Security risk management

What is Security Risk Management?

For many, security risk management is a new and unfamiliar term. While risk management is often associated with finance and minimizing risks in that field, security risk management takes a modern, analytical, and methodical approach to addressing security concerns.

Traditionally, security has been seen as the domain of law enforcement and military personnel. However, in today’s increasingly uncertain world, this field has evolved into a professional discipline backed by specialized education and training. Security risk management is no longer limited to reactive measures; it now incorporates proactive strategies to mitigate risks effectively.

The modern approach to security risk management

A modern approach to security involves analysing risks and selecting the most effective mitigation strategies. Decision-makers typically have five options:

  1. Avoidance: Eliminating the risk altogether.
  2. Reduction: Minimising the risk through proactive measures.
  3. Spreading: Distributing the risk across multiple areas to lessen its impact.
  4. Transfer: Shifting the risk to a third party, such as through insurance or outsourcing.
  5. Acceptance: Acknowledging the risk and deciding it is tolerable.

For most security programs, the primary focus is on risk reduction, achieved through three key strategies:

  • Detecting and (if possible) reducing threats: Understanding, eliminating or intercepting adversaries before they act.
  • Reducing vulnerabilities: Enhancing security measures to prevent potential attacks and incidents.
  • Reducing consequences: Minimising the impact of incidents if they occur.

The most effective mitigation strategies combine all three approaches, ensuring comprehensive protection.

Building a effective mitigation strategy

Illustrate the workflow of security risk management.

A well-rounded mitigation strategy connects assets, threats, and vulnerabilities to identify risks. Once risks are identified, solutions can be implemented to strengthen three critical areas:

  1. Policies, Procedures, and Training: Establishing clear guidelines and equipping personnel with the knowledge to respond effectively.
  2. Physical and Electronic Security Systems: Utilizing technology and infrastructure to bolster defenses.
  3. Security Personnel: Employing skilled professionals to oversee and enforce security measures.

The most effective strategy maximises existing security resources through optimisation, prioritising policies first, systems second, and personnel third to ensure a balanced and efficient approach.

Threat assessments

A threat assessment is a structured and logical process used to evaluate the likelihood of adverse events impacting your assets and to validate existing security measures.

Using a wide range of data sources, we analyse real, perceived, and conceptual threats to provide a comprehensive understanding of potential risks. This enables organisations to make informed decisions and proactively address vulnerabilities, ensuring assets remain protected.

Vulnerability assessments

A vulnerability assessment, also known as a security vulnerability assessment, focuses on identifying weaknesses and potential points of exploitation by adversaries. This process relies on conducting a security survey, a systematic method for gathering detailed information about a facility’s security posture.

The primary objective of a vulnerability assessment is to pinpoint and eliminate opportunities for attacks on assets. By addressing these vulnerabilities effectively, organisations can mitigate potential threats and significantly reduce overall risk.

Tailored Solutions with Stema

At Stema, we understand that not every organisation or facility requires a comprehensive security risk assessment. Some may simply want a threat assessment to better understand the risk landscape, while others may seek a vulnerability assessment to ensure their exciting security aligns with policies and organisational strategy.

Stema delivers tailored solutions that fit your specific needs and budget. Whether it’s understanding threats, addressing vulnerabilities, or building a robust security framework, we’re here to help.

Get in touch with us today to explore how we can support your security needs.

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