Terrorism and Australian Business

The Australian Strategic Policy Institute has today released a short paper on ways Australian business can be better protected against terrorism.

Authored by ASPI’s Director of Programs, Peter Jennings, the ASPI Strategic Insight argues that: “If terrorists choose to launch an attack in Australia or against our interests overseas, then it is likely that Australian businesses could be targeted. Yet there is much that business can do to become more resilient against the threat of terrorism and to help government defeat terror groups.”

Peter Jennings argues that the challenge for business is to work out how it can assure the safety of its people and infrastructure while continuing to operate in a vastly more difficult environment. That means paying much closer attention to threats outside the traditional realm of business risk management.

The challenge for government is to work out how to defeat a non-state threat that constantly changes shape while seeking vulnerable targets. That means developing greater organisational flexibility and faster reaction times. So governments need to think about security more like modern business thinks about its operations.

The ASPI Strategic Insight offers some suggestions for how businesses can strengthen their operations against the direct and indirect consequences of terrorism. These include: ” Broadening risk assessments to better understand how strategic and political events can impact on business operations. ” Involving boards and top management more closely in risk management as a part of strategic planning. ” Reviewing organisational vulnerability to the possible ripple effects of terror attacks. ” Using ‘war gaming’ and decision-making exercises to test the strengths and weaknesses of business resilience.

Peter Jennings argues that, to effectively counter terrorism, there is a need for more comprehensive collaboration between the business community and top levels of government.

A creative alliance against terror between business and government must find new ways of identifying and mitigating risk, faster and more comprehensive information sharing and new strategies to manage crises when they develop.

Mr Jennings is speaking today at the conference of the Association of Risk and Insurance Managers of Australasia in Cairns.