Steps of a Successful Risk Assessment

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Security threats continually evolve, and defences against them must evolve as well. A flexible response based on regular risk assessments is required by many best-practice frameworks, regulations, and laws. A risk assessment is essential for ensuring that a company is prepared and secure.

A security risk assessment will provide you with an accurate picture of the security threats that could jeopardise the safety of your staff and assets. It can be used to assist a company in determining the best security controls based on business needs and a cost-benefit analysis.

What is a security risk assessment?

A security risk assessment finds, evaluates, and applies important application security controls. It also focuses on preventing security flaws and vulnerabilities in applications.

An enterprise can see its application portfolio holistically from the standpoint of an attacker by conducting a risk assessment. It helps managers in making well-informed decisions about resource allocation, tools, and security control implementation. As a result, conducting an evaluation is an important aspect of a company’s risk management strategy.

How does a security risk assessment work?

The depth of risk assessment models is affected by factors like size, growth rate, resources, and asset portfolio. When faced with money or time constraints, organisations can conduct generic assessments. Generalized evaluations, on the other hand, may not always include precise mappings of assets, associated threats, recognised risks, effects, and mitigation mechanisms. A more in-depth assessment is required if the results of the generalised assessment do not offer enough of a correlation between these areas.

Types of Assets | Assets are broken down into two types:

People assets
Property assets

People Assets Risk Assessment |

People assets are not limited to your employees. Anybody who enters your premises is considered a people asset. Visitors, contractors, members of the local community, and anybody else who comes into contact with or is touched by your firm are all considered people assets.

You are responsible for safeguarding the security and safety of your people assets as an organisation. To do so effectively, you must first understand the dangers that your people assets face. This is when your risk analysis comes into play.

In terms of your people assets, your risk assessment should ask things such as:

Are entrances and exits secure?
Are your staff and visitors monitored by CCTV and are there any blind spots?
Are policies in place that set out what employees should do if they are confronted by an aggressive customer/colleague?
Are effective emergency evacuation plans in place and are these effectively communicated to your people assets?
Are visitors required to sign into a logbook?
Are there an appropriate number of fires, first aid and health and safety trained staff on-site?
Are all employees made to take basic fire, first aid and health and safety training?
Have you updated security policies in line with recent all business changes (such as hiring new employees, expansion, relocation, and so on)?
Have the staff been trained in how to securely lock your premises at the end of the day, and do you make sure that this process is always undertaken by more than one person?
What is the average emergency response time in your area?
Are security alarms, fire alarms and CCTV systems regularly serviced and tested?
How many people have access to your building, how many people regularly work late, and do you share your premises with another organisation whose own people assets may not have been properly trained in security and safety?
Do you review your people asset security policies at least once a year?

These questions can help you figure out what kinds of problems you should be looking into. The most important thing is to take your time while assessing the risk of your people’s assets. This includes analysing every part of your organisation in terms of the possible hazards it poses to your human resources.

Property Assets Risk Assessment |

Buildings, machinery, utilities, vehicles, stock, equipment, systems, and any other physical entities owned by your company are all considered property assets. The value of your real estate assets can be enormous. Burglars and criminals are more likely to target your property assets than your human or informational assets.

In terms of your property assets, your risk assessment should ask things such as:

Are entrances and exits secure?
Are entrances and exits covered by CCTV?
Is security lighting in place and operational?
Are blinds closed at the end of the day as a matter of routine?
Are items of plant and machinery properly secured to the floor?
Are property assets marked with unique identifiers such as codes or inscriptions?
Are proper access control measures (such as manned security, key card systems, internal locks, etc.) in place?
Are vehicles locked after use and are keys stored in a secure safe until they’re next required?
Is money regularly banked; removed from the premises overnight, at weekends and over holiday periods; and is banking carried out at random times?
Do you keep an up-to-date itinerary of all your property assets?
Are you using a professional keyholding service?
Are all sets of keys accounted for – and are those holding them trustworthy?
Are reporting processes in place so that employees can report any suspicious activity they, see?
Are disciplinary measures in place to deal with employee theft and are all members staff aware of the repercussions of stealing from your business
Are security alarms, fire alarms and CCTV systems regularly serviced and tested?
Do you review your property asset security policies at least once a year?

Keeping these points in view, every business should get a property risk assessment done by a professional service provider.

The 4 steps of a successful security risk assessment model

Identification | Determine the technological infrastructure’s important assets. Next, determine what sensitive data these assets create, store, or transport. Make a risk profile for each of them.

Assessment | Administer a method for assessing the security threats that have been discovered for key assets. Determine ways to deploy time and resources effectively and efficiently to risk reduction after comprehensive review and assessment. The association between assets, risks, vulnerabilities, and mitigating controls must be examined using the assessment strategy or methodology.

Mitigation | Define a risk mitigation strategy and put security controls in place for each one.

Prevention | Implement tools and methods to reduce the risk of attacks and vulnerabilities in your company’s resources.

Summing-up

The security industry is growing rapidly. Still finding a professional and reputed security service provider can be challenging. As a business owner, you should check several things when choosing a new provider. If a property risk assessment is on your mind and you’re looking for a security vendor then look no further, Shergroup is your one-stop shop.

We do not just provide a risk assessment for your property, but we also offer a range of comprehensive security services to secure your property. When you hire Shergroup as your security consultant, you can rest assured that your safety is in good hands. Call us today to discuss your requirements. You can contact us via our channels