Guideline 47. Strategy formulation

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The strategic plan spells out the institution’s plan of action, goals, targets, milestones and deliverables to achieve its vision. It articulates the programmes and activities to be implemented, and the management environment that would ensure coherence and maximize synergies within the institution. The formulation process ensures the consistency of the strategic plan with the institution’s mandate.

Guideline code

GG_06200

Mechanism

The vision statement should be translated into specific, measurable, achievable, relevant and time-bound (SMART) goals, targets, milestones and deliverables.
Each section of the strategic plan should be evidence based and supported by complete and proper staff work, including research, analyses, consultation and coordination.
Targets, milestones, deliverables and plans of action should be stress-tested to analyse risk sensitivities.
Ownership and accountability for the goals, targets, milestones and deliverables of the strategic plan should be well defined and clearly established.

Parent

B. Guidelines for Specific Areas in Social Security Administration

Structure

The management may designate a central planning unit to supervise and oversee the strategy formulation process.
All main units of the institution should be part of the strategy formulation process. This includes those involved in programme financial sustainability; investment management; member coverage and contributions, and member benefits and services; and human and ICT resources.
The risk management and change management units should be involved as well as the human resources, ICT, finance, actuary and internal audit units of the institution.
The management should ensure that the strategy formulation process is supported with effective consultation, coordination and communication.
The management should submit the proposed strategic plan for board approval. The plan should have well-defined goals, targets, milestones and deliverables. It should be supported by a budget plan of the resources that would support its implementation, such as staff numbers, competencies and allocation, and ICT support.

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