In the first episode of the hit Netflix show Ozark…
(*first episode spoiler alert)
”¦ the protagonist Marty (played by Jason Bateman) is led into an industrial basement space with his whole team of project managers. They deal in real estate, corporate security, and a side of money laundering. People have been pilfering money. Eight million dollars is missing, and someone must be accountable to the big boss, the owner of a drug cartel who relies on this team for a legitimate business to funnel his money into. No one knows who was stealing the money or where it went, and it goes very badly for everyone but Marty (to put it mildly).
While we assume that your day-to-day as a security or risk professional isn’t as dramatic, the need to track your operations with an eagle eye to potential threats may feel similarly stressful and high stakes. So how can security and risk professionals have a better view into where losses and incidents are coming from? And how can they clearly communicate the value of their security risk management efforts to senior leadership?
We answered these questions on a recent a webinar for corporate security teams called “From Incidents to Insights.” Resolver’s Corporate Security product managers, Artem Sherman and Jamie Burr, took attendees through the Corporate Security Value Cycle: Collect, Analyze, Act and Report. We encourage you to watch the hour-long playback, but we’ve also summarized key points for busy security professionals.
Read on for four key questions from the webinar to get you thinking about how your corporate security team can leverage an incident management software solution like Resolver to centralize incidents, investigations, risk, and security operations, quickly transforming data and reporting into meaningful risk intelligence.
1. Where Does Your Incident and Reporting Data Live?
We often see clients coming to us with incidents logged all over the place, making analyzing and reporting a nightmare for security teams. As a risk intelligence software solution, we value having a centralized source of truth, saving teams hours tracking down binders, spreadsheets, and disconnected reports.
A common complaint of corporate security teams is that they are seen as a cost center to the business and not a valued and strategic partner. Sherman, a former corporate security leader at national retail operation TJX Canada, believes better data can shift the conversation with your company’s leadership. “The more data and data types you can collect into one centralized system where it can be structured, related, and made useable, the easier it is to analyze and gain insights, which then enables you to be strategic and have more impact within your organization.”
Looking for patterns in incidents is much like looking for a needle in a haystack, Sherman says. “We only want to be working with one haystack. That’s where having our data in one place is important. A unified centralized system allows the organization to focus efforts and take advantage of the best concepts and tools.” This breaks down siloes of manual administrative reporting work, which can be a drain on resources and slow things down with different methodologies and objectives that don’t overlap.
2. How Easy is Your Incident Reporting and Data Collection?
It’s hard to collect incident data if employees don’t feel comfortable reporting. Burr recommends tools for anonymous reporting—like a phone hotline or link to a direct email for reporting within the company—to give employees a way to log tips and events quickly and without any personal fear of exposure.
Using our client JetBlue as an example, Sherman highlights the importance of making reporting into a centralized data bank as simple and easy to adopt as possible. Serving 42 million customers per year, JetBlue’s objective is to get their 115,000 daily customers to arrive safely and on time with their luggage. That translates into one of the security objectives being, “reduce all incidents of pilferage, including luggage theft.”
“The challenge for JetBlue is that they were receiving many incident reports from a variety of sources: flight crew emails, phone calls…and they did not have a solid foundation for data intake and retention in order to build proactive analytics programs.” The solution for JetBlue was implementing a unified platform for data capture analysis and workflow management, which was customized to align with their specific needs. “Their program became proactive rather than reactive,” says Sherman.
The data compiled in Resolver was used to:
- develop baselines,
- produce quarterly reporting, and
- effectively deploy resources to counter the emerging trends that JetBlue saw in the data.
By using Resolver, JetBlue was able to reduce pilferage by as much as 30%.
Read more about how our 3.6 release simplifies email and hotline reporting.
3. How Are You Analyzing Data So Your Team Can Act On It?
“Following the robust collection mechanism that reaches into all corners of the organization, we have to make some sense of that volume,” says Sherman.
Sherman points to his former employer and current Resolver customer TJX Canada. With 500 stores across the country, the TJX security team’s objective was to reduce merchandise losses through comprehensive programs. “The challenge for TJX was that they were operating in a reactive and iterative manner without good ways to accurately measure the effectiveness and performance of the many programs and initiatives at a high resolution,” explains Sherman. “It was hard to get a sense of the impact of any one investment on their results.”
The solution was implementing a unified platform that allowed them to collect structured data across all of their stores at frequent intervals. By measuring and reacting to trends more quickly and having a pulse on their business, their security program became very data-rich. Incredible adoption from the store management teams—who submitted an excess of 60,000 incidents annually—along with the addition of weekly metrics, allowed them to have a near real-time view of stores across the country with high fidelity. “This allowed TJX to adjust their research deployment dynamically and assess what initiatives work best and where, as well as measure the effectiveness of their investment, precisely,” Sherman describes.
Citing Resolver’s flexibility and ease of use contributing to user adoption, the TJX security team was able to reduce the cash spent on their loss reduction program by 50%, while improving engagement and return on investment.
4. How Can Resolver Benefit the Influence of Your Corporate Security Team?
Resolver’s flexible, customizable, intuitive, and easy-to-use no-code platform means employees won’t feel like it’s a big deal to punch in a few key points from their workday into the software.
“Six years ago, we began rebuilding our technology, taking the best from the platforms we had acquired to that point and our combined deep domain knowledge in security and risk,” describes Burr. “The result is a complete risk intelligence platform that allows security teams to turn data and insights into budget and influence.”
With applications that support each phase of the Corporate Security Value Cycle, your organization will benefit from a robust toolset to help reduce incidents and save time, as well as costly losses. Want to learn more? Check out an upcoming Corporate Security event or showcase, or request a demo to explore whether Resolver’s flexible capabilities are right for your organization.
Need to make the business case for what your team delivers? Check out our free presentation template to help show your corporate security team’s value to the business.