One of the keys to a successful business is effective risk management – any important business decisions should be decided based on an understanding of the risks involved, and how they are being managed.
There are four specific ways to manage risk. Each has their advantages and disadvantages; the way they are managed should ultimately be decided on the cost effectiveness to mitigate them based on the impact they may have on the business’ reputation and/or bottom line.
Risks are managed as follows -
An approach that eliminates the risk. This is usually achieved by avoiding the business practice where the risk can impact it (This is likely to be impractical for our clients as this may mean they could no longer do business);
Where no action is taken to mitigate or reduce the risk. This may be due to it not being cost-effective or that the impact or likelihood is deemed so low that it is acceptable to the business;
Achieved through the use of various forms of insurance or the payment to third parties who are prepared to take the risk on behalf of the organisation;
Controlling the risk through specific actions to reduce the likelihood and/or impact of the risk - also produce contingency measures to reduce the impact of an event after it has occurred.
Vigilance is in the business of Treating risks for our clients. We provide measures that help to reduce the likelihood of damaging activities from occurring, and reducing the impact to their businesses should they occur.
Treating the risk has a number of advantages to our clients. Not only does it reduce the likelihood and impact of criminal activity to their businesses, but it also helps to reduce to cost to them when Transferring the risk (taking out insurance) as the risk to the transferee is now reduced.
Vigilance is currently developing a tool that allows us to carry out a risk assessment of our clients’ assets, which is able to show them exactly how our services can mitigate specific risks to their businesses, and therefore reduce the likelihood and impact of those risks.
Understanding the risk underpins our ability to deliver a high-quality service for our clients. This enables a truly tailored service, ensuring each risk to our clients’ asset can be identified, analysed and managed appropriately.
Get in touch to find out more how our risk assessment can benefit your business; firstname.lastname@example.org
When it comes to safeguarding property, there’s no doubt that technology is incredibly useful. But to be truly effective, it needs to be part of a larger whole: just one element within a coherently designed security strategy. Find out more about our approach.
This month we sat with Chris Gill, Head of QBE risk management services for QBE Business Insurance in the UK & Ireland, EU, Canada and Dubai. We have been successfully working in partnership with QBE to deliver security solutions for clientele across the UK.
Vigilance is a trusted security partner to a number of the UK’s largest insurance firms. We work on their behalf to provide security advice to their clients, ensuring that potential security weaknesses have been effectively identified, assessed from a risk perspective and have the adequate security measure identified to meet this risk.
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