At SiGMA Europe 2024, Olegs Cernisevs, Doctor of Science and CTO at Blackcatcard, delivered an impactful keynote, unveiling a transformative approach to corporate governance in the gambling industry. His presentation underscored the critical importance of aligning governance frameworks with industry-specific challenges while leveraging universal principles like accountability, transparency, and risk management.

Cernisevs began by addressing the foundational question: why does governance matter in gambling? He highlighted the sector's primary objectives, including ensuring fair play, safeguarding customers, and adhering to stringent regulatory standards. “Corporate governance is not just about meeting rules—it’s a system that ensures companies meet expectations, protect their licenses, and sustain their reputations,” he explained.

Cernisevs emphasized that compliance failures often lead to severe consequences, including license revocations. Drawing from the Malta Financial Services Authority’s (MFSA) Code of Business Conduct, he outlined how gambling companies can adopt robust governance practices rooted in risk management.

“Good governance isn’t a checkbox,” Cernisevs remarked. “It’s essential for building trust with consumers and fostering long-term resilience. A risk-based approach allows companies to identify and mitigate financial, operational, and reputational risks effectively.”

“A proactive stance toward governance enables companies to anticipate risks before they escalate,” Cernisevs emphasized, recommending a culture of transparency and routine internal reviews.

Cernisevs also called for refining organizational roles, including Compliance Officers, Internal Auditors, and Money Laundering Reporting Officers (MLROs), to address the industry’s evolving demands. Developing business continuity plans, he noted, ensures companies can respond swiftly to unexpected disruptions.

“Governance must be dynamic, continuously evolving to meet new risks and regulatory changes,” Cernisevs stated. By incorporating risk-based decision-making into everyday operations, companies can safeguard their long-term success.

Cernisevs provided practical recommendations for enhancing governance frameworks:

• Conduct Regular Risk Assessments: Identify threats such as cybersecurity vulnerabilities, operational inefficiencies, and compliance gaps.
• Enhance Internal Controls: Update policies and procedures to align with evolving regulatory requirements, including Anti-Money Laundering (AML) protocols.
• Invest in Staff Training: Equip employees with the knowledge to manage and mitigate risks effectively.
• Strengthen Internal Audits: Regularly review governance structures to ensure compliance and operational efficiency.

Cernisevs concluded his keynote with a clear message: corporate governance is a strategic tool for resilience and growth. He urged companies to prioritize governance reviews and adapt to emerging challenges.

Blackcatcard’s CTO has set a high standard for governance in the gambling industry, offering a blueprint that blends innovation, compliance, and sustainability—a message that resonates across industries striving for excellence in corporate oversight.

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