Enterprise Security Risk Management or ESRM for long has been one of the most important initiatives undertaken by ASIS that has been designed to change the way security guard industry and every private security officer functions. Its philosophy encourages businesses to recognize that security-related tasks can affect all of their departments. It encourages to not think security as an afterthought, but a proactive way to make the organization resilient by protecting what keeps it running.
Enterprise Security Risk Management: What Is It?
Enterprise Security Risk Management, as the name suggests, is a management process used to effectively manage security risks, both proactively and reactively across an enterprise. It’s designed to continuously assess the full scope of security-related risks to an organization and within the enterprise’s complete portfolio of assets.
John Petruzzi, a member of the ASIS Board of Directors, defined ESRM as “a security program management approach that links security activities to an enterprise’s mission and business goals through risk management methods.” He further defined the role of a security leader in ESRM as someone who “manages risks of harm to enterprise assets in partnership with the business leaders whose assets are exposed to those risks.”
What Is The Vision, Mission, & Goal Of ESRM?
- Vision: Enable the business to advance its mission by helping manage the protection of an organization’s enterprise-wide assets.
- Mission: Provide consistent identification, evaluation, & treatment of security risks to mitigate potential impacts to the business and prioritize protective activities.
- Goal: Establish organizational policies, procedures, best practices, and capabilities to identify & manage security risks to the enterprise in an effective, consistent, & efficient manner.
Understanding The Nature Of ESRM:
The foremost objective of Enterprise Security Risk Management is to develop a compact approach so that it can recognize as well as rectify the dangers or risks that affect an organization. ESRM is dynamic and therefore, to understand the nature of it, we have elaborated different concepts related to it.
ESRM – A Philosophy Or Theory: We all want to know whether Enterprise Security Risk Management is a theoretical concept or a philosophical view. Well, the answer is very simple. ESRM does not consist of complicated rules that should be followed. It offers a philosophical view that helps to manage security. It makes the leaders in the field of security agency capable of managing security risks.
This capability is not based on the current incidents where we see the life of a private security officer is in danger. The whole concept is based on a shared understanding where business organizations take into consideration different types of upcoming risks that can be accepted in different areas. Security risk and business risk are inextricably related to each other, and therefore, the complete emphasis is given on business.
ESRM Is Not Only A Philosophy But Also A Process:
This philosophical concept is followed by a process that consists of four steps. The process is mentioned below:
- First, Enterprise Security Risk Management identifies the valuable assets that need protection.
- Secondly, it identifies the security threats that the organization and its assets are facing.
- In the third step, it takes some realistic, necessary, and appropriate steps to rectify the security threats.
- The fourth step is very important as here, it monitors the incident, and then it conducts incident response as well as post-incident review.
Aligned With The Business:
The most important aspect of Enterprise Security Risk Management is that it is perfectly aligned with the requirements of the business. In other words, it must be remarked that this alignment is possible because ESRM gets guidance as well as governance from the business organizations.
Who Can Benefit From Enterprise Security Risk Management?
Truth be told, Enterprise Security Risk Management can benefit everyone, in every role, & in every industry. It just needs to be fully integrated into the corporate process at every level of the business and by every security risk professional.
Despite that, if you’re looking for a specific list of the audience who can be involved with identifying, understanding, and/or managing security risks, it includes:
- Executives & Managers
- Security Practitioners
- Audit & Risk Professionals
Effective Enterprise Security Risk Management shouldn’t fall on the shoulders of only corporate security departments or security guard industry alone. This program should be built upon a culture of managing security risks that follows a common approach to risk management practices by both the parties.
Integrating an overall security guard industry culture with overall business goals should be the ultimate responsibility of every business leader of the company. When this holistic approach is implemented thoroughly and practiced consistently, it can change the view of the security function in any organization.