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	<title>Security &amp; Risk Solutions Pte Ltd (SRS)</title>
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	<title>Security &amp; Risk Solutions Pte Ltd (SRS)</title>
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		<title>Not Just A Guard &#8211; Episode 4</title>
		<link>https://www.security-risksolutions.com/not-just-a-guard-episode-4/</link>
		
		<dc:creator><![CDATA[Yie Shyuen Hwong]]></dc:creator>
		<pubDate>Wed, 04 Jun 2025 04:19:08 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Our Stories]]></category>
		<category><![CDATA[Not Just A Guard]]></category>
		<category><![CDATA[Stories]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=6950</guid>

					<description><![CDATA[<p>They both help to handle enquiries, and provide risk updates for APAC, including (but not limited to, of course) what to do, and what to watch out in the various countries their clients head off to. It’s an incredibly important job in security, but not one usually seen on the frontlines. Having both been in [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/not-just-a-guard-episode-4/">Not Just A Guard &#8211; Episode 4</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
]]></description>
										<content:encoded><![CDATA[<h5>They both help to handle enquiries, and provide risk updates for APAC, including (but not limited to, of course) what to do, and what to watch out in the various countries their clients head off to. It’s an incredibly important job in security, but not one usually seen on the frontlines.</h5>
<h5>Having both been in the security industry for over a decade, JX and Kevin have experiences and stories aplenty.</h5>
<h5>“It’s interesting,” JX shares with a laugh. “Handling people, and situations, but it’s also interesting to see how differently each person reacts to a situation.”</h5>
<h5>Kevin tells us that he enjoys not being bound to a desk, and has the freedom to move around. “Sometimes, I’ll help the on-site ops teams too.”</h5>
<h5>They’re not your typical security officers. In fact, they’re technically not security officers at all. JX and Kevin handle enquiries and provide risk updates for APAC, including (but of course, not limited to) advising what to do and what to watch out for in the various countries their clients head off to.</h5>
<p>&nbsp;</p>
<h4><strong>Background</strong></h4>
<h5>Kevin joined security by chance. “I was in the police force when I was in NS so I just transitioned quite naturally to security,” he explains. “I tried other jobs but I didn’t like it. Previously I got an offer to work for the government, and actually stayed for 9 years, but then I resigned and came back to security.”</h5>
<h5>JX on the other hand, joined security to be around people, and to reach out as much as she could to help them. “I love being around people, knowing their worries and having the ability to help them ease the considerations and concerns in their daily lives, both in and out of work.”</h5>
<p>&nbsp;</p>
<h4><strong>Security misconception</strong></h4>
<h5>“People say security is low class – people see condos and shopping centers with elderly guards and the perception is that it’s an easy, ‘for retirement’ kind of job. They say security is redundant, but when incidents happen it becomes ‘Why is security not here?’”</h5>
<h5>Kevin echoes JX’s sentiments, adding that they constantly experience getting scolded, and have people who think they know better telling them what to do.</h5>
<h5>“There are also the people who say ‘eh you should be doing this not that,’ and ‘Eh I pay for tax, I pay for your pay’ to frontline officers, and even police officers,” Kevin says, rolling his eyes at the arrogance. “We react based on what we see, and we do what we think would be the best in a situation, but these overly concerned people would say “No you should do this or that instead! Sometimes it ends up being more <em>mafan</em>.” (troublesome)</h5>
<h5>So&#8230; has the job changed?<br class="yoast-text-mark" />For Kevin and JX, they were both on the same page, insisting that Security itself as an industry would never change, but that people change instead, and so the way they react also must change constantly.</h5>
<h5>JX  explains that because she is now more at the back end of things, she has a different perspective. For those on the frontline – first responders, ERT (Emergency Response Team), SO (Security Officers) etc, speed is critical in their decision-making process. For her and Kevin, they have more time to digest and think about how to best approach a situation, and that this change in pace is the biggest change for her.</h5>
<p>&nbsp;</p>
<h4><strong>Advice</strong></h4>
<h5>“It’s not easy, and you have to be content. If you choose to join this industry, you have to grit your teeth and go through everything,” JX says, and Kevin nods in agreement.</h5>
<h5>“There are people who are drunk – and they will spit on you, vomit on you, and they think security should be OK with this. But you’ll learn a lot, and the rewards will be greater than you think,” Kevin adds on.</h5>
<h5>Kevin ends the interview with a final piece of advice &#8211; You have to be street smart, and this aspect is very hard to teach. If you only want just the basics, then just go study to be a policeman.</h5>
<p>The post <a href="https://www.security-risksolutions.com/not-just-a-guard-episode-4/">Not Just A Guard &#8211; Episode 4</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Not Just A Guard &#8211; Episode 2</title>
		<link>https://www.security-risksolutions.com/not-just-a-guard-episode-2/</link>
		
		<dc:creator><![CDATA[Yie Shyuen Hwong]]></dc:creator>
		<pubDate>Tue, 15 Apr 2025 09:52:21 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<category><![CDATA[Our Stories]]></category>
		<category><![CDATA[Not Just A Guard]]></category>
		<category><![CDATA[Stories]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=6764</guid>

					<description><![CDATA[<p>Samy walks in, a comforting presence with a warm but slightly sheepish smile.  He settles in easily, but it’s clear he’s nervous – it&#8217;s his first interview after all. The 64 year old tells us he’s spent the better part of the last decade in SRS, starting out as a floater (an officer who has [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/not-just-a-guard-episode-2/">Not Just A Guard &#8211; Episode 2</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
]]></description>
										<content:encoded><![CDATA[<h5>Samy walks in, a comforting presence with a warm but slightly sheepish smile.  He settles in easily, but it’s clear he’s nervous – it&#8217;s his first interview after all.</h5>
<h5>The 64 year old tells us he’s spent the better part of the last decade in SRS, starting out as a floater <i>(an officer who has no permanent site location) </i>before switching to a full time Senior Security Officer.</h5>
<h5>“When I was young, I wanted to be a policeman, but I couldn’t.&#8221;</h5>
<h5>Samy joined CERTIS CISCO at first, working with the foreign worker management team under the Singapore Police Force. “Long story short,” he says with a nonchalant wave, his soft eyes and gentle smile belaying his fondness of his time there. “I was awarded the commissioner police award, and even though I wasn’t technically police, I had fulfilled my dream, and that was enough for me.”</h5>
<h5>As the sole breadwinner to his family, kids and his elderly mother, he worked, day and night, relentlessly for 34 years to ensure they lead a comfortable life – one he did not have growing up.</h5>
<h5>“I came from a very poor family,” he explains. “With a lot of hard work, I achieved what I wanted to achieve, and I owned my own transport company. But at one point I just had to give it up &#8211; my transport setup, everything, and settle down in one job &#8211; and I chose security.”</h5>
<h5>His transport business, he told us, was one of the reasons he barely saw his son and daughter. He didn’t spend much time with them, and the time they did spend together ended up mostly with his children sleeping in the back of his truck while he worked nights.</h5>
<p>&nbsp;</p>
<p>&nbsp;</p>
<h4><b>Out of Uniform</b></h4>
<h5>It wasn’t all work and no play for Samy though.</h5>
<h5>“I love gardening. I trim, fertilize and watch out for insects attacking my plants.”</h5>
<h5>Samy lights up as he talks about his plants, and he elaborated on how he fought for his plants when there was his town council disputed them. <em>(Not actually fought&#8230; he asked</em><em> very nicely) </em></p>
<h5>“My wife and I quarrelled a lot during this period. I’ve had these plants for over 30 years, and they aren’t small pots. I got frustrated and spoke to the MP to settle it.”</h5>
