Page 74 - CA Sri Lanka Integrated Annual Report 2023

RISK MANAGEMENT

Risk Description Severity of Impact Risk Management Measures
Brand and Negative media impact/ High Proactive public relations strategies
Reputational including negative social Transparency and accountability in all operations
Risks media comments
Media communications policy.
Regular monitoring and reporting of mainstream and
social media.
Research with members and other stakeholders to
monitor perceptions and attitudes
Stakeholder dissatisfaction High Engagement with stakeholders to address concerns
Continuous improvement in service delivery
Continue investment in activities that capitalize on our
strong brand perception in key markets.
Talent Risks High employee turnover High Employee retention programmes
Competitive compensation and benefits packages
Technology Risks Cybersecurity breaches High Implementation of robust cybersecurity measures
Regular security audits and updates
Technological advancement Medium Upgrading to new systems

Strengthening the functions of IT Steering Committees
Building a competent and reliable IT Team for the Institute
Strategic Risks Failure to adapt to changing High Strategic planning and forecasting
market trends
Scenario planning to anticipate market changes
Environmental Environmental disasters or High Environmental impact assessments
Risks pollution
Implementation of sustainable practices

72 CA Sri Lanka Integrated Annual Report 2023