There are several key steps to implementing a risk-based approach, explains ICARAS Security Consultants, that ensures security strategy is tailored to an asset’s specific risks and vulnerabilities.
When it comes to protective security, there are many different strategies that organisations can use to protect their assets – property, information and people. One of the most effective is taking a “risk-based” approach.
At its core, a risk-based approach to protective security involves determining the potential sources of threat to an asset and assessing the risks those threats pose. By identifying the asset’s vulnerabilities, security measures can be implemented that effectively mitigate or manage those risks.
This approach is considered more effective than a one-size-fits-all approach because it is tailored to the specific risks and vulnerabilities of the asset in question.
So, how does a risk-based approach work in practice?
There are several key steps that organisations can take to implement a risk-based approach to protective security:
1. Identify the assets that need protection:
This may include property, personal information, staff and customers. It’s important to understand what needs to be protected in order to determine the appropriate level of security.
2. Determine the potential threats to those assets:
This step involves looking at the different types of threats that could potentially impact the assets and the likelihood of that threat manifesting. For example, this may include things like theft, vandalism, violence towards staff, or even espionage.
3. Assess the security risks faced by the assets:
Risks consider both the likelihood of the threat occurring along with the impact it would have. Assessing and evaluating risks provides a clear understanding of the actual harm that may result to enable effective risk prioritisation.
4. Evaluate the vulnerabilities of the assets against those risks:
Once security risks have been identified, organisations need to consider how vulnerable their assets may be to those risks eventuating. This step involves looking at factors such as the location of the assets, their accessibility, and the protective security measures and controls currently in place.
5. Implement security measures:
Based on the vulnerability assessment, security measures are implemented to mitigate risks to an acceptable level, by reducing the likelihood of an incident occurring, or reducing the impact of an incident should it occur.
6. Continual reassessment:
The threat environment is constantly changing, resulting in an ever-evolving set of security risks. To ensure risks remain effectively mitigated, regular reassessment is required.
Security Risk Management (SRM), as the name suggests, is the active management of an organisation’s security risk environment through the process described above.
By taking a risk-based SRM approach to protective security, organisations can ensure that their assets are protected in the most effective way possible by identifying and prioritising the risks that may result in the most harm, and putting in place the necessary security measures to mitigate those risks.