<h5>He proudly states that they managed to settle it amicably, and his plants are now sitting pretty outside his apartment.</h5>
<h5>“After I settled in security, I now have more time to spend with my plants and my grandson. He’s in P1 now, but he came to me as a 9-month-old, and it was so new to me &#8211; not as a father, but as a grandfather.” Samy’s expression is soft and filled with fondness as he adds wryly that he gets blamed for spoiling his grandson <em>(he insists that he’s simply doing his job, and we’re inclined to agree.) </em><em> </em></h5>
<p>&nbsp;</p>
<p>&nbsp;</p>
<h4><b>The Good, The Bad, The Ugly and the Hopeful</b></h4>
<h5>When asked about the best and worst parts of working as an officer, he laughs. It’s fulfilling, he says, explaining that the best parts are the trust his bosses and clients have in him to take up responsibilities, but ultimately as long as they’re happy, he’s happy.</h5>
<h5>&#8220;You have to love your job. Like for me, I love my job, and whatever I do,” he states with conviction. “Be happy with what you have. Take everything as a challenge. If you keep thinking there are problems after problems, then life will be full of problems. I don’t let myself get affected by outside stories, rumours and such nonsense.”</h5>
<h5>“The worst part though? The long hours.”</h5>
<h5>It’s a sentiment that is echoed by nearly all the officers we‘ve spoken to – the long hours are one of the worst parts of the job.</h5>
<p>&nbsp;</p>
<p>&nbsp;</p>
<h4><b>What Lies Ahead</b></h4>
<h5>While it isn’t easy, he explains, Samy feels that the job suits older folks looking to earn some extra money, especially the locations and/or roles that are less demanding than others.</h5>
<h5>“It’s a very difficult industry now, especially for you youngsters,” he admits, gesturing to myself and my colleague across the table.” Not just the long hours, now everybody has a PLRD <i>(Private Security Industry Regulatory Department – yes, no L, I know, it confused me too)</i>, and the SS certification is as common as the SO certification. The youngsters that want to come up in this industry, it’s quite tough for them.”</h5>
<h5>Despite that, Samy thinks that the security business will never die – in fact, he believes it will grow in demand as people make their way through an increasingly precarious world.</h5>
<p>The post <a href="https://www.security-risksolutions.com/not-just-a-guard-episode-2/">Not Just A Guard &#8211; Episode 2</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Organisational Risk &#038; Crisis Management</title>
		<link>https://www.security-risksolutions.com/organisational-risk-crisis-management/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Tue, 15 Dec 2020 08:49:27 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4970</guid>

					<description><![CDATA[<p>Every organisation is prone to a variety of risks arising from both natural and man-made sources (e.g. human error, deliberate actions, technology) and this gives way to the occurrence of crises. In this 21st century, security risks are increasingly complicated and interconnected – resulting in multiple failures. Organisations should come to acknowledge that risks are [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/organisational-risk-crisis-management/">Organisational Risk &#038; Crisis Management</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>Every organisation is prone to a variety of risks arising from both natural and man-made sources (e.g. human error, deliberate actions, technology) and this gives way to the occurrence of crises.</p>								</div>
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									<p>In this 21st century, security risks are increasingly complicated and interconnected – resulting in multiple failures. Organisations should come to acknowledge that risks are unavoidable but they can be counteracted with proper crisis management. A <strong>strategic crisis management plan</strong> is required to nip these risks in their buds and restore business after a crisis. Restoration of business after a crisis includes regaining and restarting the core activities necessary to transform inputs into outputs, minimising losses to the organisation and external stakeholders, as well as consolidating the learning points so future occurrences of these issues can be avoided (Pearson &amp; Clair, 1998).</p>								</div>
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									<p>Scientific developments and technological advancements are changing the way organisations operate now and before. As such, future risks and potential failures would also differ from those in the past, rendering limited effectiveness to organisations that only hedge against risks that have occurred. As the environment around us changes and improves, risk management methods have to be adjusted accordingly.</p>								</div>
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									<p>Having one person making all crisis and risk management decisions can be fatal. Unlike group decision making, there is greater probability for misinformation, biases and lack of understanding to cloud the minds of one individual and negatively impair the security and risk decisions made.</p>								</div>
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									<p>A successful crisis management plan must begin with commonly agreed objectives such as:</p>								</div>
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									<ul><li>Ensuring the organisation can restore operation with minimum resources expensed</li><li>Finding alternative means to replace affected resources</li><li>Actively prevent past risks from re-occuring while pre-empting future risks</li></ul>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Active Risk Management</h3>				</div>
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									<p>Organisations should monitor the potential gaps and cracks that surface from changes in work processes or adoption of new technologies which perpetrators can take advantage of to cause harm. Following which, preventive measures should be quickly taken to manage the risks, according to their probability of occurrence and impacts. If there are too many risks, Risk Assessment and the use of comparative risk values can come in to differentiate the major risks from the less pressing ones. <strong>Risk Control protocols</strong> can be categorised into the three main categories namely: pre-crisis, crisis-response and post-crisis.</p>								</div>
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									<p>Regular tabletop exercises involving parties apart from the Crisis Management Team is crucial to help the organisation anticipate against unforeseeable risks and crises. It also ensures that everyone knows what to do in a crisis to help the organisation adapt and restore normal operations. All members of these table exercises should come with an open-mind and be willing to learn from one another. Transparency is also of utmost importance because members are required to share about past crisis management strategies. For example, what were the areas which were well done, how quickly was a crisis managed, what could have been better done and were there any unfounded assumptions that should have been challenged or validated. All of this information has a direct impact on the organisation’s future response towards risk. These exercises also foster cooperation, collaboration and coordination towards risk management within the organisation.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Conclusion</h3>				</div>
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									<p>Revisit your organisation’s Risk Management Program on a regular basis to ensure that it can keep up with the ever-changing risks in our surroundings. Test the assumptions and always revise the Risk Management Protocols accordingly to ensure robustness and effectiveness.</p>								</div>
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									<p><strong>Credits:</strong> Pearson, C. M., &amp; Clair, J. A. (1998). Reframing crisis management. The <a href="https://doi.org/10.2307/259099" target="_blank" rel="noopener">Academy of Management Review, 23(1), 59–76</a> within the Security Department, the trend moving forward is to build a team with individuals holding different skills and experiences in cyber security, information systems, business continuity, reputation management and crisis management.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/organisational-risk-crisis-management/">Organisational Risk &#038; Crisis Management</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Who‌ ‌is‌ ‌a‌ ‌Modern‌ ‌Corporate‌ ‌Security‌ ‌&#038;‌ ‌Risk‌ ‌Manager?‌</title>
