Security Risk Management – Protection of Physical and Human Assets

Security risk management is the process of identifying an organization’s assets (physical and non-physical) and developing policies and procedures in order to protect those assets. Certain policies and procedures are implemented so as to safeguard assets and prevent loss. Soliciting the help of a private security agency in the Philippines will ensure proper risk assessment and analysis, information classification, threat identification, asset categorization, and system vulnerability rating, so you can implement processes that protect your company’s best interests.

One of the main features of security risk management is loss prevention. Having a risk management system in place can help ensure that all your critical assets are protected against losses. Loss prevention requires proper and thorough assessment of potential threats, which, in addition to potentially causing damage or loss, may also impede the achievement of an organization’s goals. Prevention of loss must include opportunities to further an object (never taking risks unless there is a clear upside), balancing probability and impact, and determining/implementing measures in order to minimize threats or eliminate them altogether.

An effective security risk management system should protect against external and internal threats. Some of the most common forms of external security threats include strategic threats like the following:

• customer demand and competition
• operational threats like supplier issue and contract issues and regulation
• financial threats such credit and FX
• external hazards like natural disasters
• criminal acts
• cyber threats
• compliance threats that may involve new legal or regulatory requirements

Internal threats, on the other hand, may also be strategic, operational, financial, and hazard and compliance-related in nature. Some common internal threats include:

• R&D
• operational systems and processes
• liquidity and cash flow
• employee and equipment safety
• legal/regulatory compliance

Hiring a private security agency Philippines will help you make sure that all these threats are weighed in as you design and implement a security risk management system that is tailored to your organization’s needs.

Ensuring the protection of your physical and human assets forms a huge part of security risk management. An effective system requires the proper integration of physical, personnel, and cyber security procedures and measures. The human element is almost inevitable, however, directly or indirectly at a point of a particular security failure. Personnel or people security is a well thought out system of procedures and policies that seek to mitigate risks such as workers or insiders exploiting their privileged and legitimate access to the assets of the organization for any and all unauthorized purposes.