CIMA Strategic Case Study · November 2026 – February 2027
Vennlisk: Complete Pre-Seen Analysis
Vennlisk is the CIMA Strategic Case Study organisation for the November 2026 and February 2027 examination windows.
MSL Business School’s free Complete Pre-Seen Analysis is designed to help candidates understand the organisation before unseen information changes the story.
The analysis moves from Vennlisk’s business and financial position into the five activities expected of the Senior Finance Manager: strategy, ecosystem and stakeholders, financing, risk and control.
48 pages · Free PDF · Updated 3 October 2026

MSL publication
Vennlisk Complete Pre-Seen Analysis
48 pages · Free PDF
The full publication combines case understanding with Strategic Case Study application.
It covers:
- Vennlisk’s strategic position;
- the Westland inbound call-centre market;
- financial performance and financing capacity;
- comparison with Ringcoll;
- people and service capability;
- artificial intelligence and automation;
- strategic options;
- acquisitions and divestments;
- sustainability;
- stakeholders and the business ecosystem;
- financing strategy;
- dividend policy;
- business valuation;
- enterprise and cyber risk;
- ethics and internal control;
- governance;
- internal audit;
- the five SCS core activities.
The case in brief
Vennlisk at a glance
Vennlisk provides inbound call-centre services to many of Westland’s leading organisations.
It operates five large call centres and serves clients across sectors including telecommunications and energy, healthcare, banking and financial services, insurance, online retail, the public sector, travel and hospitality.
Most clients use dedicated inbound call-centre arrangements, although Vennlisk also provides shared services.
Your position in the case
You are advising the Board
In the Vennlisk Strategic Case Study, you are a Senior Manager in the finance function.
You report directly to the Board and advise on special projects and strategic matters.
That role changes the way the pre-seen should be studied.
The examination is not simply asking:
“What theory do you know?”
It is asking:
“Given Vennlisk, these facts and this new situation, what should the Board do?”
Your analysis may therefore need to connect:
- strategy;
- financing;
- stakeholders;
- technology;
- sustainability;
- risk;
- ethics;
- governance;
- internal control;
- shareholder value.
The business
More than agent time
Vennlisk provides outsourced inbound customer-service capability.
Its clients are not merely purchasing hours worked by call-centre employees.
They are relying on Vennlisk to provide:
Access
Someone is available when the caller requires assistance.
Client knowledge
Agents understand the client, its services, products and procedures.
Problem resolution
Queries and transactions are dealt with effectively.
Customer experience
The agent represents the client and can affect how callers judge that organisation.
Scalability
Clients can access capacity without building the entire operation internally.
Technology
Call routing, customer information and supporting systems enable service delivery.
Trust
Vennlisk handles sensitive information and interacts directly with clients’ customers.
A weakness in one part of that system can therefore affect how the client evaluates Vennlisk as a whole.
The strategic tension
Quality has to remain economically defensible
Vennlisk’s challenge is to preserve the service quality that supports its strategic position while transforming the economics and technology of the business without taking financing, risk or governance decisions that destroy long-term stakeholder value.
The case brings together several pressures.
Vennlisk differentiates itself through service quality, training, client-specific knowledge and human judgement.
At the same time:
- the business is labour intensive;
- overseas competitors may operate at materially lower labour cost;
- artificial intelligence can support human agents;
- chatbots may automate some interactions;
- major transformation could require significant capital;
- Vennlisk already carries substantial borrowing.
The issue is therefore not simply whether Vennlisk should “use AI” or “cut costs”.
The strategic question is how to change the business without destroying the capabilities that make it valuable.
Industry context
A growing market does not remove strategic risk
Westland has seven major inbound call-centre providers.
Collectively, the industry generated approximately W$38 billion of revenue during 2025, and the pre-seen forecasts substantial market growth.
Vennlisk nevertheless faces competition from more than domestic call-centre companies.
Alternatives available to clients include:
- other Westlandian providers;
- lower-cost overseas call centres;
- in-house call centres;
- interactive voice response systems;
- chatbots;
- digital self-service.
