Waikato Business News November/December 2022

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24 WAIKATO BUSINESS NEWS, NOVEMBER/DECEMBER 2022 Celebrating Leadership in the Waikato The Community and Enterprise Leadership Foundation (CELF) celebrated the graduation of the Class of 2022 at the Gallagher Academy of Performing Arts, University of Waikato in November. Another 18 graduates joined the growing CELF Alumni. In its seventh year and with 132 CELF Alumni active in the Waikato Community we are seeing increased impact of the ripple effect these leaders and their leadership are having on their organisations and their communities. This programme (like the foundation itself) is guided by the conviction that socially responsible leadership will always have a positive impact on the community around them. CELF Graduates 2022: Back - Brett Fleming, John Adams, Kent Holdsworth, Dr Jeremy Mayall, Matt Nugent, Megan West and Anton Waller, Desarae Frisk, Gerald van der Broek. Front- Shannon Clarke, Riikka Anderson and David Wiles (WEL) Vani Mills (NZ Diversity Counselling), Rachel Rabarts (BNZ), Kathy Harward (CCS Disability), Anna Ellis (Prolife Foods). Not Pictured: Marty Emmett (YWAM Ships Aotearoa) & Fraser Bell (Foster Construction) WAIKATO BUSINESS NEWS, XXX/XXX 2022 1 Kent Holdsworth (Te Whatu Ora Waikato) and Rachel Rabarts (BNZ), Class of 2022 graduates, expressed their thanks on behalf of their cohort, for the opportunity to participate in such a life changing and transformational leadership programme. CELF Alumni Leader of the Year 2022 Kylie Leonard was chosen as the CELF Alumni Leader of the Year 2022. Kylie was sponsored onto the CELF Elevate Leadership Programme by Tompkins Wake, as NZ Dairy Woman Network Community Leader of the Year in 2018. Since graduating from The Elevate Leadership Programme in 2019, Kylie has been on a leadership trajectory. Kylie is a dedicated mum, wife, and community leader. She is an experienced director, rural professional, a farmer, governance specialist leader and mentor. A member and chair of multiple boards in the CELF recognises founder Dr Peter Sun As part of the evening’s events, Dr Peter Sun was recognised by the Community and Enterprise Leadership Foundation’s Board and wider CELF Alumni for his significant contribution to the formation of CELF alongside co-founders Bernie Crosby (Prolife Foods) and David Irving (Icehouse). As CELF’s founding programme director, he has shaped community, providing guidance and leadership., Kylie was a finalist in this year’s Women on Boards, retained her seat as the programme, content and format that constantly evolves to meet the changing needs of leadership and the environment. Accepting the acknowledgment Peter says, “As I reflect on the times past and present, and reflect on what lies ahead, I’m more than convinced of the impact that CELF has and the impact on the community.” Taupo district a counsellor and just announced a recipient of a Nuffield Scholarship. ” if I want to see change it is up to me to be part of making that change happen,” Kylie says David Irving (Co-Founder CELF) and Dr Peter Sun (Co-Founder CELF/ Founding Programme Director) Confidence in continued growth Frank Risk Management’s decision to raise its footprint and profile reflects the firm’s confidence in the Waikato business sector. It’s a big jump for the firm founded in 2008 by CEO Andrew Newman and Director Rene Swindley in a residential Cambridge garage. Frank Risk Management now employs 32 staff across four offices; Hamilton, Matamata, Auckland, and Wellington, and was the first broker in NZ to offer the fully disclosed, transparent fee business model. The growth in staff necessitated the need for larger premises; however, co-founder Rene Swindley strongly believed that Frank needed something unique and a space that staff and clients enjoyed using. “In these times, you want to support flexibility, but if everyone wants to be in the office, you get the collaboration upside while still giving everyone a choice”. Regardless of the immediate economic outlook, the management team at Frank feel confident that the firm will continue to see solid growth. They think the Waikato, underpinned by its diverse economic base, is the best place to be located. Frank Group’s General Manager, Emma Haugh, says, “Standing still wasn’t an option. Frank is filling a place in the risk management market, and approaches are not only coming from within the Waikato but also nationally”. An upside of having the additional space is that Frank can support clients who need space for meetings or a boardroom. This was very much in mind when planning the re-development, and it’s working well. Haugh says, “It’s great that we see clients, not just when they want to talk about insurance or risk management”. It’s also a good space for clients to meet with providers that support Frank’s proposition. Frank worked closely with Fosters Construction and Edwards White Architects throughout the development of 630 Victoria Street. The Frank team are pleased to have the project behind them, and Haugh says, “we’ll never look back, the move has been a giant leap forward and Fosters & Edwards White were brilliant to work with. We couldn’t be happier with the result”. 630 Victoria Street, Hamilton 3204 07 903 5000 | info@frankrisk.co.nz | ww.frankrisk.co.nz
