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Emerging ITM Program Risks: A CIT Carrier's Resource

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This resource sheds light on emerging risks CIT carriers face as they look to expand their banking relationships to handle ITM servicing. ITMs open up new opportunities for CIT carriers who are able to step up to the demands of servicing a more complex machine.

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Emerging ITM Program Risks: A CIT Carrier's Resource

  1. 1. Emerging ITM Program Risks A CIT Carrier’s Resource
  2. 2. ITMs present a win-win for customers and banks... Automating an increasing number of bank services Adding convenience for customers Freeing up the teller line for higher level services
  3. 3. …and new opportunities for CIT carriers. Expand business by meeting the increasing and complex needs of ITM servicing.
  4. 4. But the details cause concern and complexity. Placement of the ITMs Increased time and complexity of servicing the machines
  5. 5. Summary of Key Risks Loss of Life Increasing Violence Servicing Complexity Organizational Fraud Labor Shortages 42 31 5
  6. 6. 1. Loss of Life ITMs may increase this risk because they take longer to service, increasing the window of opportunity for criminals to act.
  7. 7. 2. Increasingly Violent Attacks “It is a more brazen and aggressive robber who is willing to go up against an armed guard, and one who typically possesses a complete disregard for human life.” – FBI Special Agent Shauna Dunlap of armored car robberies involve a violent act49% Attacks at ATMs/ITMs outnumber all other CIT attacks 10:1
  8. 8. 3. Servicing Complexity Complex ITM servicing also requires more well-trained CIT employees to perform the work. The longer service time required of ITMs increase the window of criminal opportunity when guards are vulnerable.
  9. 9. 4. Organizational Fraud Identifying and addressing the weak points for fraud in ITM servicing is more challenging. E-cash, in particular, is less predictable with ITMs and therefore more difficult to control from an occupational fraud standpoint.
  10. 10. 5. Labor Shortages and Turnover Attracting and retaining qualified and motivated personnel to take on the risky role of ITM servicing is difficult in a full employment economy. The industry is currently experiencing a shortage of qualified labor and this presents many process and procedural risks.
  11. 11. Summary The opportunity to successfully mitigate the risks and employ sound operating practices can reap rewards in increased banking business. The risks of ITM servicing and replenishment are complex and far-reaching.
  12. 12. Components of a Successful ITM Risk Mitigation Program: Risk assessments Established policies and procedures Internal audits External audits Personnel screening and training Access controls Physical security
  13. 13. Let us help you build your ITM program. 35+ years of Cash-In-Transit industry experience Expert assessment and remediation Strategic approach to risk mitigation program development Ongoing service that ensures long-term success Immediate action when time is of the essence Lowers & Associates (L&A) has been globally recognized as a leader in the field of Cash-In-Transit (CIT) security and risk mitigation since 1980. Learn more at lowersrisk.com

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