		<link>https://www.security-risksolutions.com/who-is-a-modern-corporate-security-risk-manager/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Sat, 12 Dec 2020 08:36:25 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4959</guid>

					<description><![CDATA[<p>Changing Times For various reasons such as rapid population growth, globalisation and industrialisation, climate change has accelerated in the past few decades and occurrences of natural disasters have become increasingly frequent. Natural disasters like hurricanes, tornados, and cyclones are highly damaging in nature and are often the cause of many other risks. Power outages caused [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/who-is-a-modern-corporate-security-risk-manager/">Who‌ ‌is‌ ‌a‌ ‌Modern‌ ‌Corporate‌ ‌Security‌ ‌&#038;‌ ‌Risk‌ ‌Manager?‌</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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					<h3 class="elementor-heading-title elementor-size-default">Changing Times</h3>				</div>
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									<p>For various reasons such as rapid population growth, globalisation and industrialisation, climate change has accelerated in the past few decades and occurrences of natural disasters have become increasingly frequent. Natural disasters like hurricanes, tornados, and cyclones are highly damaging in nature and are often the cause of many other risks.</p>								</div>
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									<p>Power outages caused by such disasters can lead to major internet and telecommunication downtime in cities or state-wide, negatively impacting the work and leisure lives of those who may not even be in close proximity to the disaster. There is a <strong>common misconception</strong> that disasters and risks are only limited to the area that they occur – but it is evident that with greater connectivity through technology, risks are no longer geographically contained.</p>								</div>
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									<p>Apart from natural disasters, recent events such as riots due to division in ideologies, economic inequalities etc. are leading to other risks such as crimes, unrest or even terrorisms. Studies have shown that political polarisation is at an all-time-high and this can result in unforeseeable risks in the next few years or even months.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">The Role has Changed</h3>				</div>
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									<p>Two decades ago, a Security Manager may simply have to be well-versed in systematic risk management approaches to avert crises or to effectively manage foreseeable risks. With less developed technological infrastructures and fewer interconnectivity, access to real time updates or world affairs was usually limited to the Security Department and other departments were not too bothered. This led to a situation where security and risk-related decisions usually fell to the onus of the Security Manager and there was little to <strong>no integrated discussions or approach</strong> to come up with better, more efficient solutions. While the Security Manager may be well-experienced, such silo-decision making format can also put the organisation at complete risk of failing due to one man’s poor judgement.</p>								</div>
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									<p>This model certainly has to change in this time and age and Security Managers must learn to work and brainstorm both physically and remotely within a wider team – both internally and externally like governmental agencies. Moreover, being technologically savvy is no longer a ‘good to have’ but a skill that Security Managers must possess to outwit preparators who are performing more remote attacks on businesses. A Security Manager of today must be able to work collectively in a team and work effectively alongside the robust Security &amp; Risk management policies and protocols of any business. They also have the responsibility to <strong>execute, maintain, and evaluate frameworks</strong> such as the Security Management Framework which includes Risk Management.</p>								</div>
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									<p>The 21st Century Security Management supports that information timeliness is now one of the <strong>most important resources</strong> that Security Managers must leverage to manage risks across departments and corporate levels. Even within the Security Department, the trend moving forward is to build a team with individuals holding different skills and experiences in cyber security, information systems, business continuity, reputation management and crisis management.</p>								</div>
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									<p>Security is not only the responsibility of the Security Department – it is <strong>everyone’s responsibility</strong>. A well-secured company does not happen overnight; it requires the collective efforts of everyone in the organisation. Security Managers have extensive knowledge in security and they should share this knowledge with the wider team through open discussions or ‘lunch and learn’ sessions so everyone can benefit. Additionally, all security Management policies and protocol should be documented in the form of training manuals and guidelines for everyone to have access to. These serve as the single source of truth for the organisation to refer and fall back on, in the face of a crisis.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">The Attitudes of Security Managers are here to stay</h3>				</div>
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									<p>Two decades ago, things were certainly a lot <strong>less complex</strong> than they are today. The changes in circumstances require Security Managers to keep up with times as well. Gone are the days where they just have to ensure prompt and proper physical security. Their roles and responsibilities today include project management, critical/analytical thinking, relationship building and leading with integrity. We are proud to see our Security Managers rising above the ever changing circumstances, regulations, demands to achieve total Security for our clients.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/who-is-a-modern-corporate-security-risk-manager/">Who‌ ‌is‌ ‌a‌ ‌Modern‌ ‌Corporate‌ ‌Security‌ ‌&#038;‌ ‌Risk‌ ‌Manager?‌</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Business Continuity Management</title>
		<link>https://www.security-risksolutions.com/business-continuity-management/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Fri, 13 Nov 2020 08:27:53 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4945</guid>

					<description><![CDATA[<p>Business Continuity Management (BCM) in an organisation is defined as the preparation and planning to swiftly recover and operate as per usual after a disaster has occurred. For BCM to succeed, every business has to identify their critical function and resources (e.g. people, supporting systems, infrastructure, technology, funding), as well as physical assets which are [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/business-continuity-management/">Business Continuity Management</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>Business Continuity Management (BCM) in an organisation is defined as the preparation and planning to swiftly recover and operate as per usual after a disaster has occurred. For BCM to succeed, every business has to identify their critical function and resources (e.g. people, supporting systems, infrastructure, technology, funding), as well as physical assets which are absolutely necessary to execute business on a day-to-day basis. Not to forget, third-party providers – such as IT or programming vendors which are <strong>integral</strong> in one’s daily business – should also be included.</p>								</div>
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									<p>The following are the key elements of Business Continuity Management which organisations can follow.</p>								</div>
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									<p>One of the most important of which is to perform <strong>risk assessment</strong>. Risk assessment is used to ascertain the potential risks and consequences arising from situations where critical functions are disrupted. Unassuming risks and consequences when ignored, can eventually morph into colossal problems and cause the entire business operation to fail. Risks can arise for different reasons and from different sources such as technology or even natural disasters.</p>								</div>
