INED Advanced Training A7: "Deep Dive of Risk Management & Cybersecurity for INEDs"

The seventh module of INED Advanced Training Program was successfully held on 21 Jan 2020.

As the chairman of the Training & Accreditation Committee, Dr. Lawrence Wong helped in the design of the Training Program. He explained the overall design of the training program and then introduced Danny Ha, an authorized HKSARG ISO member, to talk on risk management and cybersecurity.

Risk management and Cybersecurity continue to be top of mind in the Board agenda as regulators emphasize more to treat cybersecurity and risk management as essential components for good corporate governance. They stress that the Board of Directors is responsible for determining and evaluating risks that the company is willing to take in achieving its objectives. Senior management has to design, implement and monitor the effectiveness of risk management and internal control systems to minimize the relevant risks.

As the authorized HKSARG ISO member, Danny Ha shared practical cases, best practice of risk identification and assessment with solutions and approaches to minimize the relevant risks, which covered:

• Why cybersecurity, enterprise risk management (ERM) are important

• Differentiate responsibilities of CXO, BOD, and INED

•  Solutions for risks of cybersecurity, Fintech, AI, and ERM, plus case studies

• Best practice of risk identification, assessment, and approaches, plus case studies

• Deep dive INED roles in auditing and monitoring related policy enforcement

• Highlights of ERM & security risk report and response to allegation

Also, as the program director, Dr. Lawrence Wong conducted a supplementary analysis on related topics to help learning partners understand risk management and cybersecurity for INEDs.