Risk management involves the strategic application of resources in a way that directly addresses the most significant threats faced by stakeholders. As the business world is revolutionized by the improved collection and utilization of data, customs and trade organizations must similarly transform in order to successfully manage risk. The application of advanced data analysis is one of the most important tools organizations can use to facilitate secure, efficient trade and travel.
Each trade and travel environment is unique in its regional dynamics, economic and security priorities, and threat picture. Developing a comprehensive understanding of all of these factors through interagency coordination, intensive research, and stakeholder outreach is a fundamental step which allows for the design of an overarching risk management framework that best suits each specific environment.
Regardless of their level of sophistication and size, Risk Management & Targeting systems are effective only when they are accessing the right blend of data. The best organizations identify key data sources wherever they reside, and leverage relationships with other agencies, international agreements, and industry partnerships to establish the information advantage customs agencies need to identify high-risk shipments and passengers prior to arrival at the port of entry.
Managing and extracting meaningful information from vast quantities of data is a challenge that confronts governments and corporations alike. Identifying the off-the-shelf hardware and software tools to manage and exploit this data requires expertise not only in information technology, but also in algorithm development and law enforcement operations to make the technology fit and enhance organizational execution of the mission.
Repeated experience proves that no technology is fully effective without a trained, organized workforce. Developing analytical skills that enable officers to look past algorithm-generated results and respond to the constantly evolving threat environment in an agile fashion is a critical element of a successful risk management system. Effective training programs and quality management techniques prepare a workforce to accomplish organizational objectives.