The organisation provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints across credit, loans, insurance, deposits, investments and more.
AFCA has accomplished significant milestones since its establishment in 2018. The organisation has grown rapidly, with a high level strategy in place and an annual corporate plan.
What AFCA required from The Being Group was a rolling three-year strategic plan.
Seeking a company to partner with, not simply someone to write a plan, AFCA commissioned The Being Group to apply an external lens to the organisation, help guide conversations with internal stakeholders and the board, and develop their strategic capability.
Drawing on previous experience on similar projects, our approach followed a series of stages.
Component one was a desk study and complementary research. This entailed detailed analysis of existing strategy documents, plans, reports and internal communication. We also met with key stakeholders in preparation for component two: the strategy workshop.
The two-day planning workshop was held with executive and management members. This workshop explored risks, opportunities, performance, goals and aspirations to develop key components of the strategic plan.
Following workshop outcomes, we developed designed, on-brand drafts of the proposed strategy document for staff consultation. We then facilitated a strategic workshop with the board to discuss the proposed strategy for finalisation.
As a result of this work with AFCA, the organisation has built its capability and become stronger at strategic planning.
To ensure the ongoing success of the Strategic Plan, BEING continued to support AFCA with yearly reviews and addendums.
In 2022, the addendum addressed the Federal Government’s 2021 review of AFCA, by aligning the recommendations of the independent review with the themes and goals of the Strategic Plan. An examination of unresolved complaints over 365 days old – and strategies and activities to address and minimise aged complaints – were also added.
The 2023 annual strategic plan review followed the passing of legislation in the Australian Parliament that established the Compensation Scheme of Last Resort (CSLR), with AFCA as the operator. It also followed a financial year in which AFCA received 34% more complaints than the previous period. The addendum was vital for preparing AFCA for the final year of its Strategic Plan and included strategies and activities to address high complaint volumes, ensuring consideration of the increased workload as the CSLR operator.
I am so pleased with the quality and the depth of the new strategy. It will be a critical foundational piece which will support AFCA to achieve its broader goals over the coming three years.
I wanted to personally reach out and thank you and your team for your support and partnership on this work. We could not have done it without you. I continue to be so impressed by your thought leadership and approach when it comes to strategy development — you and your people are incredible.
I have no doubt we will have further opportunities to partner in the future.
