make its flagship product, Zeta Phone, the mobile phone of choice, offering innovative and cutting-edge technology to its consumers.

For the company to transform into an innovative organization as the business strategy requires, it must employ staff workgroups with highly skilled, innovative, and energetic people who can bring life to new ideas quickly and inject the same into the organization.

A skills audit recently conducted by the company showed that the company does not have enough staff that possess those qualities. To address this deficit, the management decided to train existing staff, employ, and retain the best candidates that the labor market can offer.

Required:

Formulate strategies that Hi-Tech Industries may adopt in its policy for employment and retention of human resources.

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  • 14 Marks

CSME – Nov 2019 – L2 – Q3a – Corporate Governance

Discusses basic concepts that are essential for good corporate governance and their relation to governance practices.

(a) There are basic concepts that must be observed for good corporate governance in an entity.

Required:
Discuss these concepts and show how they relate to good corporate governance. (14 Marks)

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  • 20 Marks

CSME – Nov 2019 – L2 – Q2 – Corporate Governance

Comparative analysis of the International Corporate Governance Network (ICGN) guidelines and the Financial Reporting Council of Nigeria (FRCN) Code on corporate risk oversight.

As a risk management consultant, you are required to provide a comparative overview of the International Corporate Governance Network (ICGN) guidelines and the Financial Reporting Council of Nigeria (FRCN) Code of Corporate Governance on responsibilities for the oversight and management of corporate risk. (20 Marks)

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  • 40 Marks

CSME – Nov 2019 – L2 – Q1 – Strategic Implementation

Discusses Fitzgerald and Moon’s building block model and applies it to Premier Insurance Plc.’s strategic performance evaluation, recommending new strategies based on the model.

Premier Insurance Plc. (PIP) was incorporated in 2000. It commenced insurance business in 2001. 49% of the company’s equity was held by its foreign technical partners, with the remaining 51% held by Nigerians. The company’s technical agreement required that the technical partners produce the Managing Director while the Nigerian shareholders provide the Chairman and Deputy Managing Director. As a result of this arrangement, Mr. R. Stalwart emerged as Managing Director, Chief E. Acquah as Chairman, and Mr. D. Dede as Deputy Managing Director.

Business Outlook
The company’s premium and investment incomes were rising steadily until 2010. The company’s profits were further buoyed by rental income realized from its heavy investment in real estate. The company also enjoyed significant government patronage due to the strong connection of its chairman, who was a leader of the ruling party.

However, in 2010, the global economic crisis impacted the Nigerian economy, leading the technical partners to reduce their investment from 49% to 10%. This caused Mr. Stalwart to resign as Managing Director. Simultaneously, the loss of government support led to a dramatic drop in income from government and multinational business accounts. These factors, coupled with a slump in the real estate market, led to a significant decline in profits.

Re-organisation
Following the resignation of Mr. Stalwart, the new investors demanded a re-organisation of the company. Mr. Dede was appointed as the new Managing Director with the mandate to evaluate the company’s strategic performance and develop a strategy to improve its market performance.

Required:
(a) Discuss Fitzgerald and Moon’s building block model for analyzing performance management systems in service industries. (12 Marks)

(b) Apply the Fitzgerald and Moon building block model to evaluate the strategic performance of Premier Insurance Plc. (20 Marks)

(c) Summarize the outcome of the evaluation of the performance management system of Premier Insurance Plc. and recommend elements of a new strategy for the company based on the Fitzgerald and Moon building block model. (8 Marks)

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  • 6 Marks

CSME – Nov 2020 – L2 – Q6D – Corporate Governance

Differentiate between a trade and a profession.

The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.

Required:

Differentiate between a trade and a profession.

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  • 7 Marks

CSME – Nov 2020 – L2 – Q6C – Corporate Social Responsibility (CSR)

Discuss briefly the concept of 'acting in the public interest'.

The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.

Required:

Discuss briefly „acting in the public interest‟.

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  • 6 Marks

CSME – Nov 2020 – L2 – Q6b – Corporate Governance

Discuss the behavioral attributes that will enable an ICAN student to act professionally.

The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.

Required:

Discuss the behavioural attributes that will enable an ICAN student to act professionally.

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  • 1 Marks

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.

Required:
a. Explain “act professionally” in relation to the ICAN code. (1 Mark)

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  • 10 Marks

CSME – Nov 2020 – L2 – Q5b – Corporate Governance

Discuss sustainability policies required by the Nigerian Code of Corporate Governance.

The Chairman of Imperial Oil Services Limited, a company which prides itself as a leader in corporate social responsibility, has just returned from a training programme on ‘Efficient Board Management’. He stated that during the programme, Sustainability Reporting was identified as one of the key responsibilities of the Board of Directors by the Nigerian Code of Corporate Governance, 2018.

As the Chief Compliance Officer of the company, the Chairman requests for a paper discussing the relevant principles and issues to be covered by the company’s policies on sustainability as required by the code.

Required:
Present a paper discussing the relevant principles and issues to be covered by the company’s policies on sustainability as required by the code. (10 Marks)

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  • 10 Marks

CSME – Nov 2020 – L2 – Q5a – Risk Management and Corporate Strategy

Explain the concept of risk and differentiate between the two broad categories of risk, with examples.

In an effort to increase shareholders’ value, companies are often faced with risks.

Required:
i. Explain the term ‘risk’. (2 Marks)
ii. Differentiate between the two broad categories of risk, with examples. (8 Marks)

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  • 20 Marks

CSME – Nov 2020 – L2 – Q4 – Ethics in Business

Clarify the relationship between ethics and law, explain moral dilemmas, and critique consequentialist theories of ethics.

As a professional accountant, it is important that you are ethical in carrying out your professional responsibilities. This requires, among other qualities, a good ethical foundation consisting of a clear understanding of what ethics is all about.

You are required to:
a. Clarify the relationship between ethics and law. (3 Marks)
b. With the aid of an appropriate example, explain the nature of a moral dilemma. (5 Marks)
c. Present a critique of consequentialist theories of ethics in relation to TWO of its general criticisms and the profit-making objective in business. (12 Marks)

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