The field of physical security has grown over the years and as has gained terms along the way that sometimes leave confusion as to the meanings. Some changes in terminology are hard to define as they reference characteristics of actual security personnel and are often used interchangeably, such as: Bodyguard, Protection Specialist, Executive Protection Specialist and so on. Other terms are introduced, but have been around much longer and are used in industries outside physical security. Risk management and risk assessment have long been confused with each other, but have significant differences. For a student looking for risk management training or risk assessment training it is important to know how these terms differ and how they inter-relate.
There are many definitions of "risk", but for simplicity it shall be defined as the probability of a negative event occurring, and the consequences resulting from that negative event. If I drive my car too fast on ice I will slide (probable negative event) and crash my car (consequence). Therefore driving too fast on ice is a risk.
Identifying that driving a car too fast on ice is a simple risk assessment. Risk assessment therefore can be defined as "the process of determining the likelihood that a specific negative event will occur." Risk assessment does not mean that the negative even will occur, just that based upon the available information the negative event is likely to occur.
Risk Management then becomes the process in which the risk is mitigated, eliminated or ignored. "If I slow down on the ice I would reduce the chance of sliding, therefore reducing my chance of crashing my car." Risk management becomes difficult when other factors have a significant influence in the decision making process. "I will put on tire chains to reduce the chance of slipping and therefore can go fast." The tire chains will reduce the chance of slipping, but it may not be as safe as driving slower. If the driver must get across town in a limited amount of time the tire chains may be the best option.
Risk assessment training involves obtaining the skills to properly identify the various threats that pose risks to businesses, organizations, or a person. The threats can be in the form of loss of proprietary information, theft of goods or services, damage to equipment, damage to reputation, and many others. It is the risk assessment that identifies the threats in order to better understand how to mitigate them. Without a proper risk assessment, there can be no risk management.
Risk management training is education that prepares a person to understand how to process the information from a risk assessment. Risk management is not as simple as the elimination a threat. The more restrictions or controls that are created to protect the organization the greater risk there is for a reduction in productivity. It is the job of the risk management team to understand the operational needs of the organization and weigh them against the known risks. The team then provides a quantifiable measurement of the overall risk and it is that measurement that will determine which approach shall be taken.
Although different, risk management and risk assessment go hand in hand in determining what approaches are best in dealing with threats to an organization. Threat assessment and threat management can also help the organization determine if a planned course of action results in too great a risk. Only with proper risk management training and risk assessment training can a person, group or organization truly understand, and benefit from, these processes.
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Dan Sommer works for Henley-Putnam University, a leading educational institution in the field of Strategic Security. For more info on Henley-Putnam University, risk management training, risk assessment training, call 888-852-8746 or visit us online at http://www.Henley-Putnam.edu
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