an introduction to our risk-based approach
Welcome to our latest blog all about Equilibrium Risk. In our previous blog, we talked about what Equilibrium Risk means. If you missed it, you can read it here. This blog, as I’m sure you’ve guessed from the title, is all about what makes us different. Let’s jump right in, I hope you enjoy it!
It is nothing new that you should want to avoid the consequences of criminal activity or even an “unpleasant event” in your business. In fact, it is often said that risk management is just a new term for what businesses owners have been doing for many years and that it is simply “common sense”. But is that perception, right? Common sense security means trying to anticipate threats and then taking measures to prevent them from happening. But how are you anticipating those threats? How are you preventing them from happening? And more importantly, how are you prioritising those threats?
A common sense approach to security leads to ineffective security. Often, the security expense is seen to come directly off the bottom line with little or no return on investment. When things go wrong, as they often do, it is usually the “security guy” who gets it in the neck- why has this happened? What are we paying for? Subsequently, you spend more money on security to prevent it from happening again or put restrictions in place that hinders your staff doing their jobs efficiently. It’s a downward spiral, with no end in sight.
But your business deserves better! All that work you put into making your business great, it deserves being looked after properly. Imagine releasing marketing material that didn’t properly convey your company branding or employing a sales person that didn’t represent your company in the right way? As with everything in your company, security should add value.
Enter our Risk-Based Approach!
Our approach to security is to use a risk-based approach. This methodology calls for a systematic, documented approach to your decision making rather than just an ‘educated’ guess. It is a proactive approach to security, with risk tolerance in line with your business objectives.
We clearly define and quantify your risks and vulnerabilities meaning your security expense will no longer be seen to be coming directly off your bottom line, but rather it is an investment in your business. Our approach provides a real transparent view of your security risk.
Our risk-based approach is divided into 4 key stages:
Identify and assess the risk
In the first stage, we identify what in your business needs protecting. All those assets, or resources, that have a positive effect on your business operations. We then assess the threats; all those things (actions, people and situations) that have the potential to cause harm to your assets and we then assess the probability of that threat occurring. And lastly, we assess how vulnerable your business assets are to each threat.
Evaluate the risks and decide on control measures
In the next stage of the process, we group your risks into three distinct groups:
- Those risk that you find unacceptable that require reduction measures no matter what the cost.
- Those risk whose benefits of the opportunities they bring are weighed against the cost of reducing them.
- Those risks that are negligible, or so small that no reduction measures are needed.
Working with you, we decide on control measures that fit in with your business culture, performance, and budgetary constraints, and create an action plan of implementation.
Manage the risks through your control measures
During the management stage, we utilise our threat intelligence tools to monitor all the latest threats and trends to ensure your security measures are as up to date as they need to be. We report regularly on the effectiveness of your control measures to ensure that they are still effective, providing real peace of mind that allows you get on with building your business.
Review your assessment and update as and when necessary
And lastly, we reassess your business risks on a regular basis. We recommend that you assess your security risks on at least an annual basis or if your business changes. Any changes or updates to your security risk is updated and your security measures amended accordingly.
You should never underestimate the importance of good security. Used effectively, security will add value to your business. Do you really have money to waste on ineffective security?
If you would like to know how Equilibrium Risk can bring value to security in your business, then please get in touch.