30 November 2022      

The need for Australian companies to elevate their risk management efforts is more critical than ever. Business leaders must address potential operational vulnerabilities as a result of increasingly sophisticated cyberattacks, new risks related to internal digital transformation efforts, and ever-evolving regulatory requirements. Business leaders must also anticipate increased scrutiny and pressure from their Board of Directors or other governing bodies if there is an absence of transparency and clarity around how your organisation is effectively managing its level of risk.      

As can be seen by the Medibank and the Optus security breaches, cybersecurity threats and data security events continue to increase, understanding the costs and resources necessary to respond to a data breach is essential. Ransomware and business email compromises are the two leading causes of all insurance claims during this years. Escalating recovery expenses are a reminder of the importance of establishing a resilient cybersecurity environment.      

Fraudulent activity can negatively impact any organisation, whether it be through reputational damage or lost and stolen assets or finances. It is crucial for organisations to have the right policies, procedures and independent support on hand to help prevent and resolve any fraudulent risks.      

In this month’s Risk Insider, we provide insights on the Menlo announcement, sustainability, fraud week highlights and a spotlight of technology sector. 

In particular, our point of view identifies the primary drivers for these changes to the risk and control environment and lists pragmatic considerations for your consideration.      

Warmest regards,      
Jean-Marc

RSM Australia is pleased to announce a new reseller agreement with cyber security specialists Menlo Security. Menlo Security will provide turnkey cyber security solutions, delivered as managed business services through RSM Australia.

 Read more about the partnership >>

ARTICLES AND INSIGHTS

The ultimate sustainability handbook for SMEs: Understand the risks, opportunities and challenges of going green

With global shifts on the horizon and an increased focus on strong climate action, the answer may well be “soon”. As governments get serious about their pledges to net-zero emissions, savvy business leaders are making sustainability a top business priority.

Download the report >>

CASE STUDY: WDEA WORKS                 

Working with RSM’s specialist Health Services team, WDEA Works has since gained valuable oversight of their operations while making practical improvements that ultimately help them deliver better services to the community.                                 
Read more about the how the RSM internal audit team helped WDEA.                                        
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RESPONDING TO CURRENT CYBER THREATS AND HOW TO PROTECT YOURSELF

The advent of individuals being scammed or their identity data being stolen seems to be increasing exponentially.                              
Being a cyber security professional, I get asked for advice by friends and family often. Given how prevalent this issue seems to be becoming, I thought it best to note some advice and share it broadly.                                
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HOW BUSINESSES CAN RESPOND TO CURRENT CYBER THREATS

Hardly a week goes by where we do not hear of a breach at an iconic organisation. This has led to increased caution being exercised for cyber by Boards and Executives and I am regularly getting asked for advice in this key area of risk. Given the criticality of this area, I thought it best to share some advice on securing your IT infrastructure with a focus on recent threats and breach events.                              
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RSM AUSTRALIA PARTNERS WITH QLIK

Close the gaps between data, insights and action with real-time, Active Intelligence Qlik brings data and analytics together seamlessly with the only end-to-end, real-time analytics data pipeline.                             
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BUILDING DIGITAL TRUST THROUGH CYBER SECURITY

As cyber-attacks become more frequent and malicious, the onus is on organisations to maintain a strong level of awareness and take proactive steps to reduce the risk to their business and customers.                           
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RSM Australia joined hundreds of organisations who have partnered with the ACFE, the world's largest anti-fraud organisation and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign. See below some of the key takeouts from Fraud Week.

The costs of fraud to business’: It estimated that organisations can lose up to 5% of their revenue to fraud each year.        See here >>	‘Whistleblower or public interest disclosure (PID) reporting program effectives’. Fraud losses were 2 x higher at organisations without implemented and effective whistleblower / PID reporting.                     See here >>
Procurement fraud is multi-faceted and may take many different forms. Therefore, the prevention and detection mechanisms to combat procurement fraud must be just as multi-faceted and sophisticated.                     Read more >>	The recently revised Australian Standard AS 8001:2021 Fraud and Corruption Control is one of the key practices for organisations to implement as an effective fraud and corruption control system or framework.                   Read more >>
71% of organisations provide fraud control awareness training to their employees as a key program to raise awareness and heighten fraud prevention, detection and response.                     See here >>	FIND OUT MORE ABOUT OUR FRAUD AND FORENSIC SERVICES AND CONTACT THE TEAM.

EVENTS AND SPONSORSHIPS

Master the skills and knowledge you need to pass the CFE exam in 2023

RSM Australia has an ongoing agreement with the Association of Certified Fraud Examiners (ACFE) as the exclusive ACFE Authorised Trainer for the CFE Exam Review Course for Australia.

TRAINING DAYS:  

1. Tuesday 21 March 2023 – Friday 24 March 2023    
2. Tuesday 6 June 2023 – Friday 9 June 2023    
3. Tuesday 10 October 2023 – Friday 13 October 2023

SECTOR SPOTLIGHT - TECHNOLOGY

NOVEMBER 2022

WHAT AUSTRALIAN TECH BUSINESSES CAN EXPECT IN THE NEXT TWO YEARS

RSM's 2022 technology report looks at the current challenges facing the industry, while offering hope for "unglamorous" companies likely to weather the current economic storm without too much damage.

Featuring recommendations and insights from a broad range of experts, this report paints a picture of the challenges and opportunities at play that is grounded firmly in reality - not science fiction.

You can read more about the realistic expectations for the technology sector in Australia.                        
What Australian tech businesses can expect in the next two years

Want to keep reading? View the past editions of Risk Insider here >>