The threat of terrorism is nothing new. However, the nature of that threat never stops evolving. That’s why it’s vital for businesses to strengthen their resilience by understanding and reducing the risks that terrorist attacks pose to their people, property and data.
We understand that every organisation faces its own unique challenges and risks based on the nature of its business, its profile, its people or its location. Corporate Risk Management is an approach which attempts to reduce exposure to the most serious risks by identifying, monitoring and tackling key risk factors. It is not just about risk reduction or avoidance: it involves balancing risk and opportunity, or one set of risks against another. Your risk management framework will likely consist of a series of management policies and practices implemented to manage such risks and minimise their impact.
Whether focusing on compliance, security, or other issues, we can help you develop your risk plans and devise a customised strategy for managing terrorism risk by providing you with the tools and information to:
Our unique Vulnerability Self-Assessment Tool (VSAT™). Developed within our specialist SOLUTIONS division, is a straightforward and free to use application, providing you with a bespoke security best practice risk management assessment. Specially designed for medium and large businesses, VSAT™ empowers organisations to determine the current state of their security risk management and identify potential vulnerabilities in order to address them in line with UK Government best practice advice.
Following your VSAT™ assessment, you will receive a comprehensive risk profile and an Executive Summary listing practical recommendations on measures to reduce risks and vulnerabilities. You will also be offered post-assessment support with one of our expert security professionals via a free one-hour telephone or virtual workshop. Additionally, organisation who meet the minimum standards required can apply for a Loss Mitigation Credit (LMC) equating to a 7.5% discount on insurance premiums – applicable for 3 years.
Enables informed decision making based on a clear understanding of the current state of your
security risks. Prioritisation of risk improvement strategies result in improved resilience to disruption following an unexpected event such as a terrorist attack. Good security risk management also provides protection against other crimes such as theft or cyber extortion. You can also use our VSAT™ visual dashboard to document and track your progress helping monitor effectiveness and/or provide reports on progress or any necessary adjustments required.
To further assist you we have produced an indispensable guide to six essential security categories, which provides you with a complete overview of the principal security risks and the best practice advice we recommend you subscribe to.
Our comprehensive Best Practice Counter-Terrorism Security Guide is designed to help you understand the risk zones. It’s a robust collaboration between our in-house experts and protective security professionals who draw on extensive research, experience and advice drawn from within Governmental and relevant professional organisations.
Risk Management in practice
Situation: A large retail business wished to understand it’s current state of preparedness to mitigate the terrorism threat to its business operations in order to identify vulnerabilities in its governance structures as well as across its portfolio.
Solution: The client undertook an initial benchmarking exercise using Pool Re Solutions’ Vulnerability Self-Assessment Tool (VSAT) to assess how well it matched against recognised best practice for a number of specific categories including Physical Security, Personnel Security, IT, Corporate Profile and Processes and in-place emergency plans and procedures. VSAT produced a report with an assessment of the risk rating of the business as well as links to specific advice. In addition, Pool Re Solutions engaged with the client in a workshop to provide additional detailed advice as well as help design with the client a prioritised risk improvement plan.
Benefits: The client’s Board were able to identify where vulnerabilities existed and received advice on how to mitigate the issues. In addition the bespoke risk improvement plan enabled them to prioritise and resource activities against their budget and in line with their risk appetite.
Result: A clear and concise report providing analysis of how their business was meeting the threat of terrorism and a clear and articulate plan, based on best practice advice, that was resourced appropriately.
Situation: A large infrastructure project wanted to assurance that the security design and governance procedures it planned to introduce were appropriate to the terrorism threat facing the project during its construction and once in operation.
Solution: Pool Re Solutions worked with the client through a series of interviews to identify the current plans and proposals as well as the planned operating strategy. Utilizing our consultants’ expertise, many of whom have decades of experience working in counter-terrorism, Pool Re were able to identify a series of likely and most dangerous scenarios that were appropriate to the planned activities of the project. The loss scenarios were then discussed in a workshop comprising our consultants and key stakeholders from across the client organisation as well as representatives from the insurance sector.
Benefits: The client was given a set of realistic loss scenarios from which it could focus its finite resources on appropriate planning as well as being able to budget in line with risk appetite on a prioritised set of mitigation strategies.
Result: The Board was assured that the correct attention was being focused on those loss scenarios that were most relevant as well as being agile enough to manage the worst case scenarios. In addition, the risk management team were able to engage with insurance stakeholders to ensure that the proposed insurance programme adequately covered the sort of events that might occur.
Situation: The client was a strategic transport hub. The risk management team were seeking assurance that the correct assumptions had been used to inform the structuring of the insurance programme and to assess whether there were gaps in the programme not covering emerging risks.
Solution: Pool Re consultants reviewed the clients current contingency plans and procedures against a set of bespoke loss scenarios that were developed to reflect an accurate assessment of the threat facing the business. From this each loss scenario was quantified to identify the levels of impact that could be caused, the probable and maximum levels of loss that could be incurred, the likely additional costs that might be incurred whilst recovering and an assessment of the duration of the recovery. In addition an assessment was undertaken to review the current preparedness and resilience of the business in order to see if improvements could be made that would reduce the likelihood, impact and duration of an event.
Benefits: By undertaking the review, the client was able to ensure that its security arrangements, contingency plans and procedures matched the current and emerging threats. Additionally, the Board were able to review the current insurance programme after it was confirmed that the correct assumptions were made.
Result: The Board were able to take strategic decisions to adjust the programme based on a thorough understanding of the likelihood and potential impact of a set of appropriate loss scenarios facing their business and that matched their risk appetite and strategic plans.
Ready to take the next step?
Simply put, undertaking the free-to-use VSAT™ service will help you and your organisation identify potential security vulnerabilities and tackle them head on. Other exclusive benefits include:
- The chance to qualify for a Loss Mitigation Credit (LMC) equating to a 7.5% discount on insurance premiums – applicable for 3 years
- An executive summary and comprehensive risk profile listing practical recommendations on measures to reduce risks and vulnerabilities identified in the assessment
- Post-assessment support with one of our expert security professionals via a free one-hour telephone or virtual workshops
- A level of assurance to Boards of the current state of your organisation’s risk management capabilities
- Informed decision making based on a clear understand of the current state of your security risk management.
- Prioritisation of risk improvement strategies
- Improved resilience to disruption caused by an unexpected event like a terrorist attack, and protection against other crimes such as theft or cyber extortion
- Flexibility to resubmit answers and return to review progress
- Visual dashboard to document and track your progress
VSAT™ is here to help you and your organisation protect against terrorism risk, click the link below, call your broker/insurer or contact us at VSATSupport@poolre.co.uk for more information today.