Keeping your family office safe at home

Deloitte’s report on Safeguarding the Family Office: Building a Security-Minded Culture emphasises the need for strong security measures within UHNW family offices. The report highlights the importance of creating a strong security culture within the family office, with a focus on protecting the privacy, safety, and well-being of family members and employees.

The report recommends several steps that UHNW family offices can take to build a strong security culture, including conducting a security risk assessment, establishing security policies and procedures, and providing regular security training for employees. It also emphasises the need for a security-minded culture to be ingrained throughout the organisation, with all employees taking an active role in maintaining security.

I agree wholeheartedly with these recommendations, but how does it happen, who enforces them and what’s the consequences for not doing it both at the time and when or if a breach of security occurs because there was no follow up with employees?

At Panoptic Solutions, we understand the importance of protecting not only the family members in our details but also in working with the employees of a family office to ensure the dignity and trust we are given aren’t breached. Our approach to executive protection involves creating a comprehensive security framework that takes into account the unique needs of each family office. We work with our clients to conduct a thorough security risk assessment because these assessments when put into play with our highly develop security policies and procedures create a layer of protection that planning and physicality can’t match.

One aspect of creating a strong security culture is providing employees with the necessary tools and resources to protect themselves and the family office whether that be online training or in-session discussions where the pitfalls of poor actions are highlighted and trained out of the workforce. This includes access to technology that can help identify and mitigate security risks, as well as regular communication and training to keep employees up-to-date on the latest threats and best practices.

Another important aspect is ensuring that employees feel comfortable reporting any security concerns or incidents – it’s all well and good to say it’s safe but only a culture of trust engenders real open and honest communication. A culture of openness and transparency can help to identify potential threats early and mitigate their impact. At Panoptic Solutions, we work with our team s to establish clear reporting channels and encourage employees to speak up if they notice any suspicious activity or security risks this goes for the wider workforce that we engage.

The Deloitte report also emphasises the importance of developing a strong security mindset among employees, with a focus on proactive risk management and threat assessment. This involves educating employees on the latest security threats and best practices, as well as providing regular training and simulation exercises to help employees prepare for potential security incidents.

Who better to do this than experts in the field, if you’re interested in learning more please contact us here and we can talk to see what’s needed.

If you want to be known as an organisation that takes safety seriously and are interested in creating a strong security-minded culture within your UHNW family offices to protect the privacy, safety, and well-being of your family members and employees it will take work. It requires a comprehensive approach that involves conducting a thorough security risk assessment, developing clear policies and procedures, providing regular training, and fostering a culture of openness and transparency. By implementing these measures, family offices can build a robust security framework that protects all those within the organisation.

As noted in the Deloitte report,

“In today’s complex and rapidly changing security landscape, it is essential for family offices to stay vigilant and proactive in their approach to security. By building a strong security-minded culture, family offices can protect their assets, their privacy, and their reputation.”

Reference:

Deloitte. (2018). Safeguarding the family office: Building a security-minded culture.