Vennlisk therefore competes for the client’s customer-service budget, not merely against businesses with the same organisational form.
That distinction matters when evaluating its future strategy.
Capability and disruption
Vennlisk’s people are valuable. Technology can change the economics.
Vennlisk invests heavily in training.
Its agents may need technical knowledge, client-specific knowledge, empathy and judgement because calls can involve financial, technical, commercial or emotionally sensitive situations.
That human capability supports Vennlisk’s quality positioning.
Artificial intelligence creates two different strategic possibilities.
AI supporting agents
The pre-seen identifies potential uses including:
- customer-file summaries;
- real-time recommendations;
- stress and sentiment monitoring;
- supervisor alerts;
- performance-pattern analysis.
Automation replacing some interactions
Chatbots can potentially:
- operate continuously;
- handle routine interactions at scale;
- reduce some human-resource requirements.
But the pre-seen also identifies limitations involving:
- emotion;
- complex interactions;
- insensitive responses;
- inaccurate training data;
- apparently credible but incorrect advice.
The more useful strategic question is therefore not:
“Humans or AI?”
It is:
Which interactions should be automated, which require human judgement and where can technology make human service materially better?
The numbers behind the case
Vennlisk is improving, but Ringcoll changes the perspective
Growth and ratios are MSL calculations from the case financial statements.
Vennlisk 2026
Revenue W$12,370.0m
Gross profit W$1,523.3m
Operating profit W$1,451.0m
Profit after tax W$770.8m
Borrowings W$5,460.0m
2025 to 2026 growth
Revenue +6.4%
Gross profit +15.1%
Operating profit +15.6%
Profit after tax +24.0%
2026 margins
Gross margin 12.3%
Operating margin 11.7%
Net margin 6.2%
Vennlisk therefore enters the case with both revenue growth and improving profitability.
However, Ringcoll — Vennlisk’s closest competitor — creates an important benchmark.
The comparator
Higher revenue does not mean stronger returns
| Measure | Vennlisk | Ringcoll |
|---|---|---|
| Revenue | W$12,370.0m | W$10,514.5m |
| Gross margin | 12.3% | 14.4% |
| Operating margin | 11.7% | 13.8% |
| Net margin | 6.2% | 9.6% |
| Approximate ROCE | 10.6% | 15.3% |
| Interest cover | 3.3x | 10.1x |
| Debt/equity | 66.2% | 23.5% |
ROCE uses year-end capital employed.
Vennlisk generates more revenue than Ringcoll, but Ringcoll earns more profit, achieves stronger margins and returns and carries materially less financial leverage.
That does not prove that Vennlisk is badly managed.
It does establish a performance difference that deserves investigation.
The published information does not provide enough detail to conclude precisely why the gross-margin difference exists.
Candidates should distinguish evidence from assumption.
Financial strategy
Transformation has to be financed
Vennlisk’s 2026 position includes:
W$5,460.0m Borrowings
66.2% Debt/equity
3.3x Interest cover
c.66% Approximate dividend payout
0.48 Beta
Future strategic decisions cannot be considered from a debt-free starting point.
If Vennlisk pursues major technology investment, an acquisition, restructuring or another capital-intensive strategy, management may need to consider:
- retained earnings;
- additional debt;
- new equity;
- dividend policy;
- business valuation;
- financing capacity;
- expected return;
- shareholder value.
The correct financing strategy depends on the decision, the risk of its cash flows and Vennlisk’s existing financial position.
Senior Finance Manager blueprint
How Vennlisk connects to the five SCS core activities
The Strategic Case Study is organised around five activities associated with the Senior Finance Manager role.
Each carries a weighting range of 15–25%.
Activity A · Develop business strategy
For Vennlisk, this could require evaluation of:
- strategic options;
- digital transformation;
- AI and automation;
- acquisitions and divestments;
- restructuring;
- sustainability.
Activity B · Evaluate the business ecosystem and business environment
For Vennlisk, this includes:
- clients;
- callers;
- employees;
- competitors;
- technology suppliers;
- telecommunications providers;
- regulators;
- investors;
- strategic objectives;
- Board-level KPIs;
- changes in the external environment.
