Trends For 2025
Ian Leverington, Executive Officer, Anglican Community Fund
Over the Christmas and New Year period, I took some time to reflect on the business developments of 2024 and consider what might be important in 2025.
Each year, I attend professional events covering the Economic Outlook, Cybersecurity, Artificial Intelligence (AI), Property Outlook, and Governance. These events are led by experienced experts but are often tailored for a corporate audience. My challenge is to discern what is relevant and applicable to our unique organisation, which operates similarly to a bank but exists for the benefit of the Anglican Community of Western Australia. Our mission of giving back to the Anglican Community and helping Anglicans become financially stronger is not a typical bank mission statement.
I want to highlight three trends for 2025 that are on my mind and encourage you to consider how they may relate to you.
Governance
Governance is a broad and important topic. As it was last year, I expect it will continue to be a priority for many organisations. I recommend an approach that involves being informed about all aspects of governance, identifying which are most important to your situation, and managing those effectively.
The Australian Institute of Company Directors offers free resources for Not-for-Profit organisations, including a published set of governance principles. For me, the primary principle is to follow your Purpose, Vision, and Strategy. If an activity does not contribute to this, should it be pursued? Are there new initiatives you should consider? These are good questions for the New Year!
Good governance is essential for the Anglican Community Fund (ACF), to ensure our customers have confidence that their funds are secure. Consequently, a key focus area for the ACF is risk management which is itself is a broad subset of governance.
Cybersecurity
Unfortunately, cybersecurity continued to be a significant risk issue in 2024, and there are no signs of it slowing down. The Annual Cyber Threat Report 2023-24 issued by the Australian Cyber Security Centre confirms this, citing:
- Over 36,700 calls to the Australian Cyber Security Hotline, a 12% increase from the previous financial year.
- More than 1,100 cybersecurity incidents were reported, consistent with the last financial year.
The ACF engages expert cybersecurity services from our information technology provider to ensure our security measures are on par with major financial institutions. This partnership involves regular updates and discussions aimed at strengthening our defence’s. While we have robust systems in place, the human element remains an area of focus for ongoing discussions about cybersecurity and fraud prevention.
To mitigate these continuing threats, I recommend the following:
- Review your cybersecurity protections and discuss them with your IT provider. If you are a very small organization or an individual and don’t have an IT provider, use antivirus software as a minimum.
- Identify areas for improvement, such as implementing stronger passwords, changing them frequently, and using multifactor authentication wherever possible.
- Stay updated on trends and emerging threats by reviewing resources from the Australian Cyber Security Centre and Scamwatch websites, and sign up for email alerts they issue.
- Discuss with individuals in your organisation, parishes, families, and friends ways to enhance cybersecurity and prevent fraud and scams.
Being informed and vigilant is the best way to avoid the risks of cyber threats and fraud.
Artificial Intelligence
The potential benefits and risks of AI have been prominent topics in 2024. As with any new technology, we need to understand AI, ensure it is fit for purpose, and consider any unforeseen consequences.
The Australian Institute of Company Directors provides excellent resources on AI, including a Guide to AI Governance.
While the ACF does not have plans to adopt AI technology (indeed, I wrote this article without any AI assistance), it is important to stay informed about new technologies, as customers, suppliers, and partners may be using them.
It is always crucial to evaluate whether the technology you are using aligns with your organisation’s needs, purpose, mission, and values. A key item on my agenda for this year is to broaden my exploration and understanding of technology to identify opportunities for improvement that will benefit us in the long term.
The three trends I’ve briefly discussed are relevant and worthy of your consideration for potential changes and action. As Kurt Lewin stated, ‘If you want truly to understand something, try to change it.’