For the past five years, cyber risk has been at the top of risk registers across the country. What are the expectations and obligations for boards around security risks and what are the key risk questions board members should be asking senior executives?
These are some of the topics that will be up for discussion at WOB's Security Risks: Expectations and Obligations for Boards program, being delivered in partnership with McGrathNicol.
Sharp jolts are now being felt due to geopolitical, climate and energy concerns leading to persistent questions of how this is impacting business and what the short term outlook will be. As a result, Boards and management are increasingly evaluating their exposure to the geopolitical outlook, supply chain vulnerabilities and the ever present threat of a cyber-attack.
In an effort to encourage proper safeguards, the Australian government has passed amendments to the Security of Critical Infrastructure (SOCI) Act 2018. All critical asset owners and operators must now manage the security and resilience of their critical infrastructure assets to avoid financial penalties. While this may be viewed as impacting certain industries, the reality will be a shift in security expectations and obligations across the wider business community to deliver a more secure supply chain.
Notably, some boards will now be required to annually certify that risk management programs are up-to-date and that all hazards that may have a significant relevant impact on asset(s) have been identified. Boards, executives and senior business leaders therefore have a crucial role to play in making their organisation a collaborator on this issue and to avoid complacency.
At the end of the program participants will:
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Understand the wider implications of the Security of Critical Infrastructure (SOCI) Act amendments and how they may impact organisations that sit within the supply chain of the eleven critical infrastructure sectors
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Be attuned to a range of hazards which may significantly compromise the security and resilience of an organisation
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Know what best practice risk management programs look like
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Understand what key risk questions board members should be asking senior executives
This program is for:
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Established & emerging directors
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CEOsandexecutives
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Risk and compliance managers
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Security and supply chain specialists
Program outline
The program will consist of four sessions concluding with a panel event.
The initial session will address the significance of the amended SOCI legislation to Australian companies; set the scene for material risks; and highlight the important questions Board members should be asking Executives prior to signing off on Risk Management Programs.
The second session will address why organisations need to urgently identify and resolve cyber risk hazards; outline the new cyber reporting requirements and the consequences for Boards when facing a ransomware attack.
The third session will address strategic initiatives for managing and sustaining networks of assets, systems, and relationships within supply chains.
The fourth session will address arguably the most least understood risk: foreign interference risk. What is this risk and how best to discern and respond to it? Why do critical infrastructure entities (including their supply chains) possess certain attributes that make them attractive targets for foreign interference?
A recording is available if you cannot attend all sessions.
How to apply for the Scholarship
We are offering two Security Risk program scholarship places to women serving on a NFP board. To apply please email Angela Bowen - angela@womenonboards.org.au with:
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An introduction (Include your name, where you reside (country, state), your current role, and NFP board you are currently serving on)
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How you would seek to benefit from the program
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Confirm you can attend the five (5) online sessions
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Outline your financial need.
Closing date is COB Friday 12 August 2022. Applications and queries should be directed to angela@womenonboards.org.au
Program Fee
The program fee is $330 (Full Members) or $550 (Basic Members) for four (4) virtual modules and one (1) face-to face panel session including lunch at McGrathNicol, Sydney.
*10% discount applies to anyone attending the entire program virtually (excludes networking & catering). Please use disc code: SECURITY10.