Pinkerton, a global provider of corporate risk management services and a pioneer in holistic risk management strategies, announced today that it commends ASIS International, the leading association for security management professionals worldwide, on adopting a holistic approach to risk management with the announcement that enterprise security risk management (ESRM) will be a global strategic priority for the association in 2017.
Pinkerton was one of the industry’s first organizations to adopt a holistic methodology for assessing risk a number of years ago. At that time, company leaders recognized that too much attention on one area of security and risk management can lead to unintended consequences or unpreparedness elsewhere within an organization, and that a holistic approach better accounts for how risk impacts every aspect of an organization. This approach is illustrated through Pinkerton’s Risk Wheel, which breaks down risk into four distinct categories: Hazard & Event Risk, Operational & Physical Risk, Technology & Information Management Risk, and Market & Economic Risk. This method helps business leaders determine where to look for threats and risks and how one area of risk affects another.
“Having ASIS International adopt a risk total perspective that Pinkerton help pioneered is validation that our line of thinking then was the future of the risk management industry and the most comprehensive way to help organizations truly and fully assess and mitigate risk,” said Jack Zahran, president of Pinkerton. “We recognized that the risk landscape was changing, and threats to businesses were becoming less localized and more global. This connectivity has created previously unthinkable efficiencies in the business world, but it has also opened organizations up to new and emerging threats that need to be accounted for. A holistic approach is the standard to truly make those assessments and implement the proper mitigation techniques—and the adoption of this perspective by ASIS is a great step for the industry.”
Pinkerton took its holistic approach to risk management a step further in 2016 with the launch of the Pinkerton Risk Index Report. This advanced analytics tool leveraged local, national and international data sets to measure the type of risks that exist and the degree to which they impact organizations in countries around the world. The report effectively proved the need for a holistic approach to risk management by demonstrating the interconnected nature of different types of risk. To view the full report, click here.