Concepts

Definitions :

Before Plunging into the subject matter of our range of solutions let's discuss a few terms which generally gets used to replace each other but mean a little different and are essential for the purpose of Risk Management.

  • Risk - Uncertainty concerning the occurrence of loss. Risk maybe further seen as a probability of occurrence of a loss event. The two broad types of risk maybe viewed as Pure & Speculative Risk.
    NFSS solutions are focused on Pure Risks.
  • Peril - The cause of loss.
    Though a four letter definition may not sound so important, understanding of Peril may completely change ones view on the analysis of a Loss scenario.
    Eg. The money missing in the vault was not stolen by an employee but picked by an designated who forgot to put it on the register captured on CCTV cams in your office.
    In such a case the Peril being theft may itself get eliminated due to proper surveillance and hence no loss will be registered.
  • Hazard - A condition that increases the chances of loss.
    Hazards may be Physical, Moral, Morale, Legal, through proper security and surveillance organisations may control the hazards hence reducing the risk.
    Eg. i. Unwanted chaos creators approaching the gate maybe be blocked right there if the knowledge of this approach is pre-empted.
    ii. Accumulation of high fire content waste at a single point maybe checked and hence reduces the chances of any loss due to fire.

Risk Matrix

Risk Management, Surveillance and Protection has become key to any operations in today’s business scenario. Purely by risk management philosophy there can be 4 ways to tackle any risk :

  • Risk Avoidance (RA)
  • Risk Reduction/Mitigation (RRM)
  • Risk Retention (RR)
  • Risk Transfer (RT)

Northern Fire Security Systems are experts in dealing with Risk Reduction/ Mitigation (RRM) and Risk Retention (RR) Techniques of managing risk, thus our solutions will enable you to reduce your risk exposures.


*refer to risk matrix above for better understanding