VIOD & ACCA MoU signing and workshop “Cyber resilience for the board of directors”

Hanoi, 16 August 2018 – This morning, the Vietnam Institute of Directors (VIOD) and Association of Chartered Certified Public Accountants (ACCA) signed the MOU to enhance the mutual cooperation in relating common issues to raise the awareness and promote good corporate governance as key elements for Vietnamese sustainable business.

Following the MOU signing ceremony, two parties co-organised the seminar themed Cyber resilience for the board of directors for nearly 90 participants who are directors, senior executives, representatives from government agencies, local bodies and the media. This is the first joint event between VIOD and ACCA for directors and senior executives to help them understand their roles in managing cyber risks most effectively.

MOU Signing ceremony between VIOD (Mdm. Ha Thu Thanh, Chairperson of Board Director of VIOD and Deloitte Vietnam) and ACCA (Mr. Stephen Heathcote, Executive Director (Markets), ACCA Global)

Over the last several years, the composition of corporate asset value has shifted significantly from the physical and toward the virtual. According to a recent survey, close to 90 percent of the total value of the S&P 500 consists of intellectual property (IP) and other intangibles. Companies are facing not only increasing cyber threats but also new laws and regulations for managing and reporting on data security and cybersecurity risks. Organizations are at risk from the loss of IP, destroyed or altered data, declining public confidence, disruption to critical infrastructure, abuse of data and evolving regulatory sanctions via different type of cyber attack such as spear phishing, malware… Boards of directors face an enormous challenge to oversee how their companies manage cyber security risk. The Board member can no longer rely on the traditional controls to manage the cyber risk.

The seminar themed Cyber resilience for the Board of Directors will discuss about the practical solutions applicable for business enterprises to step up to the challenge, learn from other organisations how to manage the tidal wave of cybercrime. The seminar will also explore how the cyber security is becoming inextricably linked to such fundamentally important tasks as protecting the safety and continuity of the business, ensuring confidentiality of sensitive data and helping the Board members understand and manage a wide range of cyber – risks.

Congratulatory speech by Mr. Tran Dzung, Chairman of the State Securities Commission

Mdm. Ha Thu Thanh, Chairperson – Board Director of VIOD and Deloitte Vietnam shared: “Increasingly, cyber security is becoming a top-of-mind issue for most boards, and directors are becoming more preemptive in evaluating cyber security risk exposure as an enterprise-wide risk management issue and not limiting it to an IT concern. The board plays a fundamental role in understanding the risks associated with cyber security and confirming preventative and detective controls are in place.”

Mr. Stephen Heathcote, Executive Director (Markets), ACCA Global

Mr. Sharath Martin, Regional Policy Consultant, ACCA Asia Pacific added “As businesses embrace the opportunities of the digital age, it needs to ensure that investments in information security keep pace with technology adoption. Boards and Senior Management should embed cyber security thinking into all strategic activities of their companies, be it mergers and acquisitions, new product launches or new projects. For companies more advanced in its digital transformation journey, a comprehensive cyber security strategy should be developed.”

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About VIOD

The Vietnam Institute of Directors (VIOD) is an independent organization, which promotes corporate governance standards and best practices in the Vietnamese corporate sector. VIOD is a social enterprise, which aims to advance board professionalism, promote business ethics and transparency, create a pool of independent directors, build a network to connect corporate leaders and stakeholders, and help companies inspire investor confidence.

VIOD is governed by a board of directors comprising private sector representatives — in collaboration with and supported by the SSC, HOSE and HNX under the Vietnam Corporate Governance Initiative. Our board members encompass a diverse group of business leaders and advocates of good corporate governance in Vietnam. They include senior dignitaries from investment funds, well-known international legal and accounting firms, and independent board members of prominent companies in the market.

VIOD was formed with technical support from the International Finance Corporation (IFC), a sister organization of the World Bank and a member of the World Bank Group, and Switzerland’s State Secretariat for Economic Affairs SECO. For more information, visit www.viod.vn

 

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com [i] ACCA won five major industry awards last strategic year:

  • Best Association – Association Excellence Awards 2017
  • Accountancy Body of the Year – PQ magazine Awards 2018
  • Best training initiative (for ACCA-X) – Association Excellence Awards 2017
  • Best use of digital from the education sector – Digital Impact Awards 2017
  • Best education initiative in the Innovation in Accountancy category (for Ethics and Professional Skills Module) – PQ magazine Awards 2018

 

For more information, please contact:

Vietnam Institute of Directors

Tel: +84 (0) 93624 9697

E-mail: info@viod.vn