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Enterprise risk management with video surveillance solutions

risk management

Posted On: March 23, 2021

An enterprise is all about the risks, those taken and the ones forfeited. Knowing one from the other, however, is what brings true value to a business and its management. Risk management, the term being self-explanatory, revolves around the idea of establishing a safe and secure premise that provides protection to all its resources, assets as well as personnel.

Irrespective of its size, an enterprise is always at the receiving end of some level of threat, whether due to external factors or internal discrepancies. From the dim-lit cafe just around the corner to the textile factory across the town, businesses of all sizes have to plan against possibilities that might create uncertainty for the enterprise. Combining a wide variety of risks faced by businesses under two major categories – Pure and Speculative, both of these have to be managed separately, due to their vastly variant purposes.

Pure risk

Accidents can happen anywhere, anytime, without much of a warning set out before they do happen. Break-ins and planned theft administered from external sources or internal pilferage and compliance issues can cause a great deal of damage to an organization and its reputation. The unpredictable set of risks faced by organizations, right from accidental or intentional mishaps to natural calamities, are usually termed as pure risks. Being mostly out of the control of the managerial staff, these incidents are hard to monitor.

As unpredictable as their occurrence might be, their possibility is predictable. Knowing the kind of risks that their organization might face in the unforeseeable future; enterprisers have to plan for the right course of action to handle these incidents.

Speculative risk

Unlike unpredictable risks, speculative risk is the one businesses plan for. Whether it’s a new product line being launched, which may or may not be received as expected, investing in stocks, or buying junk bonds; a speculative risk is a choice made by enterprisers for the further growth of their business, the risk inviting both gain and loss.

While speculative (strategy) risks are self-triggered and can result in either gain or loss, pure risks only lead to losses to be incurred by enterprises, unless they are regulated. Keeping these in check, however difficult, is necessary for the longevity of the establishment.

Where video surveillance finds utility in risk management?

Pure risks can either be internal or external, requiring a proactive mechanism that can, even without previous intimation, predict probable causes of risks, notify authorities about it and at the same time reduce the threat it brings to the enterprise.

The process of risk management includes the acknowledgment of the risk, its deterrence using surveillance mechanisms, and overall continuous maintenance forthwith.

Frequently occurring accidents and violent behaviour inside premises, displacement of equipment, or any other unprecedented incident taking place inside or around the premises is a warning for enterprises to build up their surveillance mechanisms. The use of cameras and smart sensors that not only record but also notify authorities comes in handy when it comes to acknowledging the presence of any type of threat. These cameras and sensors, placed strategically around sensitive areas and access points of the organization, allow employers to monitor their premises and mitigate risks as they arise.

The acknowledgment of risks is then followed by using the surveillance mechanism to deter any unauthorized activity from taking place in or around the premises. While accidents like falls and trips cannot be regulated, constant vigilance over the employees and their health can help authorities take actions whenever needed. Wet and freshly mopped floors being a major reason for falls in offices can be monitored, simply by ensuring that a sign for the same has been stationed near the area as a warning, for everyone to be careful. Cameras installed across the site and motion sensors set up near doors with restricted access can help regulate the entry of unauthorized personnel. A similar setup on the boundaries of the premises ensures no outsider is allowed entry without permission. IP cameras and smart sensors, equipped with smart analytics and over the network transmission of data in real-time allow employers to stay in constant contact with their premise and monitor each and every movement they wish to monitor.

The surveillance solution not only enables authorities to deter any criminal activities or reduce the probability of injuries and accidents; it also provides the premise with round-the-clock surveillance, assisting responsible personnel in maintaining a certain level of organizational productivity, all the while preventing any harmful incident from occurring.

Some basic risk management strategies

An intruder trying to break into a warehouse at night or a young kid mistakenly breaking a retail store’s window after hours; both situations should raise alarms when it comes to the security of the premises. However, evaluation of the situation should be the next step, taken without any halt or negligence. Surveillance staff, at the other end of the surveillance mechanism, along with other authorized personnel, can view the footage recorded upon receiving the notification, validate the presence of an intruder and contact local authorities to stop the intruder from causing any damage. The same, however, may not be a requirement in the latter case. A surveillance personnel deployed to go talk to the kid, contact his parents and take the required actions can be enough.

Understanding that different situations require different sets of steps to be taken, an enterprise has to go through a screening of all events to identify the risks faced by their enterprise, analyse and evaluate the situation at hand, treat the risk and follow through with appropriate measures to ensure that a similar situation does not arise again.

Identify the risk

Finding out what the issue is, who the culprit is, and what the damage is. Identifying the risk is majorly dependent on the type of surveillance system one has stationed at their premises. An integrated surveillance mechanism that allows employers to monitor their site in real-time to identify the threats before major damage is done, is an important investment venture for monitored risk management. Situations involving an employee trying to enter the server room or storage unit; or getting into an argument with a fellow employee can be regulated with an IP camera that can notify authorities automatically.

Analyse and Evaluate the risk

Smart cameras and sensors are not only equipped to record incidents but also analyse the situation at hand. Without requiring any human intervention, smart cameras can identify changes in behaviour of a personnel or the presence of any unauthorized person or object inside the premises. These cameras can be trained to count the total number of people in its view while also capturing high-definition images of their faces, their vehicles, weapons, or anything else they might have carried. This way, not only does the surveillance personnel know that an intrusion is at hand but can also analyse how substantial the threat truly is.

Treat and Monitor the risk

The evaluation of the gravity of the situation is then to be followed by its treatment. This could entail deploying surveillance personnel to handle the situation at hand, deter the criminals by issuing a warning via a two-way audio system, or simply contacting the local authorities for help.

Video surveillance solutions are a major part of risk management for enterprises, especially when it comes to the safety of life and property. Protecting employees from any unexpected ruse, safeguarding the enterprises’ interests, and maintaining a safety net around the premises are basic requirements that need to be fulfilled before enterprises can focus on other ventures.

Looking for security & surveillance solutions for your enterprise, Get in touch with IGZY today.