Here at Seebald & Associates, we strive to provide the very best security consulting services to the maritime industry.  We can (and do) help companies meet specific Coast Guard regulatory security requirements.  Our goal goes beyond regulatory compliance, and aims to help companies reduce all manner of security related risks. 

This is the first of a series of blogs that attempt to explain what we mean by risk, and how we can help companies identify, define, evaluate, and ultimately reduce that risk.

Risk is made up of the components of threats, vulnerabilities, & consequences

Risk is comprised of threats, vulnerabilities and consequences which is associated with target desirability.  Target desireability of an event, which is commonly defined as the likelihood that some negative event will occur, derives from the vulnerability and consequence from that event.  For example, what is the risk associated with me forgetting to bring my spiffy Seebald & Associates jacket on my next business trip?  Well, I can be forgetful when I pack, so let’s say that the likelihood of me forgetting is pretty good.  That’s fairly high, but fortunately, the consequences aren’t that severe.  Our founder, Ed Seebald, might give me a hard time if he sees me without the jacket (he bought it after all), but even without it, I can still deliver world class security services. 

The likelihood component of risk is usually addressed with preventative measures (such as checklist for my packing), while consequences are usually addressed with response actions and contingency plans (such as me buying Ed dinner so he forgets about me not wearing the company jacket).  They say an ounce of prevention is worth a pound of cure, and in this case, me using a checklist is cheaper than me buying Ed dinner, but it’s best to look at both components to determine the most cost-effective techniques for any given situation.

A high quality vessel or facility security plan can reduce both the likelihood of a security incident, and the potential consequences if an incident does occur.  At Seebald & Associates, we work with facility and vessel operators to understand all aspects of their security risks, and to develop programs that address those risks effectively, while still meeting all applicable Coast Guard regulations.  More on that process, and a discussion of operational, business, and compliance risks, when we continue this series next week.