Over the past decades we have witnessed natural disasters and more recently the global pandemic which impeded or reduced the ability to operate businesses for significant periods of time. However, other risks could occur, such as a fire that may affect employees, offices and equipment, or a cyber security data breach, which could have a serious affect on a company’s finances and reputation.
The WLA Lottery Risk Register
Risk management strategies enable businesses to identify potential risks and establish an action plan to prevent such occurrences. As part of its services in 2021, the WLA Security and Risk Management Committee created the Lottery Risk Register – a living document that offers risk-related information specific to the lottery and gaming sector. By gathering feedback from the WLA community, it aims to provide a comprehensive documentation for establishing, implementing, or monitoring risk management processes, that is collated in one document and updated annually.
“It’s very important that all our members take advantage of our Risk Register to share their experiences and learn from others so that they can minimize or avoid risks to their business operations”, said Luca Esposito, WLA, Executive Director.
Four key areas have been identified where risk can occur in business operations, including: financial, legal and compliance, operations and strategic. The Register drills down to six types of operational risks in the lottery and gaming sector. These cover business disruption and system failure; clients, products and business practices; damage to physical assets; execution, delivery and process management; external and internal fraud.
More than 50 risks have been identified and described. The Register also includes the risk event or specific action determining a potential risk for a company, such as failure of physical draw equipment or a fraudulent claim of undue winnings.
WLA members can download the most recent Lottery Risk Register by logging in to the WLA website. The file contains the Lottery Risk Universe map and the excel table of risks.
The Lottery Risk Register accepts updates every March. If you wish to contribute, you can log in to the WLA Wiki and leave your comments.