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									<p>After which, <strong>implementing risk control measures speedily</strong> would be the next required move. Doing so does not necessarily equate to spending big bucks – there are cost-effective preventive measures that can be undertaken. For instance, risk transfer options such as insurance is one means of sharing/transferring the impact of risks with another party at nominal costs.</p>								</div>
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									<p>Next, organisations must make it a priority to <strong>conduct business impact analysis</strong> to find out what is the expected or acceptable downtime (i.e. Maximum Tolerable Downtime) before business recovers and resumes business as usual. To make the Maximum Tolerable Downtime as accurate as possible, it is imperative to consider the impact and ease of recovery for each department, function or even systems.</p>								</div>
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									<p>When preparing for back-up resources to help the <a href="https://www.printechsystem.com/">business</a> recover, businesses tend to <strong>forget</strong> about the needs of their remote functions or external vendors. In actuality, risks within the primary functions of a company can spread very easily to external ‘wings’ or even third parties like joint venture companies or service providers which the company is highly dependent on. Hence, to ensure smooth restoration of business, back-up resources have to be prepared for these parties.</p>								</div>
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									<p>While we concur that risks would always be present, it is possible to<strong> prioritise risks in their seriousness and tackle them systematically</strong>. For whatever remaining risks there may be, businesses can review the Maximum Tolerable Period of Disruption (MTPoD) to ascertain the time allowed for these risks to fester before actions to curb them are taken.</p>								</div>
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									<p>What if there are situations that go out of control – beyond what the Business Continuity Management measures can anticipate? In such dire straits, a Disaster Recovery Plan (DRP) would come in handy. DRP is the ‘revival plan’ that any company can take to restore business after a critical business unit or operation has been completely affected or stalled. There is no short-cut to developing a DRP. Organisations have to constantly review their business units, systems, software, hardware and all resources to make sure that management is familiar with the business through-and-through so they can strategise and execute a DRP in times of need.</p>								</div>
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									<p>ABC Company is a financial institute serving the APAC region and has multiple operational sites. A typhoon category 1 is expected to make a landfall within the next 48hrs in Cebu, Philippines. Unfortunately, the company has a critical function in Cebu, Philippines – that is an ATM operation centre servicing for Asia Pacific.</p>								</div>
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									<p>The Typhoon is forecasted to disrupt Cebu for more than 24hrs, bringing about flooding, strong wind, landslide, land &amp; air transportation disruption, power outages, internet &amp; telecommunication outages, and infrastructural damages. The landfall is likely to occur approx. 100km away from ABC company.</p>								</div>
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									<p>Having being alerted of the possible arrival of the typhoon, ABC company activated their Business Continuity Team (BCT) and an initial BCT briefing was immediately conducted to determine the threats and risks that the company may face. Afterwhich, DRP response strategies were implemented and everyone kept a close eye on the situation while trying to gather more facts and information of the expected Typhoon.</p>								</div>
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									<p>The relevant information at hand was disseminated to all relevant business units and pre-nominated ‘crisis management champions’. Clear directives were provided to the different business units to help decide when an evacuation may be required. In the meantime, the company wastes no time to set up their emergency command centre and critical operations at an alternative site. Critical operations are to remain operational at the alternative site until the primary site has been restored.</p>								</div>
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									<p>All learnings gathered from this event would be used to update the company’s DRP and would serve as a case study for future BCP/DRP training.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/business-continuity-management/">Business Continuity Management</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Success and Cycle of Security Management</title>
		<link>https://www.security-risksolutions.com/success-and-cycle-of-security-management/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Tue, 10 Nov 2020 07:13:17 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4904</guid>

					<description><![CDATA[<p>There is a common perception that the Security Management team is a non-productive department and that its employees are low-skilled. This is far from the truth, however. The objective of Security &#38; Risk Management is to secure the organisation and its reputation by minimising the probability of risks and their impact. This can be achieved [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/success-and-cycle-of-security-management/">Success and Cycle of Security Management</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>There is a common perception that the Security Management team is a <strong>non-productive</strong> department and that its employees are low-skilled. This is far from the truth, however.</p>								</div>
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									<p>The objective of Security &amp; Risk Management is to secure the organisation and its reputation by minimising the probability of risks and their impact. This can be achieved by having a <strong>rigorous Risk Management Framework</strong>. While such diligence may not seem necessary on a day-to-day basis, they play a crucial role to minimise the costs associated with fixing a security breach.</p>								</div>
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									<p>Yes, major incidents and crises do not occur everyday but one such occurrence <strong>can crumble</strong> a company’s external reputation. Security breaches are often followed by <strong>ensuing lawsuits, penalties and fines</strong> imposed by governing authorities. Something as simple as a leaked video footage revealing the poor security management of a company can lead to investigations or provide opportunities for perpetrators to hatch a harmful plan against the company. Internally, the company may also experience a loss in employee’s trust, resulting in lowered morale and poorer productivity. To safeguard personal interests, it would not come as a surprise if employees would like to move to another company with stronger security measures in place.</p>								</div>
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									<p>The most ideal situation is to prevent incidents or crises from happening in the first place. In the unfortunate event where an incident has happened, organisations must take <strong>prompt actions to resolve it in a timely and swift manner</strong>. Otherwise, the company’s reputation could further take a blow.</p>								</div>
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									<p><strong>One non-security, Public Relations action firms can take, before negative manage negative media report ensues would be to clarify the incident and announce the actions that the firm is taking to manage the issue.</strong></p>								</div>
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									<p>Coming back to the 3 Golden Rules and <strong>3 Fundamental Questions</strong> posed in the previous articles, organisations who acknowledge the presence of inherent risks and actively manage them are those who can ensure effective security and risk management. Constant reviewing of an organisation’s Security &amp; Risk Management protocols, as well as framework is a must and not a good-to-have.</p>								</div>
