RISK MANAGEMENT: A process of evolution
Defining your Risk Management process, the “what works for you”, is a challenge that many family offices, corporations and governments struggle with on a regular basis. External or self-imposed vulnerabilities can expose you to a variety of threats, to include global pandemics like COVID-19. Security and intelligence professionals understand the current threat landscape surrounding everyday operations and quality of life, and work around the clock to keep their clients safe and informed.
Do you have a plan to mitigate risk in your family or organization?
Creating a risk management plan is a complex undertaking that involves intelligence collection, security management, and solution based resources. A security professional’s risk assessment process is based on years of experience typically stemming from one of three areas; law enforcement, military, or intelligence.
To gain an understanding of a risk or “threat matrix” to a person’s lifestyle, supply chain, or business ecosystem, one must first learn what threats are present. These are the proverbial, “known, likely and or suspected threats”. A sound professional then utilizes intelligence tools, security best practices, and global threat monitoring resources to gain a thorough understanding of potential threats.
Threats come in many forms, some are self-induced while others are external man-made looking to steal information or sabotage operations. Natural risks such as storms, earthquakes and global pandemics are unpredictable and contant. Determining a threat matrix is found in the DNA of each client, meaning lifestyle, travel, exposer, activities, current political beliefs, religion, disinformation, cybersecurity, or business practices. Once a risk management team has determined a clients perceived threat matrix, the risk management process progresses to an assessment of vulnerabilities.
Determining a client’s vulnerability is an involved process. It begins with asking the right questions, while performing closely sourced intelligence collection analysis after vulnerabilities have been identified. A well-informed security professional looks to understand what countermeasures are in place, meaning what procedures, policies, and tactics are being used to mitigate the current perceived threats and present vulnerabilities.
Following evaluation, a well trained professional will be able to determine client risk, which is to measure the impact, also known as impact analysis. This is where potential loss, exposure, lasting and short-term effects, and viability of all factors (threats, vulnerabilities, and countermeasures) are discovered. Impact analysis will significantly reduce monetary risk by exposing financial vulnerabilities, thwart business and supply chain interruptions, prevent litigation, and in extreme cases protect from potential bodily harm or loss of life.
How confident are you that you risk management plan will measure up during a crisis?
Creating a plan is only part of the solution: People and organizations tend to stop after an assessment is performed and a plan created. This approach may work in some cases, but you could be unintentionally leaving yourself open. Tabletop exercises (TTX) are key to the success of your risk management program. They are designed to evaluate the strength and viability of your plan and plug any remaining gaps.
Don’t go it alone, security experts bring years of experience and industry best practices to fortify your Risk Management Program. The North Group has worked with families and businesses of all sizes to conduct risk assessments and implement the appropriate preventive measures. To find out how we can help, contact us today!