RISK MANAGEMENT

Risk management is a central concept in the fields of security, asset protection, and crime/loss prevention that helps to conserve the limited resources, apply the right solutions in the right places, and keep up with the changes in the operational environment.

This Skillset has the basis for all protection functions, key elements of security risk management, risk management cycle/process, tools to apply security risk management strategies to assess a situation and recommend a realistic solution to meet the defined asset protection objectives.

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KEY ELEMENTS

Assessment of assets and mitigation strategy are the two key elements for specific protection applications. The risk management process consists of five components: identification and valuation of assets; assessment of threats–intentional, natural, or inadvertent; vulnerability, which is security weakness or problem; risk analysis that involves information on assets, threats, and vulnerabilities together; consider the potential impact or consequences of a loss event; and risk mitigation strategy.

THE THREE FOUNDATIONAL CONCEPTS

A risk mitigation strategy considers three foundational concepts:

Five Avenues to address risk, Four D's, and Layered Security.

The concept of Five Avenues to address risk involves Risk avoidance, Risk spreading, Risk transfer, Risk reduction, and Risk acceptance.

The Four D's are: Deter, Deny, Detect, and Delay is a classic principle in the crime prevention community and applies equally well to almost any aspect of asset protection or security risk management.

Layered security recognizes that a single protection measure is not adequate and that a series of well-planned and complementary levels of security measures comprise an effective asset protection scheme.

Every protection professional at Vanguard Executive Security has become intimately familiar with the concepts of security risk management and incorporates them into their mindset and business practices at all levels every day.