1.

A useful tool for comprehending, evaluating, and ranking risks according to the
seriousness of their consequences and the probability that they will materialize is the
risk matrix model. This could fall under the Major, Catastrophic, Moderate, or
Insignificant categories. Here are a few of the dangers that Futuristic Tech Solutions Pty
Ltd (FTS) is experiencing, ranked from most to least important. The most concerning
issue, in my opinion, is the outsourcing of client data. There are many hazards involved
in processing and storing customer data offshore, particularly in foreign countries. Even
though it can have advantages like cost savings and 24/7 operations, it's crucial to be
aware of any possible problems. One of its risks is privacy and data security. Regarding
data privacy and protection, different nations have distinct laws and regulations. Client
data may be more vulnerable to theft, illegal use, and access if it is kept in a nation with
weak data protection regulations. Operational risks are another. Offshoring can result in
operational risks like data loss, disruptions to services, or system outages, particularly if
the offshore location is vulnerable to natural disasters or has a strong infrastructure.
There is also the reputational risk, which could damage the company's reputation with
clients in the case of a data breach or if customers are concerned about their data being
stored overseas. Before outsourcing customer data, the business might take
precautions to lessen the possibility that a risk would materialize by carefully doing
thorough due diligence to manage these risks. This means assessing the data security
measures in place, developing a strong data management and recovery plan, and being
informed of the offshore location's data protection laws and regulations. Regular audits
and reviews can also help maintain security and compliance. Secondly the FTS major
risk is the current board composition. The composition of a company's board can
present several risks if not properly managed. Conflicts of interest among board
members can lead to a host of issues. A few of these include making poor decisions.
Board members may make decisions that are not in the best interests of the firm when
their personal or professional interests collide with the company's goals. This could
result in missed opportunities, financial losses, or strategic errors. Additionally, it can
harm a company's brand if conflicts of interest are seen as immoral or cause
controversy among the general public. As a result, the company's relationships with its
stakeholders—including its workers, investors, and customers—might deteriorate.
Conflicts of interest have the ability to undermine trust amongst board members and
between the board and management. A dysfunctional board and poor governance could
arise from this. It should take action to lessen the possibility of a risk materializing by
putting in place clear and unambiguous conflict of interest policies. Board members
should disclose any potential conflicts of interest, and procedures for resolving them
should be set in case they arise. You can ensure that the board acts in the best interests
of the company and its stakeholders by doing this. Thirdly, is the moderate risk that the
company is facing was the approach to sustainability. It can, in fact, have a big impact
and provide a number of concerns if not handled carefully. These days, a lot of
customers choose to support businesses that practice social responsibility and
environmental responsibility. Operational risks may arise from some unsustainable
methods. Sustainability is becoming a more important factor for investors to consider
when making decisions. A company's ability to raise capital may be impacted if it is
thought to be unsustainable, which could have an effect on its financial stability.
To address these risks, businesses need to avoid and implement a solid sustainability
plan in order. This can entail lessening the impact on the environment, making
investments in renewable energy, encouraging ethical hiring practices, and giving back
to the community. Another moderate risk is the culture and aspiration for the future.
Aspirational and cultural dangers are important factors to take into account as well.
These are dangers associated with a company's internal culture, as described in
Cultural risk. A company can advance with a healthy, positive culture, but a poisonous
or negative culture can result in a number of problems. FTS company was challenge
also by Technological and Strategic risks where there are data breaches that may
impact negative publicity.
 2.
For any business to run successfully, board relationships and governance is essential.
Board connections and governance relate to the structure that governs how
corporations are run. It encompasses a group of connections linking the executive team,
shareholders, upper management, and other stakeholders of a business. Generally, a
company is governed by the board of directors. They establish the business's long-
range objectives, give the managerial authority essential to successfully carry them out,
oversee business management, and provide a stewardship report to the shareholders.
These entities' relationships ought to be clear and harmonious. It is important to have a
governance framework that guarantees transparency, equity, and accountability. The
chief executive officers and other senior management's relationships with the board are
vital. The board and management should have a good working relationship—not too
intimate as to jeopardize independence, nor too remote as to hinder efficient oversight.
The interaction between the board and its shareholders is another aspect of good
governance. In order to operate in the best interests of the business and its
shareholders, the board has a fiduciary duty. Conversely, shareholders are entitled to
information and the ability to vote with their votes to affect the corporation. The
management team maintains ties with many stakeholders, including the local
population, manufacturers, staff members, and consumers. When deciding on matters,
the board ought to take these stakeholder demands into account. Basically, the goal of
board relationships and governance is to make sure that businesses are managed in a
way that is moral, just, open, and responsible. This benefits the community at large in
addition to the business and its investors. From the two meetings were held, the
founding directors and one with the recently joined board members portray adherence
to pertinent ASX corporate governance guidelines. They have a strong and Positive
board relationships as they discussed their issues right directly to their respective
meetings to resolve it quickly. This relationship can be fostered by strong governance
processes. A board that communicates well, for example, will be more capable of
putting good governance principles into effect. In a similar vein, a corporation with well-
established governance mechanisms is probably going to have a more productive board
of directors. Encouraging mutual respect and open communication among board
members is essential to the board's efficient operation. Every board member is fully
aware of their duties and obligations. This entails knowing the board's overarching goal,
the particular duties assigned to them, and how their position fits into the bigger scheme
of things. All board members are encouraged to share their thoughts and opinions.
Establish a polite, safe space where everyone is at ease speaking up. They hold
frequent meetings, which are necessary to keep the lines of communication open. Give
board members the chance to advance their knowledge and abilities and they create
precise dispute resolution processes. They also push board members to socialize
outside of the boardroom. Stronger board ties are a major factor in improved
governance in a number of ways. As an example, Enhanced Decision-Making is
possible. Board members are more inclined to participate in candid, open dialogue and
debate when they get along well with one another. Decision-making can become more
robust as a result of taking into account various viewpoints and views. A cohesive board
is better equipped to manage the organization's operations. They can make sure the
company is running in accordance with its mission and goals and hold management
responsible. They are more likely to agree on a distinct, strategic direction for the
company if they can communicate well and appreciate one another's opinions. Better
long-term planning and more efficient governance may result from this. A board's ability
to work well together can improve risk management. Respected and trustworthy board
members are more likely to communicate honestly, which can aid in spotting and
mitigating such hazards. Strong board ties can also boost confidence and trust among
stakeholders, including as consumers, employees, and shareholders. This could
improve the company's standing and support its long-term viability. Additionally, it
aspires to a wide variety of viewpoints, backgrounds, and skill levels. This could lead to
better choices and more in-depth discussions. Ensure that every board member
experiences both inclusion and appreciation. Therefore, establishing a positive board
culture that values open communication, respect, and trust can be crucial to enhancing
governance and, eventually, the organization's success.
3.

