Key security areas in organizational risk management

Business Security Protection

In any business organization security of the organization is one of the most important factors. There are many different areas where security must be assessed. Some of the ways in which an organization must assess their security are: loss prevention, crime prevention, asset protection, security management, and risk management. In this paper I will discuss the importance of each of these security issues starting with the least important to the most important in the business environment.

Loss Prevention

Loss prevention is an important part of any organization. The business must protect the merchandise from theft. There are many different loss prevention plans and strategies that exist. Creating a plan for emergencies is important, plan for extreme weather conditions, unforeseen employee situations, and theft. A part of the business plan should include contacting FEMA and developing a plan for unforeseen disasters. Conducting an employee background check prior to hiring them is an important part of the loss prevention plan.

Asset Protection

Asset protection allows business to "prevent or significantly reduce risks by insulating the business and personal assets from claims of creditors" (Rando, 2011). Many business owners do not understand the risks they are taking and the potential risks that can harm the business. The best way to protect your business is to establish a legal strategy, and put it into place before any lawsuits are filed against the organization. Educating yourself and employees about issues such as sexual harassment is important.

Security Management

Security in any organization is essential. Ensuring the business information is securely stored and confidentiality is maintained is an important part of any organization. Proper partnership agreement should be established. Investing in computer software that offers protection such as password protection, which should be given to only to authorized personnel. Partner risk management should be evaluated regularly and a plan should be created for if partner that would like to leave the organization.

Risk Management

Risk management is the most important security protection plan in any business organization. Risk management is the identification, prioritization and assessment of risks in the company (Wikipedia, 2010). Risk management includes protecting the company from fraud, theft, assessing risk, evaluating and maintaining security. The company should always carefully assess any risk that the business is exposed to. It is assessing and managing threats that could severely impact the organization. This includes banking and investing strategies, and getting the appropriate insurance protection for the business (McNamara, 2010).