Whether you are initially implementing a security plan for your facility or reviewing it for maintenance and upgrades, budget planning is part of the process. Here’s what to consider when security budget planning:
1. Identify the Most Valuable Aspects of Your Facility
Before getting deep into security budget planning, a good place to start is with the most valuable parts of your facility that must remain protected. What assets are absolutely critical to your operations and your facility? How secure are they right now?
This type of identification and evaluation of the current state of your assets and security systems is an essential part of a building vulnerability assessment. Not only does this help you create a clear picture of what is currently important to your facility and operations, but it also helps you identify security gaps that leave your most valuable assets vulnerable.
This is a good starting point for figuring out what new line items to include in your security budget. Additionally, it provides a foundation to help determine the risks, and the threat level of those risks, to your operations and facility.
2. Determine and Define Risks
An essential part of security budget planning, and getting a proposed security budget approved, is determining and defining risks. A custom site assessment can help identify current gaps and vulnerabilities, but it doesn’t cover all of the threats and risks that need to be considered in general and for security budget planning.
Depending on your facility and operations, potential threats to your operations and consequential risks could range from financial losses, fines, and legal repercussions to damage to reputation and competitive advantage. If your facility is in healthcare, assisted living, senior living, etc., potential risks could even include loss of life.
3. Show Cost vs Cost Avoidance vs ROI
When it comes to security, all it takes is one vulnerability at the wrong time for an incident to occur. Depending on the vulnerability and other factors involved, the risks could be catastrophic. In this way, improving your building security is an investment, not just an expense.
Because many security programs are preventive measures, it can be difficult to determine ROI for security measures that prevented potential security breaches or incidents. However, identifying risks and quantifying them as much as you can are important considerations for creating a security budget, presenting it, getting approval, and getting comprehensive security for your facility.
If you are able to connect the recommended security budget to financial gain/cost savings or avoiding financial loss to the facility’s operations, you have a stronger argument for getting that security budget approved and getting the facility the security it needs. This type of efficient financial risk management is one of the benefits of integrated security systems and can help you provide value when you are planning security budgets.
4. Understand the Security Products, Systems, and Processes
Another thing to consider when security budget planning is being able to address questions about the security in place and recommendations included in the budget. Understanding the current security products, systems, and processes in place as well as any included in recommendations is essential to determining cost, cost savings and benefits, and more.
Not only will this help make your security budget more robust, but it will also put you in a position to better answer questions that come up during the approval process. If you are able to demonstrate the current gaps in security and show how the recommended security budget resolves them in concrete ways, it makes your recommendations more credible and persuasive.
These are just a few things to consider when security budget planning. Having a clearer picture of what security gaps your facility currently has and an idea of what it needs can help you create a security budget that makes sense for your facility. Additionally, it can help you prioritize what is most important for your facility’s needs and potentially also get the approvals you need.
If you are thinking about your security budget planning, contact Northeast Protection Partners at 800-736-1456 for a free site assessment. We can help identify gaps and provide recommendations to help you during the security budget planning process.