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For those interested in board governance Qantas Airlines completed a governance review in August 2024. The report evaluated the decision making and governance processes that led to a loss of trust amongst stakeholders and the challenges levied by the Covid pandemic.
Page 7 Board effectiveness and culture is worth a read as the board dealt with the Covid Crisis and fending off potential bankruptcy. The report is in no way damning. There are several observations made by the report that include.
1. Board and Management Culture was not a explicit topic. The board focus was financially, commercially and strategically orientated. More focus on non-financial issues was needed.
2. Information flow and cadence on non-financial risks and escalation of risks to the board could be improved.
3. The Board should conduct regular assessment of skills and experience.
4. The Groups risk management framework was weighted toward finance risks. Greater attention to non-financial risks and cumulative risk is needed.
5. Legal oversight is not a ‘right or wrong’ issue, its about risk management and balance between financial and non-financial risk.
Page 12 People and Culture reveals some of the challenges and changes made by Qantas to change the organizational culture. Reducing the top heavy decision making process adopted by the company, refreshing the leadership and bringing in new role to the leadership team such as a CRO and CPO.
One points out this report as one considers the role of cybersecurity regulation and governance. With several of the observations made being critical to the management of cybersecurity risk, requiring a board to focus on skills and experience, non-financial risk management, managing legal risk and people and culture. All aspects of cyber regulation being adopted in the EU and U.S, ensuring adequate and appropriate reporting of cyber risk management is fed to the board; the board has the appropriate knowledge and skills to evaluate cyber risk and the organisation has a risk based culture to manage risk.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC Qantas
#cybersecurity #cyberriskmanagement #cyberregulation
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