On a global scale, risks are changing rapidly with technology and development. Issues that organisations face today haven't been ones that have been experienced in the past - think AI, blockchain, cybersecurity, not too much that pandemic COVID-19. Keeping in mind the exponential rate of change, managing risks systematically and proactively to overcome challenges that arise has become imperative to building trust and resilience across your organisation.
In today’s highly digital and global world, the potential for information security incidents has become more and more likely. Information security incidents are situations or issues where a threat has affected the security of your business network and the ability of your employees to do their work. Think hacking, malware, authentication issues and IT system failures.
When it comes to managing incidents, the difference between a rapid, coordinated response and a delayed and fractured one can have huge consequences to your bottom line and reputation.
When the federal budget was delivered last month, like most Australians, we were eager to see what it held for key areas of concern for our industry. From a risk management perspective, we’re pleased to see an emphasis on aged care, as there are some critical risks that need addressing in that area. In addition, there was a welcome focus on some of the factors that were ranked in the top 5 biggest risks facing Australian businesses in 2021 including the threat of natural disasters and the ongoing issues of cybersecurity. But does it go far enough? And are there areas that have been overlooked that should have been a priority? Below we provide an overview of 5 key governance and risk management takeaways from the federal budget.
While a risk register is a common feature in most organisations these days, there can be a vast difference in the value it brings. As a basic risk management tool it allows you to identify potential risks and track them for compliance. But it can be so much more.