Construction Industry Council - Annual Report 2024

ANNUAL REPORT 2024 153 OPERATIONAL REVIEW Finance The Finance Department has continued to serve as a strategic business partner to the CIC and its stakeholders throughout 2024, delivering a full spectrum of finance services, including but not limited to financial and management reporting, levy assessment and collection, strategic planning and decision support, budgeting and forecasting, treasury and investment management, financial analysis, company secretarial work, bank account operations, and various finance-related projects. In 2024, the Finance Department accomplished significant milestones in its pursuit of digitalisation, process optimisation, and enhancement of corporate governance. Furtherance of Digitalisation for Levy Operations The Levy E-Service platform facilitates levy form submission by the Contractors in a more effective and efficient manner. It provides a direct means for the CIC to maintain a transparent communication with the Contractors. With the use of computer technology, stronger controls and compliance are made possible with the levy system. The use of AI has also helped to identify non-reported cases which should be subject to levy. Efficient Treasury Management The Finance Department created and launched a set of management dashboards to provide management and relevant stakeholders with detailed insights on investment and treasury performance. These dashboards bring together important financial data and performance indicators and facilitate management in making informed decisions. By combining key information, these dashboards improve the ability of the departments to monitor and optimise financial results effectively. Enhanced Performance Monitoring Business plans, budgets, and key performance indicators (KPIs) are integrated as departmental resource planning and management tools based on a cloud storage platform. Regular monitoring of budget utilisation and KPIs performance ensures achievement of the CIC’s strategic goals and effective resource utilisation. Improved Reporting and Control for Construction Sector Imported Labour Quarters (CSILQ) The capital expenditures and operating costs of CSILQ were closely reviewed to maximise its cost- effectiveness. The financial reporting processes were further enhanced to provide timely financial updates, facilitating more efficient resources planning and budgeting for CSILQ. Way Forward The Finance Department will continue to explore the digitalisation journey to further enhance various finance functions. New dashboards will be developed to provide comprehensive and actionable insights for decision-making. This initiative will involve developing constructive recommendations and action plans to streamline processes and ensure effective resource utilisation. Further enhancements on levy system will be made to improve users experience in levy form submission and communication with the CIC. The Finance Department will continue to deliver financial expertise and professional advice, supporting the CIC in enhancing benefits for all stakeholders and achieving its strategic objectives.