What is the biggest risk facing your company?
In a recent Forbes magazine column, the top 10 global risks facing businesses were identified, according to the AON Global Risk Management Report. I am pleased to share how the Security Industry Association (SIA) is working to mitigate some of the risks facing SIA Members and the industry.
According to the AON report, the top global risks facing businesses are as follows:
- damage to brand/reputation
- economic slowdown/slow recovery
- regulatory/legislative changes
- increasing competition
- failure to attract or retain top talent
- failure to innovate/meet customer needs
- business interruption
- third-party liability
- property damage
Let me take this opportunity to address a few of these risks.
Damage to Brand/Reputation
The threat to manufacturers from counterfeit products is clear: loss of sales, loss of brand reputation and even potential legal problems.
For dealers, installers and integrators, the risks are similar. Using counterfeit parts, even unknowingly, can result in lost customers, lost reputations and lawsuits.
Earlier this year, SIA released a brochure, cosponsored by ISC Events and the ASIS Foundation, to provide businesses with recommendations, tips, and links to resources to help them identify, prevent, and report counterfeit product.
Regulatory and Legislative Changes
SIA’s government relations team each year reviews hundreds of state legislative proposals that would limit the use of security technologies, or conversely, proposals that mandate installation of video cameras, carbon monoxide detectors and other security devices in residential and commercial settings.
Our efforts extend to Capitol Hill and many federal agencies where SIA has successfully influenced the development of regulations issued by agencies including the Federal Transit Administration, General Services Administration, and the Departments of Commerce and Justice. Information about emerging government policies is reported through our publications, Inside SIA Government Relations and State Policy Digest.
Attracting and Retaining Top Talent
On Jan. 18, 2016, SIA’s vision for developing a program to produce a pipeline of talented and qualified prospective employees will become a reality.
In partnership with Mercer County Community College, an institution with a strong IT curriculum, SIA will launch an Applied Science Degree in Security Systems Technology degree program that will provide students with a practical blended-learning experience in the areas of security sales, product technology, project management and security integration.
As Mercer College, located in New Jersey, maintains one of the most diverse community college student populations in the nation, this program encourages greater diversity within the security industry.
The SIA Board of Directors recognizes the profound impact and risks associated with potential cyberattacks. The Board believes SIA should help raise our membership’s awareness about emerging cybertrends and best practices that businesses may adopt to protect their operations from such attacks. The SIA Cybersecurity Advisory Board was established for this very purpose.
The SIA Cyber Board is managed by SIA Director of Standards Joe Gittens, and it is comprised of a distinguished of physical and IT security experts. To support their efforts, SIA Members will soon be contacted for their views about the specific cyber-related information that may provide the most value to them. That SIA Member feedback will guide the development of a “cyberhygiene” checklist for use by our member companies as part of the Board’s initial activities.
In the coming weeks, I will solicit our general membership for their ideas on how SIA may be able to expand our products and services to help our members lessen these risks and others.