Bank and Financial Institution
Safety
Security threats to the banks and
financial institutions have sharply increased over the last few years
(Information leakage, security lapses to blame for bank heists, 13 Dec). But
investing for enhancing security is often overlooked and even considered
"necessary evil" in our country. This is troubling.
Security is an evolving process
and it must be carefully planned from the very beginning. Security functions
are integral to business systems. Thus, each responsible organization needs to
have formally written policies and guidelines that include administrative,
technical, and physical securities. Planning for security in advance of
deployment will provide a more complete and cost effective solution. Advance
security planning will ensure that security services are supportable and
available when necessary.
A functioning security system is
vital for banks and financial institutions. Banks have to transfer a large
amount of cash to service centres in the morning and collect the deposits in
the evening. They may sometimes have to compromise with security principles in
practice, rendering the cash-in-transit even more vulnerable to looting and
robbery. The repetitive modus operandi that staffs and guards follow creates
fertile grounds for criminals. Criminals can often easily take the situation
under their control.
There is no reliable security
system in place even for transportation of cash from various customs offices of
the country. Often vehicles ferrying cash are escorted by two unarmed
guards—sometimes only one armed guard. Such vehicles are small but they have to
accommodate large boxes, staffs, and guards. This increases the security risk
even more. In case of highway robbery, the guards wont be able to open fire
from their weapons because they are squeezed inside the tiny vehicle. Thus,
even having guards may not be enough to contain the situation sometimes.
It's extremely necessary to
improve the security system at banks and financial institutions. I suggest the
following measures: First, banks need to inform the police and get police
escort before they ferry cash from one place to another. Second, they need to
increase the number of trained armed guards for escorting, and finally, they
need to design a safe vault inside the vehicle itself to carry cash. If not,
they need to procure armored vehicles for the purpose.
Govind P. Thapa, retired
Additional Inspector General of Police, Lalitpur
Opinion published in
Republica, Dec 15, 2013
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