Activity C · Recommend financing strategies
For Vennlisk, important areas include:
- sources of finance;
- existing leverage;
- dividend policy;
- capital allocation;
- business valuation;
- shareholder value.
Activity D · Evaluate and mitigate risk
Relevant Vennlisk issues include:
- employee retention;
- service quality;
- privacy;
- cybersecurity;
- telecommunications;
- technology disruption;
- ethics;
- operational resilience.
Activity E · Recommend and maintain a sound control environment
Vennlisk provides substantial material involving:
- Board governance;
- Audit Committee;
- Risk and Sustainability Committee;
- internal audit;
- internal controls;
- compliance;
- assurance over major strategic projects.
The strongest preparation does not treat these as five isolated syllabus headings.
A major strategic decision can involve several activities at once.
Control and assurance
Strategy still needs challenge and control
Vennlisk has executive and non-executive directors together with:
- an Audit Committee;
- a Risk and Sustainability Committee;
- a Remuneration Committee;
- a Nomination Committee.
Its Chief Internal Auditor reports to the convener of the Audit Committee.
One detail is particularly worth noticing.
Alaor Leite is the non-executive director whose biography gives explicit senior finance experience, but he is not shown as a member of the Audit Committee.
The pre-seen does not tell us whether Westland’s governance rules require particular financial expertise on that committee, so this is not evidence of non-compliance.
It may nevertheless become relevant if unseen information raises Audit Committee competence, financial reporting or assurance.
At Strategic Case Study level, candidates should ask not only:
“What should management do?”
but also:
“Who should challenge it, approve it, monitor it and obtain assurance over it?”
Risk
Vennlisk already identifies five important exposures
The pre-seen identifies principal risks involving:
- retention of trained and experienced agents;
- agent demotivation and carelessness;
- employee health and safety;
- privacy and security;
- availability of telecommunications links.
These formal risks sit alongside analytical strategic risks that could become relevant if the unseen introduces them, including:
- technology disruption;
- offshore competition;
- transformation failure;
- client loss;
- cyber incidents;
- operational-resilience failures.
Candidates should not simply produce a list of risks.
A strong SCS response connects:
cause → impact → existing control → further response → residual risk → Board monitoring
Long-term value
Sustainability is part of strategy
Vennlisk identifies five sustainability areas:
- planet;
- employees;
- trust;
- innovation and technology;
- communities.
The pre-seen also provides specific environmental ambitions, including:
At least 80% of electrical power from renewable sources by 2030
and:
100% of electronic items disposed of after 2030 to be recycled or donated
Vennlisk also monitors employee commuting.
The Strategic Case Study question is not simply whether these initiatives sound positive.
Management may need to consider:
- strategic materiality;
- cost;
- investment;
- risk;
- stakeholder expectations;
- measurement;
- credibility;
- long-term value.
Inside the publication
48 pages built around the actual SCS role
The MSL Complete Pre-Seen Analysis covers:
Case understanding
- Vennlisk at a glance
- what Vennlisk sells
- the Westland market
- competition
- people
- technology
- mission, vision and values
Strategic position
- financial performance
- financing capacity
- Ringcoll comparison
- central strategic tensions
Activity A
- business strategy
- strategic options
- strategic choice
- acquisitions and divestments
- sustainability
Activity B
- ecosystem
- stakeholders
- strategic objectives
- strategic KPIs
- ecosystem change
- macroeconomic discipline
Activity C
- financing strategies
- sources of finance
- dividend policy
- valuation
- capital allocation
Activity D
- principal risks
- strategic and operational risk
- cybersecurity
- ethics
- internal control
Activity E
- governance
- internal audit
- compliance failure
- transformation governance
Exam readiness
- twelve issue areas
- key figures
- central issue
- final MSL assessment
Preparation
Read it for understanding, not memorisation
Use the analysis in four stages.
1. Understand the facts
Know Vennlisk well enough that you do not spend exam time rediscovering the organisation.