Set a 2023 resolution to get data security and privacy right Cybersecurity, data security and privacy are all intertwined. As businesses move towards digital business models, exponentially more data is generated and shared, both within the business and with partners and customers through interconnected systems/technology. This digital information has become the lifeblood of this interconnected business ecosystem and is increasingly valuable to businesses - and to threat actors (cyber criminals, competitors, foreign states). PwC’s 2023 Global Digital Trust Insights survey highlights that two-thirds of organisations consider cyberattacks their most significant threat in the coming year. Cybercriminals are increasingly using off-the-shelf tools to perpetrate and orchestrate a variety of attacks. And yet, many of the breaches we’re seeing are still preventable with sound cyber practices and strong controls. A business’s key stakeholders - customers, employees, business partners - are increasingly equating any security breach to a breach of trust. Governments and regulators are becoming increasingly concerned about the theft of personal information from organisations. Looking overseas, the Australian government has introduced a bill that would increase the maximum penalty for serious or repeated privacy breaches to AUD$50 million or 30% of turnover for all businesses that operate in Australia, including foreign companies. These penalties have increased substantially from the initial proposal of AUD$10 million or 10% of turnover. This is due to several recent major breaches of customer data in Australia including names, dates of birth, email addresses, drivers license numbers, passport numbers and medical claims data for millions of people. Australian Attorney General Mark Dreyfus said that “We need better laws to regulate how companies manage the huge amount of data they collect, and bigger penalties to incentivise better behaviour.” This is essential “to ensure Australia’s privacy framework is able to respond to new challenges in the digital era.” In the UK, the construction group Interserve has recently been fined £4.4m after a cyber attack that enabled hackers to steal the personal and financial information of up to 113,000 employees. Current NZ privacy legislation only came into force in December 2020 and introduced mandatory disclosure for serious data breaches. However, it has a maximum penalty of only $10,000. Given where international legislation is heading, this level of penalty is significantly lighter than other jurisdictions and will likely come under pressure if further serious data breaches occur in New Zealand. The recently released Draft National Security Long-term Insights Briefing (DNSLIB) shows that New Zealanders feel particularly at risk of a cyber-attack, with 81% of respondents to the National Security Public Survey saying that there is a real threat of hacking into information systems happening in the next 12 months (compared to a global average of 75%). The Computer Emergency Response Team (CERT NZ) reports that in 2021, incidents rose by 13% for individuals and businesses, with an estimated direct cost of $16.8 million. Looking ahead the DNSLIB expects to see: ● A growth in more complex and frequent cyber crime challenging our collective ability to respond ● More cyber attacks targeting technology critical for businesses, including supply chains. Waikato organisations are not immune with the 2021 DHB cyber attack and, more recently, the Pinnacle Health cyber attack in September 2022. In a world that is increasingly technology focussed and complex, how do you improve your cyber security and data trust? Technology, in itself is not the answer to simplified security. Security needs to be a concern for the entire business. Ask yourself these four questions: 1. How involved/ engaged is your CEO in cyber? 2. How complex are your organisations’ operations? 3. How do you know if you’re securing your organisation against the most important risks to your business? WAIKATO BUSINESS NEWS, NOVEMBER/DECEMBER 2022 25 BUSINESS IN THE WAIKATO BY AARON STEEL Director, Risk Assurance, PwC 4. How well do you know your third-party and supply chain risks? Results of our Digital Trust Insights survey show that those organisations that had the best cybersecurity outcomes are: ● 14x more likely to have CEOs that provide significant and broad support to cybersecurity. ● 5x more likely to have streamlined operations enterprise-wide. ● 18x more likely to say data and threat intelligence are integral to their operating model, especially in relation to cybersecurity and data governance. ● 11x more likely to understand their third-party cyber and privacy risks. (At best only 40% of respondents say they thoroughly understand these risks). Sound cyber practices and strong controls For all organisations, there are some key foundational cybersecurity practices that provide a solid baseline. These are the essential eight recommended by the Australian Government Cyber Security Centre (https://www.cyber. gov.au/acsc/view-all-content/ essential-eight): 1. Application