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									<p>Many would have heard of the <strong>Kaizen approach</strong> used in lean manufacturing but its principle of continuous, incremental improvement can also be applied to Security &amp; Risk management. Since Kaizen aims for improvements in productivity, effectiveness, safety, and waste reduction, adopting a Kaizen approach to security-related frameworks would encourage organisations to <strong>never rest on their laurels</strong> but seek ways to keep up and enhance the organisation’s overall security posture.</p>								</div>
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									<p>At first glance, investments in security <strong>may not</strong> seem economic on the profit and loss statement. On further analysis, prudent organisations would realise that having a robust security framework and measures in place can potentially guard the organisations against liabilities and reputational damages. Weighing the cost and benefits, the latter clearly <strong>outweighs</strong> the former.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/success-and-cycle-of-security-management/">Success and Cycle of Security Management</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Exceeding expectations: SRS Global Reach’s commitment to clients</title>
		<link>https://www.security-risksolutions.com/exceeding-expectations-srs-global-reachs-commitment-to-clients/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Mon, 02 Nov 2020 07:04:27 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4896</guid>

					<description><![CDATA[<p>Many trends these days are propelling logistics providers to make the change towards providing end-to-end logistics services. The most prominent of all include the sky-rocketing e-commerce volume and popularity in new business models such as drop shipping where companies do not keep inventory and products are sent directly by logistics companies from the suppliers to [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/exceeding-expectations-srs-global-reachs-commitment-to-clients/">Exceeding expectations: SRS Global Reach’s commitment to clients</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>Many trends these days are propelling logistics providers to make the change towards providing end-to-end logistics services. The most prominent of all include the sky-rocketing e-commerce volume and popularity in new business models such as drop shipping where companies do not keep inventory and products are sent directly by logistics companies from the suppliers to customers. In the race to expand their service offerings, some companies did well and captured new business opportunities whereas others were hit by balance-sheet issues and did not become successful.</p>								</div>
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									<p>SRS Global Reach has been a longstanding player in the logistics industry, and one of the first movers to offer total logistics/end-to-end services. This entails that the company has been providing services such as last-mile delivery even before the rise in popularity of ad hoc delivery service providers. When asked if the company faced disruption by these competitors, the manager, Mr Corey Kng admitted yes but was also confident that their continuous development and commitment in offering a full suite of services could smoothen out the threats posed by these competitors.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Weathering through the challenges</h3>				</div>
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									<p>The company, however, is not without its challenges. SRS Global Reach faced unprecedented challenges brought on by COVID-19, a global pandemic that was largely unforeseen. Many of the company’s clients experienced a reduction in business activities and transaction volume in the face of a pandemic-induced economic downturn. Rather than keeping inventory and producing more in advance, clients have made a switch to working on a Just-In-Time (JIT) model where they engage SRS Global Services to transport finished goods only upon the request of their customers. This reduction in transportation volume has inevitably affected SRS Global Reach’s business but thankfully, in the lead-up to this pandemic, the company has already been exploring methods to keep operations lean while achieving operational effectiveness. For example, the company has shifted away from owning in-house transport vehicles such as trucks to renting them from a vehicle specialist. This strategic move has helped the company cut cost from maintaining a fleet of underutilised vehicles.</p>								</div>
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									<p>At the same time, the company looked to new areas to turn their cost savings into new opportunities. One of which is the owning and management of their in-house warehouses. SRS Global Reach has a warehouse spanning 25,000 sq ft catering to inventories of different nature and dimensions. They also own an air-conditioned, halal-certified food-grade warehouse for perishable food products such as chocolates. This warehouse is fully certified by AVA, giving clients peace of mind. Apart from local clients, SRS Global Reach is often engaged by companies in Malaysia to provide warehousing, fulfilment and last-mile delivery services for them – these companies have no physical office or warehouse in Singapore and yet their business can proceed as per usual. What makes the difference between SRS Global Reach’s warehousing services and those provided by competitors? Part of the secret is that clients can simply correspond with SRS Global Reach via phone calls or emails and the company would be ready to do the picking from warehousing and delivery whenever an order is placed.</p>								</div>
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									<p>At the peak of COVID-19, when there was a global lockdown and many flights were grounded or cancelled, logistics companies like SRS Global Reach also had to be very swift in booking shipment or flight slots for clients who had urgent needs to transport their goods. Given the limited space and frequency across all modes of transport, the team at SRS Global Reach had to be on the lookout for available transportation slots, even while working from home. As a member of the World Freight Organisation (WFO) and Elite Global Logistics Network (EGLN), the company also collaborated with logistics partners across the globe and continued to deliver on time, exceeding expectations.</p>								</div>
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									<p>The logistics industry is no doubt one of the most time-pressed industries. Clients are anxious to have their goods safely delivered to customers while customers are excited to obtain their goods as soon as possible.</p>								</div>
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									<p>Logistics companies that can help clients deliver punctually, in the most cost-effective manners are scarce and highly-valued – and SRS Global Reach is one of them. Mr Corey Kng, the manager, recalled that there was an instance where a client urgently required his goods to be transported from India to Jakarta but had been stuck in a difficult situation where the planned method of transportation was sea freight and the transit time was expected to take at least two weeks. Out of desperation, the client engaged SRS Global Reach and the company swiftly arranged for multimodal transportation where the goods were transferred and shipped to Singapore before an air freight was arranged to send it to Jakarta.</p>								</div>
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									<p>With a deep understanding of the logistics and transport infrastructure, SRS Global Reach also has the expertise to offer ‘cross-trade’ shipments, helping clients and traders save more time and money than conventional transport arrangements where the shipment usually has to enter the country where the shipper company is registered. The savings obtained from lesser port charges etc. are passed back to clients.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Conclusion</h3>				</div>
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									<p>While the post-COVID-19 scene remains uncertain, SRS Global Reach is certain that they will look towards harnessing more technology and new operations strategies to offer reliable and top-notch logistics services for their clients.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/exceeding-expectations-srs-global-reachs-commitment-to-clients/">Exceeding expectations: SRS Global Reach’s commitment to clients</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Hierarchy of Incidents</title>
