One of the most crucial issues for businesses right now is managing risk. After all, risk, if left unchecked, can be a serious drain on budgets and assets. While risk comes in all shapes and sizes, identifying which incidents cause the biggest danger to your company is critical to protecting your business. Let's consider the possible economic ramifications of risk on business operation

In last month’s column, we argued that the next generation of security leaders will be challenged more than previous leaders to run their function as a business; they will be expected to align with the organization and build value through security. As they work toward these goals, they will also be faced with new risks, some of which have the potential to escalate at a stunning pace.

Sometimes tragedy creates change for the better –a sad reality that is being illustrated on campuses across the country as an increasing number of colleges mandate background screenings for students, particularly those enrolled in health science programs.

While employment screening is standard operating procedure for many companies today, some organizations haven’t revisited their policies in some time. Meanwhile, regulatory requirements and best practices have changed. As a result, many organizations unknowingly make common mistakes in employment background screening that can result in undue risks and security gaps.

The Arab spring along with the Japan crisis, and most recently, the floods in Thailand, have brought the topic of tracking travelers to the forefront for many security professionals but, even more importantly, so have the challenges in doing so. Here are three main challenges that continue to exist with tracking travelers globally today.

What do a global news and information company, a large utility, a Fortune 500 electronic commerce and payment processing provider, a diverse hospital and a local government have in common?

The next generation of security leaders will be challenged in ways previous generations have not. They will be asked to manage and monitor more risks and to identify and address new risks, including those created by drastic shifts in business operation and philosophy. They will have to do this more quickly, with fewer resources in many cases, and they will be expected to think and strategize at a board of director’s level.

Business continues to change, and if the next generation of security leaders hopes to succeed, they must be prepared to change with it, says Dick Lefler, former VP & CSO of American Express and current Chairman and Dean of Emeritus Faculty for the Security Executive Council. This will require, among other things, a much more active pursuit of alignment with the organization’s structure, goals and strategies.

Jeff Karpovich, CPP, CHPA, is proud to be Chief/Director, Security and Transportation for High Point University (HPU) in High Point, NC. Not only is he affiliated with an outstanding university: it was named number three among Regional Colleges in the South in “America’s Best Colleges” 2011 edition, published by U.S. News & World Report, and has been ranked as one of the top 610 colleges and universities across the country in the list, “America’s Best Colleges,” created by Forbes.com.