Opportunities and complications related to sustainability can be quite erratic,

unpredictable, concentrating on the future, and on the verge of a community revolution
that goes beyond the entity’s control. Board members must interact with important
stakeholders to make sure they are doing all necessary in the boardroom so the
company can accurately identify and manage sustainability risks. Moreover, it
recognizes the opportunity that sustainability factors to integrate the trends, risks, and
expectations of the stakeholders into the corporate context, list important sustainability
issues, and provide guidelines for reporting and measuring procedures to support
disclosure and business decisions in order to ensure sustainability in the future
projections. Many organizations have hitherto thought of sustainability challenges as
being outside of their purview. However, there is a strong business argument for
sustainability. An increasing number of businesses are understanding that they may
achieve financial success along with positive social and environmental benefits, and
that sometimes these efforts can lead to unexpected commercial gains. The ultimate
goal is to combine environmental conservation, economic prosperity, and social
advancement. A company's corporate social responsibility (CSR) ensures that, while
limiting its impact on the environment, its economic growth benefits all of its
stakeholders, including its suppliers, employees, consumers, and the local people.
Corporate Social Responsibility (CSR) is the part of a corporation where they take
actions that benefit the firm, society, and especially the environment. It is not only about
what they do as a company. It's a tactic or process that groups, the government, and
concerned citizens use to work together to fulfill each other's responsibilities for the
economy, social justice, and the environment. Since all living things are damaged, not
just humans, everyone must be aware of what needs to be done. This is what it means
to be responsible. It is imperative that we take responsibility for our actions and remain
conscious of our behavior, as even seemingly insignificant actions can have negative
consequences. And for all companies, being responsible also entails addressing
stakeholder engagement for all businesses. Start by keeping lines of communication
open and frequent with all parties involved in the process. Social media posts,
newsletters, and meetings can all be used to do this. Transparency creates a sense of
involvement and generates trust. Second, comprehensive decision-making, whenever
feasible, a business should include stakeholders in decision-making procedures. This
may lead to greater buy-in and a diversity of viewpoints. Third, feedback systems
should be set up so that interested parties can express their concerns and offer
comments. Open forums, suggestion boxes, and surveys can all be examples of this.
The ethical supply chains are another issue that needs to be taken into account. To
achieve this, first make sure vendors follow ethical standards by conducting routine
audits of them. This covers source of materials, labor practices, and environmental
impact. Secondly, disclose the manufacturing location and process of your products.
This can boost consumer confidence in your brand and assist them in making well-
informed selections. Thirdly, encourage fair trade, which guarantees that the prices at
which producers in poor nations are compensated for their goods. One way to
accomplish this is by procuring from approved fair-trade vendors. Last but not least,
including social responsibility and community involvement into organizational objectives
is crucial. It ought to participate in charitable work and neighborhood projects. This can
involve anything from establishing your own social outreach initiatives to supporting
regional events. It should also incorporate sustainable techniques into your business
operations. This can involve employing renewable energy sources, recycling, and waste
reduction. And most importantly, give your employees' well-being first priority. This can
involve paying fairly, encouraging work-life balance, and maintaining a safe and healthy
workplace. Recall that these are ongoing commitments rather than one-time acts.
Successful adoption requires integrating these principles into the culture of your
company. This calls for guidance, instruction, and frequent practice evaluation.