British Columbia Lottery Corporation’s commitment to fusing its social purpose into its operations is once again on the cards. Recently, the Crown agency announced that it has again collaborated with Deloitte for the compiling of a second social purpose study. The aim of the report is to learn and share more lessons about best practices for companies on a similar track.
In order to compile the paper for the gambling provider in B.C., Deloitte interviewed 12 Canadian and international leaders to understand how their purpose informs the role of risk and internal audit functions in their operations. Also, BCLC Board members helped as advisors and contributors to the paper, offering their insights on the Crown’s social purpose methods.
How Risk and Internal Audit Operate in Social Purpose Companies
The fruit of BCLC and Deloitte’s study, the report How Risk and Internal Audit Operate in Social Purpose Companies, studies how risk and internal audit functions can become embedded to operationalize their company’s social purpose. The paper provides seven key recommendations to the Crown, internal auditors, and risk managers, who wish to improve functions of internal audit and risk.
Organizations focused on a social purpose aim to integrate their mission into every aspect of their operations to provide additional value to their customers. Yet, this can be challenging without proper tools and perspective. While some have successfully integrated purpose into various business functions, others are still figuring out how to approach this, especially in areas like risk management and internal audit
Some of the recommendations from the paper include embedding purpose into decision-making frameworks. There is one recommendation elevating the advisory role of risk and internal audit, with another stating that companies should focus the risk and internal audit teams on stakeholder value creation. The full report can be found on the corporation’s official website.
In its press release, BCLC also informed that on Wednesday, September 13, 2023, it will host a free, one-hour webinar where experts will discuss key topics and recommendations from its social purpose report. The event will take place from 10:30 through 11:30 a.m. PDT, and it will feature panellists from Deloitte and the Social Purpose Institute.
Latest from BCLC
Besides working on its social purpose initiative, BCLC is also constantly expanding its gambling operations. For instance, this month, the Crown corporation agreed to make its intellectual property Ruyi Baccarat™ available to land-based casinos across North America. The game will be supplied by the global gaming leader Light & Wonder, making it accessible to new crowds.
A month before that, BCLC announced a collaboration with Evolution, which is a provider of iGaming titles and a valued partner to the Crown. Via the agreement, the supplier launched two high-limit live casino tables for online players in British Columbia, Manitoba, and Saskatchewan. The two games were VIP Blackjack and VIP Baccarat, which are now available to players in the said regions.
Source: “BCLC Collaborates with Deloitte for Second Social Purpose Study” BCLC, August 2023