control 2. Patching applications 3. Microsoft Office macro settings 4. User application hardening 5. Restricting administrative privileges 6. Patching operating systems 7. Multi-factor authentication 8. Regular backups. About PwC’s community of solvers works with businesses to understand digital risk within their business context, providing insightful advice and innovative solutions,to build confidence and trust in their technology, data and security. Whatever Happened to the CBD? Guest article by Brian Squair of Chamber member Chow:Hill Architects. The Central Business District, as we have known it, is quite probably a thing of the past. The Covid-19 pandemic has merely accelerated the changing character of downtowns amidst poorly rented lowergrade commercial buildings, infrastructure under-investment, cheaper land elsewhere and remote working practices. Prior to the pandemic we were seeing an increase in work mobility, (planned) residential sprawl to the fringe (requiring services and amenities), but we also experienced the redevelopment of some key buildings in the Central City by a few well-funded developers. I recall the 1980s when we would all “go to town” on a Friday night or Saturday morning and it was an excursion with mum or dad and latterly a hang-out with school mates. Mid-week the CBD was primarily for business, banking, post office and occasional scoping-out for a new piece of furniture that would be purchased on the Saturday morning. Over the last 20 years or so, and through a couple of recessions, we have witnessed the increasing number of poor quality or poorly maintained commercial buildings, the decentralisation of large retail outlets, the rise of online purchasing and the move to remote working. These changes have placed great pressure on sustainable city centres. If we haven’t yet, we need to reconsider the way the Central City works in the light of change. Rather than predict CBD doom, there is, I believe, an incredible opportunity for a reset of the Central City and its relationship to the city at large. It is time to imagine a new model for growth, one that is more inclusive, resilient, sustainable and healthy. The foundations of this reset include the issues of affordability, talent, workplace, public realm, built environment and the economics of real estate. Affordability Prior to the Covid-19 pandemic we had witnessed a number of businesses choosing WHAT’S ON AT THE CHAMBER to relocate out of the Central City to fringe and outer suburbs primarily for cost saving reasons. There is certainly cheaper land elsewhere. Anecdotally, the chickens are coming home to roost in that many decentralised businesses are finding a loss in accessibility and network effects. They no longer experience the efficiencies and productivity gains of the agglomeration resulting from the density and proximity that Central City locations provide. Cheaper rent may, in fact, be a false economy. The answer to the affordability crisis is found in sweating the assets through mixed use developments and repurposing of lower grade buildings. For example, I predict more flexibility – multi-use spaces that are part office, part education, part retail for example – we will see more city-centre residential and on the back of that, an uplift in retail and services to accommodate the needs of city residents. Workplace It would appear that many post-pandemic workers are returning to the office for the sake of in-person connectivity and collaboration with colleagues. At the same time, the benefits of working remotely are clung to, including the flexible elements, the transport saving, the ease of performing concentration activities. The workplace in the city centre needs to embrace a hybrid work model. At Chow:Hill, our research indicates that 30% of our work could comfortably be done remotely. Acknowledging that Chow:Hill staff are engaged in collaborative creative work, then one can assume that staff in a more process-type business could easily perform their roles remotely to a greater proportion. The potential for a distributed workforce to weaken social capital is real, so it is important to leverage the power of good workplace design and amenity to strengthen internal culture. Businesses will need to be intentional about this if they want an environment that attracts staff to the ‘mothership’. Read the full article here: www.waikatochamber. co.nz/opinion-pieces. Written by Brian Squair, Senior Principal, Chow:Hill Architects. EMERGE: With Thomas Nabbs from The Waterboy Monday December 5, 5:00 – 6:30PM at McCaw Lewis Lawyers, Victoria St, Hamilton. BA4: With Torpedo7 Te Rapa Wednesday December 7, 4:00 – 6:00PM. If you are a non member and would like to attend, please email jenny.macgregor@waikatochamber.co.nz. INTERESTED IN BECOMING A CHAMBER MEMBER? Find out more about the benets of a Chamber membership, in addition to the 60+ events we hold each year, at www.waikatochamber.co.nz. TO REGISTER: www.waikatochamber.co.nz/events FOR MORE INFORMATION: info@waikatochamber.co.nz, 07 839 5895 Connect - Grow - Inspire - Represent
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Waikato Business News November/December 2022

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