As the world undergoes significant change, security managers are faced with the challenge of adapting their risk assessment procedures to keep up with the rapidly evolving risk environment. With the proliferation of data, increased focus on corporate responsibility, social unrest, and globalisation of local events, it is more important than ever for security managers to be able to quickly and accurately assess and respond to risks. To do this effectively, they must be agile in their decision making, possess timely and relevant knowledge, and have the tools and resources necessary to proactively identify and address risks.
One key aspect of risk assessment is the process of cataloguing risks. This involves identifying the risks that have the potential to impact the organisation, evaluating their likelihood and potential impact, and deciding which risks to prioritise and mitigate. To ensure that this process is comprehensive and unbiased, it is important to involve a diverse group of stakeholders, including representatives from corporate security, information security, customer service, human resources, and business operations from various regions. By considering the perspectives of different stakeholders, security managers can better understand how risk tolerance may vary and be prepared to adapt their approach accordingly.
For example, in the technology sector, access control is a common concern. While security managers may traditionally advocate for the use of access cards as a best practice, in a fast-paced modern tech institution, this requirement may be viewed as stifling the collaborative and trust-building culture that is central to the organisation’s success. Similarly, a CEO who is particularly concerned about privacy may opt to forego protection services in favour of a digital journey management program, despite what security teams may consider the more intuitive option. These examples illustrate the importance of being flexible and creative in addressing risks, as different stakeholders may have different risk tolerances.
Once risks have been identified and recorded, it is important to establish clear definitions and signals for each risk. This includes an understanding of the nature of the risk, indicators that the risk has changed in terms of severity or likelihood, recommended risk controls, and triggers for action and escalation. Ongoing communication with stakeholders is essential to ensure that the risk register, indicators, and escalation triggers remain relevant. In today’s rapidly changing environments, risks can evolve quickly and it is important for security managers to stay up to date and prepared to respond accordingly.
Proactive teams, data, and technology also play a vital role in agile risk assessment. By establishing teams specifically focused on risk management, organisations can proactively identify and address potential risks before they occur. Leveraging data and technology can also help security managers stay informed and make informed decisions. This might include using data analytics to identify patterns and trends, or utilizing technology such as artificial intelligence and machine learning to automate risk assessments and alert systems.
In conclusion, the rapidly changing risk environment requires security managers to be agile in their decision making and proactive in their approach to risk assessment. This involves cataloguing risks with the input of a diverse group of stakeholders, establishing clear definitions and signals for each risk, and leveraging data, technology, and proactive teams to stay informed and prepared to respond to evolving risks. By taking these steps, security managers can ensure that they are equipped to make well-informed decisions and protect their organisations in an increasingly complex and dynamic world.