2. Understand what the facts mean
Ask why the information matters commercially and strategically.
3. Connect the five core activities
Think about what a Senior Finance Manager may need to evaluate or recommend.
4. Practise change
The real examination will introduce unseen information.
Move from:
“What do I know about Vennlisk?”
to:
“What should I advise if the situation changes?”
The purpose of the analysis is not to predict the examination.
It is to make you sufficiently fluent in the case to respond intelligently to whatever CIMA introduces.
Continue preparing
More CIMA SCS resources
Strategic Case Study Guide
Understand the Senior Finance Manager role, five core activities, E3/P3/F3 integration and exam format.
Explore the SCS GuideSCS Pre-Seen Library
Access the current and future MSL Strategic Case Study pre-seen library.
Browse SCS Pre-SeensCase Study Exam Dates
View current examination dates, booking deadlines and future case-study windows.
View Exam DatesStructured preparation
Preparing for the Vennlisk Strategic Case Study?
Free resources help you understand the case.
MSL’s full Strategic Case Study preparation goes further.
Our current programme includes:
- live case-study teaching;
- integrated Strategic Level technical revision;
- deeper Vennlisk analysis;
- strategic application;
- unseen scenario practice;
- answer planning;
- marked mock examinations;
- exam technique;
- MSL Business School App and AI study support.
The current tuition fee is:
GHS 1,350
One fee covers both the November 2026 and February 2027 sittings, which use the same Vennlisk pre-seen.
Questions answered
Vennlisk: frequently asked questions
What is Vennlisk?
Vennlisk is the fictional quoted company used in the CIMA Strategic Case Study pre-seen for the November 2026 and February 2027 examination windows. It provides outsourced inbound call-centre services in Westland.
When was the Vennlisk pre-seen released?
The Vennlisk Strategic Case Study pre-seen was released on 2 October 2026.
Which CIMA SCS sittings use Vennlisk?
The same Vennlisk pre-seen is used for the 18–20 November 2026 and 17–19 February 2027 Strategic Case Study examinations.
What role do I play in the Vennlisk case?
You are a Senior Manager in Vennlisk’s finance function, reporting directly to the Board and advising on special projects and strategic matters.
What are the main issues in the Vennlisk pre-seen?
Important case areas include service quality, lower-cost overseas competition, artificial intelligence, employees and training, financing, acquisitions, sustainability, risk, cybersecurity, governance, internal audit, financial performance and competitor Ringcoll.
These are areas arising from the pre-seen, not predictions of the examination.
What are the five SCS core activities?
The five core activities are:
- Develop business strategy;
- Evaluate business ecosystem and business environment;
- Recommend financing strategies;
- Evaluate and mitigate risk;
- Recommend and maintain a sound control environment.
Each carries a weighting range of 15–25%.
Is the MSL Vennlisk pre-seen analysis free?
Yes. MSL Business School’s 48-page Complete Vennlisk Pre-Seen Analysis is available as a free educational resource.
Does the MSL analysis predict the CIMA exam?
No.
The purpose of the analysis is to help candidates understand Vennlisk, its strategic position, financial capacity and major case issues so they can respond intelligently to unseen information in the examination.
Should I still read the official CIMA Vennlisk pre-seen?
Yes.
The official CIMA pre-seen remains the primary case source.
MSL’s publication is an independent educational analysis designed to help candidates interpret and apply that information.
Can I study the Vennlisk SCS with MSL?
Yes.
MSL Business School provides live Strategic Case Study preparation covering integrated Strategic Level revision, deeper Vennlisk analysis, unseen practice, mock examinations and exam technique.
Current schedules and registration information are available on the main CIMA page.
Independent educational resource
MSL Business School is an independent tuition provider.
This page and the accompanying Vennlisk analysis are independent educational resources based on the official CIMA Strategic Case Study pre-seen.
They are not issued by, affiliated with or endorsed by CIMA or the Association of International Certified Professional Accountants.
CIMA and related names and marks remain the property of their respective owners.
Analysis and resources by MSL Business School · Updated 3 October 2026

