Three Things Large Corporations Can Learn From SMEs When Managing Risks

A couple of weeks ago I was very fortunate to host one of the round tables during the Federation of European Risk Management Associations (FERMA) risk seminar in Malta. The experience of brainstorming for 45 minutes with representatives from various small and medium enterprises (SMEs) highlighted some major problems with modern-day risk management and risk managers. Here are three things that everyone could learn from … [Read more...]

Loss Prevention Tips For The Peak Sales Season

So, the peak Christmas sales season is already upon us! For many retailers, the months of November and December offer the benefit of making a high dollar return on full-priced merchandise, while January provides the best opportunity to clear aged or seasonal inventory. In terms of cash passing through the registers, a retailer’s sales can be expected to rise sharply throughout the peak Christmas period. Along with the … [Read more...]

External Risks And Shocks – How Resilient Is Your Organisation?

The fact that today’s businesses are global is not news, but the extent of the globalisation of trade and commerce – and the risks it presents – are far from understood. In an increasingly interdependent world, organisations are often on the frontline when it comes to systemic shocks, catastrophic events or unanticipated political upheaval. The recent Brexit referendum in the United Kingdom produced a far from united … [Read more...]

Three Fatal Mistakes Most Risk Consultants Make

Warning: this article may upset some conservative risk managers. Risk management in modern non-financial companies is very different compared to five years ago. The level of risk management maturity, for lack of a better word, has grown significantly. As more and more companies across the globe are looking to implement robust risk management, the demand for risk management consultants is also growing. Unfortunately, not … [Read more...]

Countering New-Style Terrorism: Leveraging On Rehabilitation, Local And International Cooperation

Terrorist attacks such as September 2011 in the United States (9/11) and the attacks in Spain (11th March 2004) and Britain (7th July 2005) have marked the dawn of global terrorism (Martin, 2004). In this new era, terrorism is increasingly seen in a different dimension than traditionalists’ objectives, as it knows no bounds and no boundaries (Netanyāhû,1981). New-style terrorism is attributed to the effects of … [Read more...]

Cyberfraud Trends

Cyberfraud and cybertheft tend to be underdetected and underpunished in most countries, including Australia, but it is estimated the amount being stolen from corporations worldwide at present totals approximately $4.9 trillion a year – or close to five percent of global gross domestic product (GDP). Australia’s GDP in 2015 was $1.62 trillion. Most fraud and financial crime today is conducted over the Internet, which … [Read more...]

Crime Statistics And Risk Management

When I started my research in the late 1980s, I quickly came to the view that risk management is a simple idea that is implemented easily in most routine circumstances. However, there are some situations when there are many complicating factors that can result in poor decisions and risk management failure. The authors of standards like AS/NZS 4360, ISO 31000 and ANSI/ASIS/RIMS RA.1-2015 cannot provide a standard risk … [Read more...]

A LOSS PREVENTION INTROSPECTIVE

The modern retail loss prevention/risk management function can be described as a multifaceted role that, to achieve sustained success, requires a multifaceted approach. Fundamentally, it is a hugely influential and important role that has the potential to deliver significant savings to the company’s bottom line if performed to its full capacity. In recent times, the role of loss prevention has shifted dramatically, moving … [Read more...]

Security In Emergencies

There is, or there should be, a strong bond between security and emergency management. Security is predominantly about prevention and emergency management about the response, but they overlap in that both need prior planning, training, procedures and interoperability and both should be concerned with the before and after aspects of an incident. Unfortunately, there is often a significant disconnect, particularly where … [Read more...]

Terrorism Is The New Norm

The security manager can no longer believe that terrorism is an extreme and unlikely event. It is now part of the normal operating environment and every organisation should recognise that armed assailant/active shooter, bombings and hostage takings are to be expected. There is no excuse for the defence “we did not think it could happen to us”. Terrorism is actually a definition of motive; the underlying purpose being … [Read more...]

Review of ARPI’s Strategic Risk Policy 2016

A not-for-profit organisation called the Australian Risk Policy Institute (ARPI) recently published a paper entitled Strategic Risk Policy 2016. In the paper, ARPI argues that they have devised a new approach to avoiding risk that is different to conventional risk management. The paper is not an academic argument, nor is it in the form of an industry standard for practitioners. ARPI describes it as a guide to risk policy … [Read more...]

How Can The Cybersecurity Skills Gap Be Closed?

There is a need for businesses to take a planned approach to cybersecurity awareness, training and education to ensure visibility and capacity to respond. According to a recent speech in Parliament, Julie Bishop, Foreign Minister, stated, “The Australian Signals Directorate detected more than 1,200 cyberattacks against Australian interests in 2015.” These attacks primarily targeted Australian government and businesses … [Read more...]

THE PANAMA PAPERS – A BLOW FOR TAX CHEATS WITH CONSEQUENCES

The Panama Papers have caused major reverberations around the world; in governments and businesses. There has been massive media and public interest in the content of this huge tranche of commercial documents. The disclosure of the off shore tax details of over 214 000 shelf companies has some quite extraordinary implications - including in Australia. The fall out has spurred politicians and tax agencies around the … [Read more...]

Open Hand Versus Closed Fist – Practical Application For Public Safety

Many operational safety training programs still teach closed fist strategies to officers for resolution of violence and subject control. However, with the increased incidence of severe and sometimes lethal consequence of closed hand attacks, there is little logic in officers using closed hands for control when open hands are far safer and more versatile. With regard to the open hand versus closed hand striking debate, … [Read more...]

Security Professionals: The Board Is Not The Problem – We Are

More and more, security professionals are grumbling about boards not understanding security issues. Is this really the issue, or is the problem that security professionals do not understand the role of the board? Do security professionals sometimes confuse the board and the company’s senior management? Role of the Board According to the Institute of Directors (IoD), the board’s key purpose “is to ensure the company’s … [Read more...]

The Time For Micro-Segmentation Is Now

Corporate security strategies are failing, so leaders must re-tool to face the latest cyber threats. It could be said that 2015 was the year cybercrime became mainstream. Companies from all over the world, including the likes of Kmart, David Jones, Aussie Farmers Direct and Queensland TAFE locally, as well as JP Morgan Chase and Ashley Madison globally, all came under scrutiny as their breaches became mainstream … [Read more...]