Introduction
The risks of valuables transportation services (cash, jewelry, intellectual valuables etc) along with valuable replenishment services (ATM cash replenishment and retrieval) to name a few are high as are the cost for the services.
Specifically Cash In Transit (CIT) or the service activity of transporting money for legal entities is a large business due to the level of risk. This normally requires many factors to reduce those risks. But with cost as a consideration viability normally could reduce the measures that are taken. Thereby directly increasing the risk.
The task normally consist of the pick up activity (This is where verification actvities and accountabilty take over activities are carried out.), the actually transportation activity (This would be remaining vigilant, Protecting, driving and avoidance) and finally at the destination is the Handover activity (where verification again take place, accounting and transfer of responsibility)
In Malaysia additional activities that are also outsource to guard companies the actually loading of money into ATMs. Hence even more risks are exposed.
Risks
Some of the risks that arise are : –
Any activity dealing with cash or valuables and not handled by the owner themselves bring about the following: –
- Honesty
- Reliability
- Attack
- Theft (internally and externally)
- Loss by any other means (fire, wind, earth quakes, acts of nature, etc…)
Addressing the Risks
Even though the activity may bring risk the rewards can also be fulfilling for the right people. To ensure the risk is worthwhile and to reduce them some measures must be taken. The following are the ones taken today:-
- Primarily hiring honest people.
- When not available to reward people that will reduce their willingness to commit the crime.
- Then is to use secure carriers that limit the persons whom can access the item. (i.e. strong boxes with locks/combination, key release, biometric, a mix combination and many more.
- Have good handling processes. (Limited knowledge and access to those processes, Check in, multi verification medium, methods and more)
- Tools, Tracking and Recording (TTR)
Raising the Bar
In addressing the act of raising the bar beyond the cost of vehicle, fuel and man hour rate, There is more to be provided with justifiable cost increase but higher benefits in terms of security and possible reductions on other protection received as rewards in reduced insurance premiums and more for the companies involved.
Tool, Tracking and Reporting (TTR)
Though there were 4 other items of main issues and measures needed to be addressed , we will only deal with the fifth one which is Tools, Tracking and Reporting. Though it is not said that there is none today (And there cannot be no measures in place), the measures used could be updated and upgraded to increase transparency, insert digital tracks with alarms when conditions not met and reporting of the overall activity (in action and when action completed).
The three main components to be enhanced is the vehicle traceability, the cargo with path validation and personnel support. This by tagging with real time tracking visually, audio and GPS positions. of all components involved in the service/activity.
With all those components in place the hidden or unknown better yet described limited information for verification previously available possible due to technology. The increase of it in tandem with the tried and proven processes, illuminated by the current availability to provide real time viewing with evidence (real time and post time) of the service being carried out.
But not withholding the best improvement yet, the ability to provide remote support when the risky events occur. Such as calling in relevant personnel and parties when robberies or interception of the valuables occur.
This in itself will increase the risk factor to the criminals and increase the safety factor to all provider personnel and customer valuables.
But though it may improve capabilities. It does not eliminate the original risks at all.
What to know more about the solution or have a quotation for implementation? Email us at enquiries@kanshare.com
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