Risk management solutions for a networked world
Posted: 26 June 2004
The lines, once distinct, that separate a company from its external partners and customers are rapidly blurring. For some companies, the lines have already been erased. Omnipresent connectivity via the Internet has removed many traditional barriers to business, specifically time and distance. The removal of traditional barriers has lowered costs and created new efficiencies. However, new and unfamiliar risks have also been created. The new and unfamiliar risks have prompted a reassessment of traditional risk management. Is traditional risk management still relevant or effective?
Risk management (RM) offerings have been traditional services comprised of site security surveys, emergency response and evacuation plans. However, as tech nology triggers a rapid evolution of global economic and business models, the value proposition of traditional RM services is rapidly diminishing.
Traditional RM services are point solutions that attempt to mitigate risks by "hardening" vulnerable nodes or specific locations. It does not address risk in the context of key earnings drivers, but is usually in the context of low probability, high impact terrorist/criminal events or natural disasters. Furthermore, most of the recommended traditional RM countermeasures do little or nothing to prevent the occurrence of or mitigate the impact of events. For globally networked companies, traditional RM offers a minimal value proposition. A more systemic approach to risk management is required.
A systemic or enterprise approach to RM integrates various preventive and reactive disciplines and requires the following prerequisites:
- Strategically revise RM philosophy
- Focus on key earnings-drivers, ensure the company's ability to continue to generate revenue and expand operations in all target markets
- Develop RM services that are aligned with the integration of business and tech nology in all target markets
- Business Continuity Planning (BCP)
- Convergence of and collaboration among existing and new services, such as Integrated BCP/IT Security/Traditional RM; Integrated Technical Security /IT Services and Security
Traditional risk management philosophy and services are no longer effective or appropriate for the operational realities of the networked world. Limited tolerance for disruption of business processes and multiple risk exposures created by complex and interdependent external relationships require a systemic and integrated approach that ensure the continuity of business functions.
Headquartered in Hong Kong with offices in 15 countries around the world, H&A is one of the world's leading security and risk management consultancies. H&A combine local knowledge and expertise with world renowned professionalism, leading edge tech nology partnerships and a comprehensive range of integrated services to bring a meaningful, value-added solution to our clients. We address a wide range of non-transferrable risks that threaten our clients operations and develop comprehensive strategies for both prevention and response.
H&A advocates a strategic approach to risk management and security. To adequately protect a company's tangible and intangible assets enterprise-wide, a risk management strategy must be aligned with the overall business drivers and strategic objectives of the client. It should provide the company with a competitive advantage in that it adds flexibility and resilience to the company's operations and objectives while often lowering costs and improving quality. H&A is one of the world's few firms able to provide this level of consultative advice coupled with the integrated, in house resources needed to implement the strategy at a tactical level and ensure quality service. Our strategic and integrated approach is favoured by some of the world's largest corporations operating in diverse and difficult markets around the world.
Hill & Associates is a leading provider of security services in The Middle East. Our experience and connections enable us to offer a comprehensive range of risk management and protective services to mitigate the current threats unique to hostile environments. Our Middle East regional Headquarters in Dubai provides us with an ideally located regional hub from where we can coordinate operations in support of offices in Iraq and Kuwait.
H&A are renowned for providing professional risk management and protective security services. H&A have been actively engaged in the provision of full-time risk management services, protective security coverage and advice to personnel from multinational corporations operating within high risk areas such as Iraq, Saudi Arabia, Pakistan, Afghanistan, Yemen and Turkey.
For more information see http://www.hill-assoc.com/
Posted by Richard Price,
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