A quantitative risk analysis model for private security managers

Abstract

An easy-to-use quantitative risk analysis model is developed for the private security industry in South Africa, which can be used as a suitable analysing tool in the hands of the private security manager.

This model incorporate different concepts such as the probability, impact, cost of risk, degree of correction and the newly established human factor concept, which cannot be seen in isolation. This latter concept plays a major part in the overall risk quantification process in establishing a most accurate risk score rating.

The human factor concept, also known as the "CHHP" approach, is the first concept, which will round the model of in an effective measuring way. Human factors such as (i) control measures (ii) human attitude towards the risk (iii) handling of the risk and (iv) understanding and implementation of policies and procedures are combined to form part of the total integrated quantitative risk analysis model, also known as the "TIQCAM"-model.

The "TIQCAM"-model uses Excel spreadsheet format as the principal means to illustrate the total integration of all risk concepts and also providing the user of the model with a solid foundation in analyze physical and quantifiable security risks. This model will also enable the user to use it as a value-added service to their clients.