52 Risks® Update (April 2022): Crown Resorts’ Risk Governance Lessons and Cyber Security – Don’t Be a Bunny
Crown Resorts’ Risk Governance Lessons (1)
One of Australia’s largest casino groups, Crown Resorts has been embroiled in a series of scandals and regulatory issues for several years now. This has resulted in three government inquiries and wholesale board and management changes.
To understand what happened, the article here by Damien Kitney in this month’s edition of Australian Institute of Company Directors’ (AICD’s) Company Director magazine provides a timeline of events and summarizes what went wrong. In the article, Damien highlights eight important governance lessons for ASX-listed company directors from the Crown Resorts saga.
Crown Resorts’ Risk Governance Lessons (2)
The “Winning Hand” article, also published this month in the same magazine, outlines my thoughts on how boards and executive teams can avoid a ‘lite’ approach to risk governance and risk management. The Crown Resorts events highlight the perils of not having embedded and effective risk governance and oversight.
Click here for access to the article.
If you are interested in reading my full Expert Report for the Crown Royal Commission on Crown Resorts’ risk management frameworks and systems, it can be downloaded from here
Cyber Security – Don’t Be a Bunny
Cyber risks abound in a geopolitically charged, post-COVID environment that has a crypto driven, dark web world lurking in the shadows. It would seem to be an open and shut case that it makes good business sense to have a robust approach to cyber security.
Unfortunately, as a recent WEF report revealed only 41% of the business executives believe that cyber resilience is an established business priority. Quite astounding really.
It’s never too late to get started, however. The WEF has a great range of free cyber security resources on its website https://www.weforum.org/topics/cyber-security
To download the above infographic click here.
