Page 43 - 2596-CA SR Lanka- Annual Report 2022

MANAGING RISKS
Risk Management Approach Assess Risk
Amidst today’s rapid changes in the
technological, business, economic and
regulatory environments, it has become
vital to have a proper mechanism
to monitor and manage risks on an
ongoing basis. For this reason, CA Sri Identity
Lanka has embraced a comprehensive Risk
risk management approach in order to
identify risk events, assess the potential
implications to CA Sri Lanka, and
implement necessary risk controls and
safeguards to mitigate these impacts.
Regular review and updating of these
risk safeguard forms an important part of
the Institute’s overall risk management
approach.
Risk Event Implications to CA Sri Lanka Severity of Impact
compared to 2021
Technological Ensuring IT infrastructure is capable
Advancement of accelerating the Institute’s growth
objectives
Need to present a vibrant range of
digital platforms to support the needs of
students, members and employees
Need to keep pace with the demand
for remote learning tools and focus on
opening up opportunities for specialised
learning in the digital space
CA SRI LANKA | Integrated Annual Report 2022
Implement
Risk
Safeguards
Review
Controls
Risk Controls and Safeguards
y Since the core IT systems are outdated
and not supported, we have begun the
process of upgrading to a new ERP
system.
y Strengthening the ICT Committee
with the requisite skills to supports the
technology transformation of the Institute
y Building a competent and reliable IT team
for the Institute
y Installing information security software to
prevent cyber attacks
y Align CPD activities in tandem with
evolving workplaces, including hybrid
working models
y Leverage digital technology to engage
overseas members through webinars and
virtual workshops
y Implement initiatives to enhance student
experience including online registration
and digital training records
y Creating a digitally-enabled workplace for
employees
y Launch of digital study support and online
examinations
y Introducing specialised courses in the
field of data analytics
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