Is a bank required to send in counterfeit currency to the Secret Service or report and turn it into the local police department?
We have a dummy camera over our outside employee entrance door. Doesn’t that provide safety?
I participated in a recent seminar where BOL Guru Dana Turner was the presenter. He mentioned that there might be a conflict of interest if the bank's Security Officer was also a director. I am in that position and I have discussed this with the Board/Executive Committee and was told today that they had talked with our bonding company and were told this was not an issue. What is the rational for ensuring that our Security Officer should be an employee, rather than a director?
Can you provide a list of required officer positions? Are these requirements listed in the regulations or are they simply suggestions? I'm trying to determine which officer positions are mandatory for compliance so I may pass this information on to Executive Management.
What is a "security committee"? We already have BSA, Compliance, Human Resources, Audit and Executive Committees.
I plan to include a recommendation in my annual report to change the current reporting structure for the Security Officer. Presently, I report to the VP of Retail Operations. I am seeking references to cite that advise the bank security reporting structure should be in other areas such a finance, risk, administration, but not through retail because of the apparent potential for downward influences and the need for independence.
Anyone can be the victim of a flooded safe deposit vault. Believe it or not, defective plumbing, not natural disasters, accounts for more than 50% of flooded vaults nationwide.
OTHER SECURITY RESPONSIBILITIES
The role of the financial institution's Security Officer is different from any other industry. Banking is the most regulated industry in the United States.
Up to now, we've discussed the security aspect of the Security Officers role and responsibilities.