Developing their assets protection strategy and structure

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Reference no: EM131635620

Review the scenario: GTI Biotech Company (Genetic Technologies Incorporated) which is contrived, but based on a combination of several real-world entities. Recall that the key elements of Risk Analysis are: asset, threat, vulnerability and impact (consequence). Using the scenario as a basis, take on the role of the person responsible for "designing" the Assets Protection function for the company. Your assignment (for this week) is to...

1. Identify three key ASSETS of the company, and why they are significant,

2. Briefly describe at least three plausible THREATS which the company faces and should consider in developing their Assets Protection strategy/structure,

3. List and describe at least three VULNERABILITIES that may reasonably exist in this situation, and

4. Describe the potential IMPACT (or consequences) of projected losses due to threats you identified earlier.

Note: Please present your selected assets, threats and vulnerabilities in bulleted lists, then describe them and explain their importance in a narrative following each of the elements. For example, you should provide a bullet list of assets, then a narrative explanation; a bullet list of threats, then a narrative explanation, etc.

COMPANY DESCRIPTION

Genetic Technologies Incorporated (GTI) is a small privately-owned Biotechnology company based in the suburban Washington DC area. They are approximately four years old and currently occupy a single facility located in a suburban, professional area. The building is solely occupied by GTI and includes executive and professional office space, laboratory facilities, a warehouse and a small pilot manufacturing area.

The facilities include a number of clean rooms and laboratories rated at up to Biosafety Level 3 (BS-3). The labs also process some agents/bio-organisms that must be stored under specific cryogenic conditions. Overall, the building consists of approximately 87,000 square feet

GTI’s primary “product” is research and scientific knowledge. In addition however, the company currently produces a small amount of tangible product (drugs and genetic products), primarily for consumption by other biotech research facilities including private corporations, government agencies, universities and research hospitals. Future plans for GTI include production of commercial product for direct distribution to physicians and medical facilities around the world.

The company employs about 275 people, most of whom are medical and scientific specialists with advanced academic degrees. Rapid growth is projected in the coming months and years. The planned growth could be impacted, however, by the high-risk nature of the biotech business, and the possibility of available venture capital sources tightening up over the next three years. Bear in mind that competition is fierce in this market, and political leanings influence the direction of the industry to a significant degree.

THE CHALLENGE . . .

Although the company is four years old, they have never established a security department or team to handle assets protection issues.

The Corporate Board has suddenly recognized the critical need for a well-defined assets protection function within the company. You have been assigned the responsibility of “creating” a security function for this company.

The Board expects your clear recommendation on where to start and how to organize. They are counting on you and consider you the expert, but also reserve the right to “second guess” you, question your judgment, and overrule your guidance. You must ensure a careful consideration of the “real” threats that need to be addressed, the company’s mission and culture, and the resource-effectiveness of your recommendations. Take a “big picture,” comprehensive assets protection approach.

Reference no: EM131635620

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