		<link>https://www.security-risksolutions.com/hierarchy-of-incidents/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Wed, 21 Oct 2020 06:23:29 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4873</guid>

					<description><![CDATA[<p>Incidents should be classified into different categories, from the least to the most pressing. By ordering incidents according to their risks and impacts, organisations are able to better decide the corresponding security protocols needed to respond to them. We are all aware that one cannot and should not respond to a critical incident with the [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/hierarchy-of-incidents/">Hierarchy of Incidents</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>Incidents should be classified into different categories, from the least to the most pressing. By ordering incidents according to their risks and impacts, organisations are able to better decide the corresponding security protocols needed to respond to them. We are all aware that one cannot and should not respond to a critical incident with the resources meant for low-risk incidents – such mismatch is a failure in response and may flag a need for the organisation to review the suitability and robustness of their Risk Management Framework.</p>								</div>
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															<img fetchpriority="high" decoding="async" width="1099" height="720" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-3.jpg" class="attachment-full size-full wp-image-4867" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-3.jpg 1099w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-3-300x197.jpg 300w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-3-1024x671.jpg 1024w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-3-768x503.jpg 768w" sizes="(max-width: 1099px) 100vw, 1099px" />															</div>
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									<p>All responses to potential incidents and accidents are to be tested, observed and evaluated to ensure their effectiveness.</p>								</div>
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									<p>Enough said, let’s deep dive into the 4 main categories of incidents classification:</p><ul><li>Standard Incident,</li><li>Routine Emergency,</li><li>Major Incident and</li><li>Crisis.</li></ul>								</div>
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															<img decoding="async" width="1168" height="720" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-4.jpg" class="attachment-full size-full wp-image-4868" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-4.jpg 1168w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-4-300x185.jpg 300w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-4-1024x631.jpg 1024w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/hierarchy-4-768x473.jpg 768w" sizes="(max-width: 1168px) 100vw, 1168px" />															</div>
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					<h3 class="elementor-heading-title elementor-size-default">Standard Incident</h3>				</div>
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									<p>Standard Incidents are generally predictable and relatively easier to manage with pre-planned response measures. With that said, when they emerge, how and what their consequences may be, can vary largely from organisation to organisation. Hence, there is no one-size-fits-all approach to manage it.</p>								</div>
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									<p>Standard incidents are commonly identified through risk assessments or situations where the risks are clearly and widely recognised. With timely and effective incident management protocols in place and proper Standard Operating Procedures (SOPs) routinely checked and tested, standard incidents can be brought under control.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Routine Emergency</h3>				</div>
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									<p>Whether it is a disruptive event that occurred in short-notice or one that emerged from gradual failures, such incidents can be classified as a routine emergency. Recognising the early signs of problems is critical to curbing and managing routine emergencies. While there are protocols in place to manage routine emergencies, they typically take a longer time than standard incidents to be brought under control or to resume business.</p>								</div>
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									<p>Multiple solutions are usually required to manage these routine emergencies. The solutions should be tested at least biannually during drills and operational readiness exercises to ensure everyone is clear on what to do. It is most preferred to have the Business Continuity and Crisis Management Team within the organisation to helm the drills.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Major Incident</h3>				</div>
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									<p>More often than not, major incidents are unique, rare or unforeseen problems that arise from poorly managed risks. Major incidents create exceptional challenges for organisations because they are not easily managed by pre-planned responses. Due to their surprise nature – emerging from accidents that have been overlooked or have suddenly escalated – these incidents are beyond an organisation’s control and can lead to long-term consequences and a long recovery period.</p>								</div>
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									<p>Organisations cannot rely solely on their crisis management team to resolve these incidents. Collaboration with other industry or corporate security partners and agencies are critical in offering strategic solutions to manage the confusion, fear and risks involved.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Crisis</h3>				</div>
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									<p>Finally, incidents classified under ‘Crisis’ are the most dynamic and unpredictable. A crisis has the potential to single-handedly destroy the existence of an organisation. Crisis often comes with many multiple other parallel incidents and risks which can leave the organisation at a loss of what to do.</p>								</div>
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									<p>Many organisations attempt to prevent crises from happening by having various risk control measures in place but that is insufficient. There has to be sustained efforts and committed resources (capital, manpower and time) to watch out for crises and pre-empt them. Managing and identifying crises is everyone’s responsibility – no one department or individual should be the only owner.</p>								</div>
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									<p>The most common pitfalls leading to crises are denial and complacency. Individuals should be encouraged to exercise vigilance, creativity and be willing to step up beyond their usual scope of work to mitigate crises or take part in Risk &amp; Crisis Management brainstorming sessions.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/hierarchy-of-incidents/">Hierarchy of Incidents</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Five Risk Control Strategies</title>
		<link>https://www.security-risksolutions.com/five-risk-control-strategies/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Wed, 21 Oct 2020 05:45:08 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4835</guid>

					<description><![CDATA[<p>In the previous articles, we discussed the effectiveness of using a Three-Stage Risk Management Process to manage the risks and incidents effectively. Recall Risk Assessment is conducted to identify and mitigate the risks and their potential impact on any organisation’s functions and resources. Risks can be man-made, as a result of natural disasters or technical [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/five-risk-control-strategies/">Five Risk Control Strategies</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>In the previous articles, we discussed the effectiveness of using a <strong>Three-Stage Risk Management</strong> Process to manage the risks and incidents effectively.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Recall</h3>				</div>
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									<ul><li>Risk Assessment is conducted to identify and mitigate the risks and their potential impact on any organisation’s functions and resources.</li><li>Risks can be man-made, as a result of natural disasters or technical failures</li></ul>								</div>
