McGrathNicol becomes Founding Partner in Australian Insider Risk Centre

The Australian Insider Risk Centre of Excellence (AIR CoE) has announced the inclusion of McGrathNicol, a top advisory and restructuring firm, as a new Founding Partner. As a part of the Australian Cyber Collaboration Centre (Aus3C), the AIR CoE aims to enhance nationwide resilience by nurturing insider risk management. McGrathNicol joins existing partners DTEX Systems and The MITRE Corporation, further strengthening the community of practice the AIR CoE has developed.

Matt Fehon AM, Partner at McGrathNicol Advisory, praised the initiative for acknowledging insider risk as not just a cyber issue but one that also includes fraud, corruption and cyber attacks perpetrated by those inside institutions. "For many years, our team has investigated insiders who have caused significant damage. The actions of trusted employees are often overlooked, and issues are only discovered when it is too late," said Fehon.

He also expressed approval of Aus3C and AIR CoE's efforts to support Australian executives and appreciated the shared goal of strengthening organisations' risk management programs. "We applaud Aus3C and AIR CoE in their dynamic approach to supporting Australian executives. Working together, we will provide dedicated tools and information to help strengthen organisations' risk management programs," said Fehon. 

McGrathNicol's partnership with AIR CoE is set to be influential in charting the initiative's course. McGrathNicol's contribution will include the provision of expert support in designing educational programmes and persistently adapting insider risk norms.

Matt Salier, CEO of Aus3C, highlighted the vital role AIR CoE can play in supporting the execution of Australia's recent National Cyber Security Strategy. He stated, "Aus3C is in a unique position as an independent body to leverage our members, our position in the cyber security ecosystem, and our existing service offerings to establish and support the AIR CoE."

"This is particularly important given the recent release of Australia's National Cyber Security Strategy. We believe AIR CoE can play a vital role in supporting the delivery of many elements of this strategy."

Research and development projects will also benefit from the alliance with McGrathNicol, enhancing innovation and worldwide best practices in insider risk management. The partnership also aims to inspire an exchange of knowledge among governmental bodies, industry leaders, and scholarly experts, laying the groundwork for a globally connected sovereign capability.

Salier revealed the aspiration of the community to extend its impact beyond Australia, saying, "Our thriving Community of Practice has already seen hundreds join, share information and build networks to raise the level of insider risk practice, not only here in Australia, but around the world."

Salier also expressed excitement about the planned initiatives, including thought leadership, education and events in 2024, which are aimed at fortifying insider risk measures. McGrathNicol, with its experience in dealing with insider risk, appears well-suited to further the objectives of the AIR CoE and the larger Australian Cyber Collaboration Centre.