Enterprise Security Risk Management
What is Enterprise Security Risk Management?
Enterprise security risk management (ESRM) is an approach to security management that strategically aligns an organization’s security practices to its mission and goals. Security professionals who conduct this type of risk management need to understand the organization’s context, including mission, vision, values, operating environment, and stakeholders.
The ESRM cycle is built on a foundation of trust, partnership, and holistic risk management. In the ESRM cycle, The Oxman Group professionals work with business owners on a security assessment to identify and prioritize assets and risks. Based on the security assessment report, security professionals provide guidance on how to mitigate the prioritized risks. Finally, the cycle repeats for continuous improvement of the security program. The practice of ESRM creates a partnership between security and business owners to help management make informed decisions about the security of their organization.
Why Do I Need Enterprise Security Risk Management?
The objective of ESRM is to identify, evaluate, and mitigate the impact risks on an organization’s security system with a focus on helping the organization advance its overall mission. ESRM considers security risks throughout the organization, holistically incorporates security disciplines, and relies on partnership and mutual understanding of the organization’s mission and vision.
It can be adopted by any type of organization, regardless of structure or size, to improve its overall security. It can also be adopted by independent functions within the organization (e.g. physical, information, cyber) or by one converged security function.
ESRM is meant to give organization management and owners a greater understanding of security protocols and risks in the context of their organization.
While security professionals advise and partner with these stakeholders, all final security decisions are the responsibility of the asset owner. ESRM can be woven into a preexisting enterprise risk management system or can stand alone with significant benefit to the organization.
What Are the Benefits of Enterprise Security Risk Management?
ESRM provides many benefits to an organization, including but not limited to:
Enabling critical decisions around security risks at an enterprise level to support the organization’s mission and objectives
Allowing business owners and other stakeholders to develop a greater, more consistent understanding of the security function’s role
Better alignment of security resources and organizational strategy to effectively manage risk
Early identification and monitoring of threats as well as improvement in the overall efficiency of the security program
Integrating security into the culture of the organization
Enhancing organizational resilience and crisis management capabilities
ESRM seeks to transition the security professional from a delegate role to a partner role. In a partner role, the security professional is a strategic resource to the organization with an informed, holistic view of its activities. Successful and sustainable implementation of ESRM requires engagement from both parties to establish organizational policies, standards, and procedures to identify, monitor, and manage enterprise security risks.
Learn More About How Enterprise Security Risk Management Can Help You
Need help with your business security in Fort Worth? Give Total 360 Security a call today at 817-677-0515.
