For November 2026 and February 2027 CIMA Strategic Case Study Exams
Preparing for the CIMA Strategic Case Study exam with Vennlisk?
The pre-seen introduces a company operating in a competitive, labour-intensive industry where customer service, employees, technology and financial performance are closely connected.
Vennlisk must compete against lower-cost providers while maintaining high-quality service. It must retain skilled agents, protect client information, evaluate new technologies and make sound investment decisions.
For students, the challenge is not simply remembering these facts.
You need to understand how they affect Vennlisk’s business and how to advise its Board when new information appears in the exam.
This ultimate revision guide brings together the essential pre-seen facts, financial analysis, principal risks, E3/P3/F3 revision areas and practical exam strategy.
The aim is to help you identify what matters most and prepare more effectively.
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This guide is based on the Vennlisk pre-seen for the November 2026–February 2027 examination cycle. Any potential unseen developments discussed are hypothetical practice scenarios, not exam predictions.
1. Vennlisk Pre-Seen: Essential Company Facts
Start with the information that defines the business.
| Area | Key information |
|---|---|
| Company | Vennlisk |
| Industry | Outsourced inbound call-centre services |
| Country | Westland |
| Currency | W$ |
| Listing | Westlandian stock exchange |
| Established | 1994 |
| Stock exchange listing | 2002 |
| Call centres | Five |
| Agents | Approximately 5,000 |
| Closest competitor | Ringcoll |
| Growth history | Organic expansion and acquisitions |
| Your exam role | Senior manager in the finance function |
Vennlisk serves clients in industries including utilities, healthcare, banking, insurance, retail, public services, travel and hospitality.
Its clients outsource inbound calls so that specialist agents can handle customer enquiries on their behalf.
Why Does This Matter?
Vennlisk’s agents represent client organisations when speaking to callers.
Poor service could therefore damage the reputation of both Vennlisk and its clients.
Exam implication: Customer-service quality is a source of competitive advantage, not simply an operational target.
2. Understand How Vennlisk Makes Money
Vennlisk provides both dedicated and shared inbound-call services.
Dedicated Arrangements
Agents handle calls for particular clients.
This supports specialist knowledge and tailored training but requires careful staffing and capacity management.
Shared Arrangements
Agents handle calls for multiple clients.
This may improve flexibility, but employees must understand the requirements of different organisations.
Exam Application
Suppose Vennlisk receives an opportunity to serve a major new client.
Management should assess the additional revenue alongside recruitment, training, technology, capacity and operating costs.
A contract that increases revenue is not necessarily profitable or strategically attractive.
3. Vennlisk’s Competitive Position
Vennlisk faces competition from Ringcoll and overseas providers with lower labour costs.
This creates one of the case’s central strategic challenges:
Maintaining high-quality customer service while remaining cost-competitive.
Vennlisk differentiates itself through trained employees, service quality and innovation.
Lower-cost overseas competitors may attract clients through more competitive pricing.
What Should the Board Consider?
Potential responses include improving productivity, investing in technology, strengthening service quality and reviewing contract pricing.
However, aggressive cost reductions could weaken the skilled workforce on which Vennlisk’s strategy depends.
Exam implication: Evaluate strategic options based on profitability, service quality, competitive advantage and long-term shareholder value.
4. Five Important Vennlisk Call-Centre KPIs
Vennlisk’s performance measures connect customer service with costs and operational capacity.
| KPI | What it measures | Why it matters |
|---|---|---|
| First Call Resolution (FCR) | Enquiries resolved during the first interaction | Indicates effective problem resolution |
| Customer Satisfaction (CSAT) | Callers’ satisfaction with the service | Supports client relationships |
| Average Handle Time (AHT) | Time spent handling a call and related work | Influences efficiency and capacity |
| Service Level | How quickly calls are answered | Measures responsiveness |
| Call Abandonment Rate | Calls ended before reaching an agent | May indicate waiting-time problems |
The pre-seen describes an industry Service Level benchmark of 80% of calls answered within 20 seconds, including automated responses asking callers to wait.
The Most Important KPI Lesson
Never evaluate these measures independently.
For example, reducing Average Handle Time could increase agent capacity.
However, if agents rush conversations, First Call Resolution may decline, resulting in repeat calls and lower Customer Satisfaction.
Exam implication: Consider quality, speed, capacity, employee welfare and operating costs together.
Read more: Vennlisk Call Centre KPIs: FCR, CSAT and AHT
5. Employees, Training and Retention
Vennlisk employs approximately 5,000 agents.
The company invests in training covering customer care, client-specific knowledge and the emotional aspects of customer interactions.
Employees are central to its competitive position.
