Risk intelligence analysis is a major part of creating a secure and stable business. Risk intelligence assists with many risks associated with businesses, including geopolitical risks, socio-economic risks, technological and economic risks, infrastructural risks, as well as environmental risks. Risk intelligence teams are supported by in-house or other intelligence teams, security command centres which monitor business disruptions, security teams, as well as business continuity teams. These issues are important to monitor to ensure that a business continues to function under dire situations, understands supply chain issues and how to deal with them, stay updated with taxation policies, and keeps up with the labour market.
The way that Risk intelligence teams monitor disruptions happens in multiple stages. The first one of these is to monitor the external environment by consulting media, research activity, and open sources like social media. These should be vetted and cross-checked with regional experts, vernacular media, collaboration with experts and multiple rounds of analysis. However, this process generates a lot of noise, fuelled by social media rumours, insufficient localised inputs, lack of actionable insights, as well as internal stakeholders’ demands for information.
This leads to the next stage of the risk intelligence cycle, which is verifying information. This is a cyclical process which involves checking for credible sources, eliminating fakes, corroboration, escalation and awareness. Furthermore, to increase the accuracy of risk intelligence, it is important to strengthen monitoring techniques; this includes historical trend analysis, utilising non-traditional monitoring tools, using social media effectively, conducting thorough research, and evaluating and preparing for as many possibilities as imagined.
Risk intelligence is important because it empowers security teams protect assets and save lives. Good intelligence can reduce the effect of disruptions and enhance business continuity. Risk intelligence can help us be prepared for uncertainties and can create safe and secure spaces for businesses to flourish.