Bank Protections Act
Whether we like it or not, the role of the financial institution's security officer is going to include much more responsibility in the near future.
At the same time, chances of mistakes have risen, and the possibilities of costly legal settlements are more likely.
The latest figures available reveal today's average settlement in the security area is $550,000. If your institution is in the position of being liable, could you prove beyond a reasonable doubt that your actions, policies and procedures are the standard of the industry, above reproach and defensible by your attorneys?
It is vitally important, in this day and age, to stay updated on security related matters as well as in the regulations and compliance areas.
We can't avoid additional responsibility as a banking officer, but we can be better prepared for it.
One of our issues in the very near future will address, in detail, the proposed changes to the Bank Protection Act and the role of the Security Officer. We sincerely hope it will provide you some valuable assistance in your planning.
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 3, 3/90
First published on 03/01/1990