Well-trained agents may resolve enquiries more effectively, improve customer satisfaction and strengthen client relationships.
However, training requires investment.
If experienced agents leave, Vennlisk may lose valuable knowledge and face additional recruitment and development costs.
The pre-seen identifies employee retention and demotivation as principal risks.
Possible Exam Development
Suppose employee turnover increases at one call centre.
The Board should investigate the causes and consider recruitment costs, service quality, workload, remuneration and career development.
Exam implication: Recommend targeted solutions rather than assuming higher salaries are always the answer.
6. Artificial Intelligence and Digital Strategy
Vennlisk is evaluating AI to support and manage its agents.
Potential applications include:
- Providing relevant caller information and recommendations.
- Identifying signs of caller stress.
- Analysing agent performance patterns.
AI could improve productivity, support supervision and help Vennlisk respond to lower-cost competition.
However, a major implementation could introduce privacy risks, inaccurate recommendations, employee concerns and unexpected costs.
The pre-seen does not confirm that Vennlisk has approved a major AI rollout or decided to replace agents.
What Should the Board Do?
Evaluate strategic fit, realistic cash flows, customer experience, implementation feasibility and risk controls.
A phased pilot could provide evidence before a wider rollout.
Exam implication: AI is a strategic investment decision, not simply a way to reduce labour costs.
7. Vennlisk Financial Analysis: The Essential Numbers
Financial analysis is important because your role in the SCS is to advise the Board from within the finance function.
Financial Performance
| Financial measure | 2025 | 2026 |
|---|---|---|
| Revenue | W$11,627.8m | W$12,370.0m |
| Gross profit | W$1,323.4m | W$1,523.3m |
| Operating profit | W$1,254.7m | W$1,451.0m |
| Finance costs | W$436.8m | W$436.8m |
| Profit for the year | W$621.6m | W$770.8m |
What Do These Figures Tell Us?
| Measure | 2025 | 2026 |
|---|---|---|
| Operating profit margin | 10.8% | 11.7% |
| Net profit margin | 5.3% | 6.2% |
Revenue increased by approximately 6.4%, while operating profit increased by 15.6%.
Operating profit grew faster than revenue, indicating improved operating profitability.
However, management should investigate the reasons for this improvement and whether it can be sustained.
Exam implication: Calculate the ratio, interpret the movement and explain its business consequences. Do not stop at stating that profit increased.
8. Borrowings, Financing and Dividends
Vennlisk’s 2026 financial statements include:
| Item | W$ million |
|---|---|
| Non-current borrowings | 5,460.0 |
| Finance costs | 436.8 |
| Bank balance | 986.1 |
| Total equity | 8,253.1 |
| Dividends paid | 509.6 |
Finance costs represent approximately 30.1% of operating profit.
Non-current borrowings are approximately 66.2% of total equity.
These figures highlight the importance of considering financing commitments when evaluating new investments.
What Could the Board Be Asked?
A major AI investment or acquisition may require additional financing.
Vennlisk could consider internal cash, borrowing, equity or phased investment.
Each option has different implications for liquidity, financial risk and shareholders.
Dividends paid during 2026 represented approximately 66.1% of profit for the year. This is a comparison with accounting profit, not a cash-flow payout ratio.
Exam implication: Assess financial flexibility and expected investment returns before recommending a financing or dividend decision.
9. Vennlisk vs Ringcoll: Competitor Comparison
Ringcoll is Vennlisk’s closest competitor.
The 2026 financial comparison provides useful insights.
| Measure | Vennlisk | Ringcoll |
|---|---|---|
| Revenue | W$12,370.0m | W$10,514.5m |
| Operating profit | W$1,451.0m | W$1,449.5m |
| Profit for the year | W$770.8m | W$1,005.2m |
| Operating profit margin | 11.7% | 13.8% |
| Net profit margin | 6.2% | 9.6% |
Vennlisk generates more revenue, but both companies report almost identical operating profits.
Ringcoll also generates more profit for the year.
This raises questions about operating efficiency, cost structures and financing.
However, these figures alone do not establish the reasons for the difference.
Exam implication: Investigate why Ringcoll achieves stronger margins rather than assuming the explanation is simply lower costs.
10. Vennlisk’s Five Principal Risks
The pre-seen identifies five important areas of risk.
| Principal risk | Existing mitigation |
|---|---|
| Retention of experienced agents | Competitive remuneration and development |
| Employee demotivation | Monitoring, feedback and IVR for routine activities |
| Employee health and safety | Monitoring and regular breaks |
| Privacy | Extensive training and refresher courses |
| Telecommunications disruption | Cooperation with telecommunications providers |
How Should Students Apply These Risks?
