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28 February 2023
More than ever effective risk management and associated controls are critical to business performance and the achievement of organisational objectives. Businesses are facing economic turbulence (driven by inflation and rising interest rates), pressure to comply with ever increasing regulation and legislation and emerging risks like cyber security, data privacy and information governance. At the same time, many organisations have embraced digital transformation to boost performance, improve the customer experience and increase competitiveness, but digital transformation itself makes organisations more vulnerable to new cybersecurity risks. In the past, technology systems were safely housed behind the walls and within the arms of the organisation. Today, they extend far outside that reach and are exposed to constant threats. To top it all off, data breaches are making headlines, making achieving business objectives even more difficult. Brand reputation and daily operations can be jeopardised by a cyberattack, and as is increasingly seen in the news.
It has now been three years since the start of the pandemic, remote work is becoming a permanent fixture among Australian businesses. What began out of necessity early in the pandemic has become a preference—and businesses, desperate to attract and retain employees, are going along. Whether a company’s new work arrangement offers a fully remote option, or a hybrid choice that allows employees to split time between the workplace and somewhere off-site, employers are showing a high level of flexibility toward their employees.
Businesses embrace of remote work represents a dramatic change in the way they operate, affecting everything from operations to recruiting and culture. Before the pandemic, the option to work remotely may have been available to only a few employees on a limited basis, if at all. But as the pandemic has dragged on, companies have been scrambling to adapt to new demands from their employees. But remote work also has its challenges. In addition to having to rethink mentoring and staff development, there are concerns about collaboration and the effect of isolation on employees’ mental health.
In this month’s Risk Insider, we provide insights on the issue of cyberattacks, Procurement Fraud Prevention and Detection and a spotlight on sustainability and the issue of “Greenwashing”. 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
CORPORATE GOVERNANCE REPORT FOR DIRECTORS
Learn everything about the non-financial factors modern businesses need to incorporate into their corporate governance strategy
Our new report on corporate governance looks beyond compliance to the non-financial risks and challenges that company directors and boards need to know about.
SPOTLIGHT - SUSTAINABILITY MATTERS
February 2023
Welcome to Sustainability Matters – RSM’s new short video series that explores the latest and most pressing sustainability topics. Join us as we delve into the world of sustainability, discussing the challenges and opportunities that businesses face in their pursuit of a more sustainable future. This series aims to provide valuable insights, practical advice and thought-provoking perspectives.
Whether you're a seasoned sustainability professional or just starting to explore the subject, "Sustainability Matters" has something for everyone. So, tune in, join the conversation and be part of shaping a better future.
Episode 1: Beware of Greenwashing – Navigating Misleading Environmental Claims
In our first episode of Sustainability Matters, we will explain what Greenwashing is and why it is a concern, as well as provide tips on how to avoid false or misleading environmental claims.
Check out the video now >>
ARTICLES AND INSIGHTS
CPS 234 – TRIPARTITE AUDIT
RSM is one of those few organisations that are uniquely qualified to perform the audit and report in line with the ASAE 3150 standards required by APRA.
Continue reading >>
FAIR WORK OMBUDSMAN’S SURPRISE SPRING WAGES VISITS TO VICTORIAN FARMERS
Just in time for Spring, the Fair Work Ombudsman (FWO) has sprung surprise visits on Victorian farmers to assess whether their workers are being underpaid.
PAYROLL INTELLIGENCE
Payroll and wage compliance has increasingly come under scrutiny from regulatory bodies and high-profile cases of wage underpayment are creating impacts to brand and reputation, significant liabilities and the threat of criminal offences for serious breaches.
Continue reading >>
PROCUREMENT FRAUD PREVENTION AND DETECTION – HOW TO PROTECT YOUR ORGANISATION FROM ONE OF THE MOST COMMON FRAUDS
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.
EVENTS AND SPONSORSHIPS
SOPAC 2023
5-7 MARCH | BRISBANE
RSM will this year be sponsoring the Wellness Centre, occupying booths 4-6. Stop by the booth for a chat or a massage.
CFE EXAM REVIEW COURSE FOR AUSTRALIA
21 - 24 MARCH 2023 | 6 - 9 JUNE 2023 | 10 - 13 OCTOBER 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.
Want to keep reading? View the past editions of Risk Insider here >>
