As businesses grow and evolve, so do their risks. The risk landscape is constantly changing, and organizations must adapt and take proactive measures to protect themselves from potential threats. One way to achieve this is through Enterprise Security Risk Assessment (ESRA), a process that goes beyond traditional risk assessments to provide a topographic view of the organization's integrated whole and identify and manage risks more effectively.
At SERT Pty Ltd, we specialize in ESRA, using our unique approach to problem-solving, and the SRMBOK framework, along with the appropriate technology, to deliver innovative and practical solutions to our clients. Our team of experts, with their diverse backgrounds and experience, is committed to taking an ROI approach to risk management, looking at problems through the lens of risk management to find the most effective and efficient solutions for our clients.
Effective ESRA can lead to various benefits, such as improved ROI, enhanced compliance, increased safety, cybersecurity, and protection against ransomware and terrorism. By identifying and managing risks, organizations can make better decisions, improve operational efficiency, and reduce costs.
At SERT Pty Ltd, we have worked with clients in different domains and industries, including government agencies, the resources sector, transportation, and financial institutions. Every organization is different and requires us to leverage our expertise and experience to deliver solutions that exceed expectations.
In a typical example, one of our clients, a large global organization, struggled with high costs related to ongoing security losses associated with security culture and cyber incidents. We conducted an ESRA and identified areas to reduce costs while increasing the effectiveness of their security and risk management program. Based on the findings of the ESRA, we conducted a training needs analysis and developed a functional specification for an integrated electronic access control system (EACS). We also assisted them with procurement advisory services for a security guarding contract and EACS implementation. Collectively this resulted in significant cost savings for the organization, with twelve to eighteen-month payback periods on these activities, as well as improved compliance with regulatory requirements.
Despite the benefits of ESRA, there are still some common misconceptions about the process. For example, some organizations may assume that ESRAs are only relevant to large organizations or that it is an expensive and time-consuming process. However, an effective ESRA can be tailored to the specific needs of the organization and can be conducted in a cost-effective and efficient manner. Enterprise Security Risk Assessment isn't just doing a series of risk assessments. An ESRA looks at the integrated whole of the enterprise and how security supports the organization's objectives. The concept of Enterprise Risk Management (ERM) can be considered a tidal rock pool with some high ground, such as rocks we can stand on, but with many holes, we could twist a metaphorical ankle in. Taking a topographic view of the rock pool is necessary to identify risks rather than getting down in the weeds and looking for every little risk. This is the model of enterprise risk management that can help organizations identify and manage risks more effectively.
Choosing the right advisory service for ESRA is crucial. SERT Pty Ltd's approach to ESRA involves using the international standard for risk management (ISO31000:2018) to provide holistic and practical solutions to our clients. We believe that our unique approach sets us apart from other advisory services. Our team of experts, with their diverse backgrounds and experience, have almost 300 years of combined experience working closely with our clients to understand their needs and objectives and deliver solutions tailored to their specific requirements.
Our team of global thought leaders is second to none regarding enterprise security risk assessment. Many things set us apart from the others; not least of all, we are proud to have authored the book on Security Risk Management. The Security Risk Management Body of Knowledge (SRMBOK), available from Amazon, is a widely recognized and respected resource in the industry.
Many things contribute to a sustainable business, and ESRA is becoming a critical business enabler in the 21st century. By identifying and managing risks, organizations can make better decisions, improve operational efficiency, and reduce costs. Choosing the right advisory service for ESRA is also crucial. At SERT Pty Ltd, we are committed to delivering innovative and practical solutions to our clients, no matter the problem. Contact us today for a tailored proposal, and let us help you manage your enterprise risks for sustainable business growth.