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									<p>Today, we will be looking at 5 underlying principles governing risk control measures. They are: Avoid, Reduce, Share, Transfer and Retain the risks.</p>								</div>
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					<h4 class="elementor-heading-title elementor-size-default">1. Avoiding risks</h4>				</div>
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									<p>To avoid risks, organisations must first be aware of the potential for these risks to occur. They must also understand the contributing factors of these potential risks, the probability of them occurring and the magnitude of their impact.</p>								</div>
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									<p><strong>Scenario:</strong> Imagine the hypothetical situation where your company is planning to open a new research and development (R&amp;D) office overseas as part of its expansion plan. All is well except that the proposed office location is in close proximity to a young or minor fault line. There has been no earthquake recorded in that area for the past 50 years and reports show that the probability of one occurring is low. However, if an earthquake does occur, the company would be in dire straits as the R&amp;D processes and technology would be largely irreparable.</p>								</div>
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									<p>As the leader of the Security and Risk Management Department, you decided to <strong>strongly advise against</strong> this proposal, substantiating your rejection with a comprehensive Risk Analysis. You counter-propose to open the office in a safer location far away from the fault line.</p>								</div>
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									<p>The above example is an exaggerated scenario. In our day-to-day business, there are often many other decisions involving risks – how should the business operate, what IT restructuring is required or even what appropriate security protocols to go with. For instance, a company may have to choose between a security surveillance system which is cheaper but less reputable as compared to a more recognised and expensive solution. Weighing the pros and cons, it may be more prudent to go with the latter as the company should not risk having a security surveillance system that may fail or perform below expectations and jeopardise the security of the company.</p>								</div>
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					<h4 class="elementor-heading-title elementor-size-default">2. Reducing Risks</h4>				</div>
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									<p>Reducing risks is all about minimising the likelihood of a risk occurring or minimising the consequences caused by a risk. This is especially relevant in situations where risks cannot be fully eliminated or avoided. Take, for example, an employee is required to make a business trip abroad to a country infamous for drink spiking, snatch theft and transport scams. While the employee tries to steer clear from danger, he would still be exposed to these risks while commuting or participating in a social event.</p>								</div>
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															<img loading="lazy" decoding="async" width="750" height="496" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management11.jpg" class="attachment-full size-full wp-image-4846" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management11.jpg 750w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management11-300x198.jpg 300w" sizes="auto, (max-width: 750px) 100vw, 750px" />															</div>
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									<p><a href="https://www.riskevolves.com/the-4-essential-business-risks-for-every-business-owner-must-know/" target="_blank" rel="noopener">Fig: Source (2017)</a></p>								</div>
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									<p>To avoid the employee from falling prey to these risks, the company should subscribe him to a real-time Travel Alert service which sends regular updates on the happenings and ‘danger zones’ in the country which should be avoided. Additionally, as cliche as it seems, it would be good to remind the employee of the DO’s and DON’TS and educate him on the cultural and etiquettes that should be noted when on a business trip.</p>								</div>
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									<p>Finally, depending on the seniority of the employee and the importance of the business trip, companies can consider engaging a recognised or approved third-party security vendor to provide journey management services. Journey management services ensure the safety of the employee to-and-fro the airport, as well as in and out of meetings/venues. One additional step that companies can take for extremely high-profile employees would be to provide them with a personal Close Protection Officer. Ultimately, it is never too much to think and plan for buffers or additional resources required to support the primary security plan, should it fail.</p>								</div>
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					<h4 class="elementor-heading-title elementor-size-default">3. Risk Sharing</h4>				</div>
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															<img loading="lazy" decoding="async" width="1087" height="517" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management9.jpg" class="attachment-full size-full wp-image-4839" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management9.jpg 1087w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management9-300x143.jpg 300w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management9-1024x487.jpg 1024w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management9-768x365.jpg 768w" sizes="auto, (max-width: 1087px) 100vw, 1087px" />															</div>
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									<p><a href="https://researchleap.com/entropy-approach-china-big-data-ecology/" target="_blank" rel="noopener">Source: (N.D)</a></p>								</div>
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									<p>Risk Sharing is the practice of distributing risks within the organisation such across departments, teams or any other working groups. This strategy diversifies the impact of risk so no one particular group absorbs too much risk and fails in its functions.</p>								</div>
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					<h4 class="elementor-heading-title elementor-size-default">4. Risk Transfer</h4>				</div>
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															<img loading="lazy" decoding="async" width="1280" height="712" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management10.jpg" class="attachment-full size-full wp-image-4840" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management10.jpg 1280w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management10-300x167.jpg 300w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management10-1024x570.jpg 1024w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management10-768x427.jpg 768w" sizes="auto, (max-width: 1280px) 100vw, 1280px" />															</div>
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									<p><a href="https://researchleap.com/entropy-approach-china-big-data-ecology/" target="_blank" rel="noopener">Source: (N.D)</a></p>								</div>
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									<p>Similar to risk sharing, risk transferring is also about the sharing of risk but particularly so to external organisations like a third-party or several organisations. It was originally derived from insurance where the signing of an insurance policy helped to transfer some of the risks from the policyholder to the insurer.</p>								</div>
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									<p>Back to the context of security, a risk transfer could mean outsourcing a unit of the security operation to a third-party vendor. Outsourcing does not necessarily mean that the company is not capable of managing the security operations — it could simply be that the third-party is more familiar or well-versed. By engaging the third-party, the company is essentially better positioning itself against the potential risks by sharing the responsibility with another qualified party.</p>								</div>
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					<h4 class="elementor-heading-title elementor-size-default">5. Retaining the Risk</h4>				</div>