Consider how a new business development could affect them.
For example, AI may improve agent support but introduce additional privacy or implementation risks.
A large new contract may increase staffing pressure.
An acquisition may create integration and financial risks.
These are potential consequences of hypothetical developments, not additional principal risks formally identified in the pre-seen.
Exam implication: Explain the cause, possible business impact, recommended mitigation and how the risk should be monitored.
11. Corporate Governance and Board Responsibilities
Vennlisk has executive and non-executive directors supported by Board committees.
These include Audit, Risk and Sustainability, Remuneration and Nomination committees.
Major strategic decisions often affect several business functions.
For example, a proposed AI investment could involve:
| Function | Possible responsibility |
|---|---|
| Finance | Investment appraisal and financing |
| Operations | Implementation and service performance |
| HR | Employee training and engagement |
| Marketing | Client communication |
| Risk and Sustainability Committee | Risk oversight |
| Board | Approval, challenge and strategic monitoring |
These are suggested responsibilities for analysing a hypothetical project.
Exam implication: Consider accountability, independent oversight, internal controls and implementation monitoring.
Read more: Vennlisk Corporate Governance Analysis
12. Sustainability at Vennlisk
Vennlisk’s sustainability framework covers five areas:
- The planet.
- Employees.
- Trust.
- Innovation and technology.
- Communities.
The pre-seen includes an ambition to obtain at least 80% of electricity from renewable sources by 2030.
It also addresses electronic waste, employee commuting, staff welfare and privacy.
Possible Exam Application
Suppose Vennlisk considers investing in renewable-energy equipment.
The Board should evaluate capital expenditure, future cost savings, environmental benefits, financing and implementation risks.
Exam implication: Sustainability decisions should be evaluated strategically and financially, not simply as environmental initiatives.
13. E3, P3 and F3 Topics to Revise
The pre-seen creates several connections with the technical syllabus.
| E3 – Strategic Management | P3 – Risk Management | F3 – Financial Strategy |
|---|---|---|
| Competitive strategy | Enterprise risk management | Investment appraisal |
| Digital strategy | Privacy and cybersecurity | Financing decisions |
| Strategic options | Internal controls | Capital structure |
| Change management | Project risk | Shareholder value |
| Stakeholder management | Business continuity | Business valuation |
| Strategic implementation | Governance | Acquisitions and dividends |
How Should You Revise?
Connect technical knowledge to business decisions.
For example, an acquisition could require:
E3: Strategic fit and competitive benefits.
P3: Due diligence, integration and operational risks.
F3: Valuation, financing and expected shareholder value.
This is more effective than memorising three separate textbook explanations.
14. Which Vennlisk Issues Should You Prioritise?
These are Keystone Academia’s suggested preparation priorities based on their relevance to the case, not predictions of exam frequency.
| Preparation area | Suggested priority |
|---|---|
| AI and automation | High |
| Competitive strategy | High |
| Employee retention and training | High |
| Service quality and KPIs | High |
| Privacy and cybersecurity | High |
| Financial performance | High |
| Financing and investment appraisal | High |
| Ringcoll comparison | High |
| Client contracts | Medium–High |
| Acquisitions and growth | Medium–High |
| Corporate governance | Medium–High |
| Operational resilience | Medium–High |
| Sustainability | Medium–High |
| Stakeholder management | Medium–High |
| Dividend policy | Medium |
A lower priority does not mean a topic can be excluded from revision.
Exam implication: Maintain broad E3, P3 and F3 coverage while practising the business issues most clearly connected to Vennlisk.
15. Practise Hypothetical Unseen Developments
Reading the pre-seen is not enough.
You should practise responding to unfamiliar information.
Useful scenarios include:
- A major AI investment.
- A client threatening to switch to an overseas competitor.
- Declining Customer Satisfaction.
- Increased employee turnover.
- A privacy incident.
- A telecommunications outage.
- An acquisition opportunity.
- A large new client contract.
- A sustainability investment.
- A change to dividend policy.
These are practice scenarios, not confirmed developments or predictions.
For each one, consider the financial, strategic, operational and stakeholder implications before recommending action.
16. How to Write Strong CIMA SCS Answers
One of the most important exam skills is moving from technical knowledge to applied business advice.
Use this structure:
Point → Vennlisk application → Business consequence → Recommendation
Example: AI Investment
Weak answer:
AI could improve efficiency, but it may create risks.
Stronger answer:
An AI investment could help Vennlisk improve agent productivity and respond to lower-cost overseas competition.
However, Vennlisk differentiates itself through high-quality customer service. Inaccurate recommendations or excessive automation could therefore damage Customer Satisfaction and client relationships.
