Good risk management is one of Loomis most important success factors and security is one of the key customer values that the Group offers.
For Loomis, a number of risks are directly related to the core business, Cash in Transit and Cash Management Services. Loomis operations consists of taking over and manage these functions on behalf of the customer and, thereby, the associated risks. These risks are classified as operational risks. In total, there is a workforce of over 150 people working with operational risk management at corporate and local level.All parts of Loomis’ business address risk management in the daily work in one way or another.
Loomis’ risk management strategy is based on two fundamental principles:
- No loss of life
- A balance between risk of robbery/theft exposure and profitability
Structures and processes
Loomis has established a well-functioning structure and systematic processes for the identification and management risks. Simply expressed, this is about creating good procedures and ensuring that they are followed.
We have well-developed tools for the identification, handling, and follow up on risks. Risk management work in the various countries is shared at regular global risk meetings with “best practice”, with the purpose of finding areas for improvement and maintaining a strong risk management culture.
Ethics and morals as a driving force
Our employees play a crucial part in the risk management work. A major focus is, therefore, the training, as well as the promotion of a business culture emphasizing the value of ethics and morals.Training ensures that employees, on all levels understand and are able to manage the risks associated with the company.Parallel to this, ongoing work is undertaken to reduce the operational risks by testing and implementing new and improved technologies, such as an increased use of sealed cash management systems.
Local conditions differ
Local conditions in each country determine what operational risks we face and how we assess and manage them. Crime is a bigger issue in some countries than others, whilst in others, the technical progress is not sufficiently advanced. where we operate. This requires a varying focus and approach. Before Loomis enter a new market, the company makes a thorough analysis and assessment of risks involved, as regards both the operational and the surrounding environment.