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									<p>Some risks have low impacts but yet cost a lot to eradicate entirely. There is no fixed definition on the risks but here’s a guideline:</p>								</div>
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									<ul><li>When the cost of managing a risk is higher than the impact of the risk itself, it may be prudent to just contain the risk.</li><li>As long as the risks do not bring major disruption to the operations or safety of the firm, it may make monetary sense to simply retain it.</li></ul>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Conclusion</h3>				</div>
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									<p>These 5 principles can be used in conjunction or in part to help organisations achieve just the right amount of risk control to mitigate risks without over exhausting resources. The bottom line is to choose a suite strategy that best suits the risks (vs cost), and the skills and competency of your organisation.</p>								</div>
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									<p><a href="https://www.energi.com/wp-content/uploads/2019/08/AdobeStock_146018928-1080x675.jpeg" target="_blank" rel="noopener">Credit for Strategy Image: Adobe Stock</a></p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/five-risk-control-strategies/">Five Risk Control Strategies</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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		<title>Fool-proofing the Risk Management Framework with these 3 questions</title>
		<link>https://www.security-risksolutions.com/fool-proofing-the-risk-management-framework-with-these-3-questions/</link>
		
		<dc:creator><![CDATA[NthU53Nruz]]></dc:creator>
		<pubDate>Tue, 20 Oct 2020 05:10:24 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<guid isPermaLink="false">https://www.security-risksolutions.com/?p=4809</guid>

					<description><![CDATA[<p>Risk management is systematically executed based on the principles and processes outlined in the Risk Management Framework. To have a robust framework, three questions from the Three-Stage Risk Management Framework which we constantly use to ask ourselves: What could the problems be? What should I do about the problems? What happens if the plans go [&#8230;]</p>
<p>The post <a href="https://www.security-risksolutions.com/fool-proofing-the-risk-management-framework-with-these-3-questions/">Fool-proofing the Risk Management Framework with these 3 questions</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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									<p>Risk management is systematically executed based on the principles and processes outlined in the Risk Management Framework. To have a robust framework, three questions from the Three-Stage Risk Management Framework which we constantly use to ask ourselves:</p>								</div>
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									<ul><li>What could the problems be?</li><li>What should I do about the problems?</li><li>What happens if the plans go wrong?</li></ul>								</div>
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									<p>As much as a hassle it may seem, these questions decrease the likelihood of firms developing a weak Risk Management Framework which can prove futile when responding to threats. Firms do not want to be caught in a situation where manageable risks or threats are underestimated, resulting in detrimental consequences.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Question 1: What could be the problems?</h3>				</div>
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															<img loading="lazy" decoding="async" width="1280" height="720" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management5.jpg" class="attachment-full size-full wp-image-4821" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management5.jpg 1280w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management5-300x169.jpg 300w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management5-1024x576.jpg 1024w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management5-768x432.jpg 768w" sizes="auto, (max-width: 1280px) 100vw, 1280px" />															</div>
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									<p>Some common problems include wrongful assessment of risks and overlooking secondary risks related to the primary source of risks or threats. For example, a typhoon would be a primary risk whereas other events or calamities that happen as a result of which, such as flooding, landslide, land and air transportation disruption, power outages, internet &amp; telecommunication outages, damages infrastructures, human safety, food safety, health issues, and business disruptions, are all secondary risks. As one can see, these secondary risks are not new and can be avoidable or mitigable if only the stakeholders had taken them seriously and not waved them off as insignificant.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Question 2: What should I do about the problems?</h3>				</div>
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									<p>Failure to understand the nature and severity of threats would result in a faulty Comparative Risk Value model and the lack of resources to tackle the problems. Rather than turning a blind eye to the new threats or risks which are now uncovered, it is crucial to ensure that the model takes into account all of them and resources (such as manpower, equipment and budget) are rejigged to mitigate these risks. Regardless of how robust a response or solution may be, failure to understand each threat’s scale and scope can lead to failures in the response.</p>								</div>
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									<p>Drills and exercises should always be in place to test the effectiveness of the different security plans in place. Sometimes, it is only through actual testing that we know if something works or breaks. These drills and exercises also increase the response team’s awareness and responsiveness towards executing these plans.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Question 3: What happens if the plans go wrong?</h3>				</div>
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															<img loading="lazy" decoding="async" width="1280" height="720" src="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management6.jpg" class="attachment-full size-full wp-image-4822" alt="" srcset="https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management6.jpg 1280w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management6-300x169.jpg 300w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management6-1024x576.jpg 1024w, https://www.security-risksolutions.com/wp-content/uploads/2020/10/risk-management6-768x432.jpg 768w" sizes="auto, (max-width: 1280px) 100vw, 1280px" />															</div>
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									<p>Fig 2. Risk Control</p>								</div>
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									<p>Inevitably, some threats do get overlooked or mismanaged but they must not be forgotten – these experiences serve as a reminder and an opportunity to make remedies. One can do so by firstly, reviewing the Contingency Plans and patching up the gaps that led to a near-miss or actual crisis. Finally, these lessons should be analysed and used as a case study for the risk management team to rethink possibilities and ways to better mitigate or avoid such crises. One approach to do so would be for the managers to brainstorm for complex situations or even supposedly ‘unlikely’ circumstances and come up with several solutions/response plans for one risk agent and decide on the best one based on past experiences or tested effectiveness. Never say never – what is &#8216;unlikely&#8217; may not be that unlikely after all.</p>								</div>
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					<h3 class="elementor-heading-title elementor-size-default">Conclusion</h3>				</div>
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									<p>However robust our Risk Assessment Framework may seem, firms should conduct regular reviews to ensure the Framework is still relevant and effective to mitigate new threats and risks.</p>								</div>
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		<p>The post <a href="https://www.security-risksolutions.com/fool-proofing-the-risk-management-framework-with-these-3-questions/">Fool-proofing the Risk Management Framework with these 3 questions</a> appeared first on <a href="https://www.security-risksolutions.com">Security &amp; Risk Solutions Pte Ltd (SRS)</a>.</p>
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