The Board should require a financial appraisal and a controlled pilot, measuring First Call Resolution, Customer Satisfaction and actual cash savings before approving wider implementation.
This answer demonstrates business application, commercial judgement and a justified recommendation.
17. Common Vennlisk SCS Exam Mistakes
Memorising the Pre-Seen Without Analysing It
Knowing that Vennlisk employs approximately 5,000 agents is useful.
Explaining how this workforce affects costs, training, service quality and AI implementation is more valuable.
Writing Generic Textbook Answers
Do not simply describe Porter’s Five Forces or Mendelow’s matrix.
Apply relevant concepts to Vennlisk’s circumstances.
Ignoring Financial Consequences
Even when a requirement focuses on employees or technology, consider costs, cash flows, investment requirements and shareholder value.
Assuming AI Is Guaranteed to Appear
AI is an important preparation area, but the actual unseen may focus on something different.
Giving Recommendations Without Justification
Vennlisk should invest in technology is not enough.
Explain why the investment is appropriate, what risks exist and how success should be measured.
18. Final Vennlisk Revision Checklist
Before the exam, make sure you can confidently explain:
- How Vennlisk makes money.
- Dedicated and shared call-centre arrangements.
- Competition with Ringcoll and overseas providers.
- The five operational KPIs and how they interact.
- Employee training, motivation and retention.
- AI opportunities and risks.
- The 2025 and 2026 financial performance.
- Borrowings, finance costs and dividends.
- Ringcoll’s financial comparison.
- Principal risks and existing controls.
- Corporate governance and Board responsibilities.
- Sustainability objectives.
- Relevant E3, P3 and F3 technical knowledge.
- How to evaluate unfamiliar unseen developments.
- How to write justified Board-level recommendations.
The objective is to apply this information rather than simply memorise it.
19. Final Exam Strategy: Think Like Vennlisk’s Finance Manager
Remember your role.
You are not an external commentator describing the business.
You are a senior finance manager advising Vennlisk’s Board.
When you read a new requirement, ask:
- What decision is required?
- Which Vennlisk facts are relevant?
- What are the financial consequences?
- What strategic benefits and risks should be considered?
- Which stakeholders are affected?
- What should management do next?
You do not need to include every possible framework.
You need to select the most relevant knowledge and apply it effectively.
Final Takeaway: Understand Vennlisk, Don’t Just Memorise It
Vennlisk operates in a competitive, labour-intensive industry where employees, customer service, technology and financial performance are closely connected.
The company must protect its reputation while responding to competitive pressure.
It must evaluate innovation without introducing unacceptable operational or privacy risks.
It must also balance investment, financing, dividends and shareholder expectations.
For the CIMA Strategic Case Study, the most important skill is bringing these issues together.
The aim is not to predict what CIMA will ask. It is to understand Vennlisk well enough to advise its Board confidently, whatever the unseen development.
Frequently Asked Questions
1. What is the CIMA SCS November 2026 pre-seen company?
The pre-seen company is Vennlisk, a quoted Westlandian business specialising in outsourced inbound call-centre services.
2. Is Vennlisk also the case company for February 2027?
Yes. The published pre-seen covers the November 2026–February 2027 examination cycle.
3. What are the most important areas to revise for Vennlisk?
Useful preparation areas include AI, competition, employees, operational KPIs, financial performance, Ringcoll, privacy, governance, financing and shareholder value.
4. Who is Vennlisk’s closest competitor?
Ringcoll is identified as Vennlisk’s closest competitor.
5. What are Vennlisk’s principal risks?
The pre-seen identifies employee retention, demotivation, health and safety, privacy and telecommunications dependence.
6. Which CIMA syllabus subjects are relevant?
E3, P3 and F3 are all relevant. Students should practise applying strategic management, risk management and financial strategy together.
7. How should I prepare for unseen scenarios?
Practise hypothetical developments using Vennlisk facts, relevant technical knowledge, financial analysis and justified recommendations.
8. Is AI guaranteed to appear in the exam?
No. AI is an important preparation area because the pre-seen discusses it, but the actual unseen cannot be predicted.
9. How can I improve my SCS answer technique?
Use the structure: Point → Vennlisk application → Consequence → Recommendation.
Prepare for the Vennlisk SCS With Keystone Academia
Effective Strategic Case Study preparation requires more than reading the pre-seen.
Students need to understand the business, revise relevant technical knowledge and practise applying that knowledge under exam conditions.
Keystone Academia’s Vennlisk resources cover company analysis, financial interpretation, competitor comparisons, AI, risk, governance, sustainability and scenario practice.
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Your final preparation goal: Be ready to think and respond like a senior finance manager advising Vennlisk’s Board.