Money Service Business Aml Risk
Choosing a Security Service for your Business
When you need security to protect your business, hiring a security vendor will be an important task. You can't afford to make a mistake in this hiring decision, so do your homework before you choose a security service.
Licensing and Insurance
Your state and city will have specific requirements for security companies in as far as licensing and insurance are concerned. Find out what the local requirements are, and then vet any companies you're considering to make sure they have the necessary licenses and insurance coverage. When you ask potential companies about their licensing and insurance, always follow up to confirm that claims are true.
You should be able to see certified copies of licenses, and you should also be able to check with your state and local governments to confirm licensing. Each security officer on staff may also need to have a security guard license, which involves training and retraining as well as additional licensing for armed security work.
For insurance, a security firm should have worker's compensation insurance and automobile insurance to cover business operations.
Reputation and References
A security firm must have a pristine reputation in the industry. The company should never have been involved in any negligent security litigation claims that led to a substantiated claim. If you find evidence of negligent security claims, explore to make sure either the claim was dismissed or the outcome was decided in favor of the defendant.
Ask for several references from any company you are considering hiring. These references should be previous clients. Contact the references to find out about the services provided and the quality of the services.
Guard Qualifications and Training
A security firm needs to engage in rigorous training for guards, and you should be able to peruse specifics of the training program. The program should include lesson plans with lectures, text books, group exercises, discussions and more, presented by expert educators. Each guard must be able to show attendance and completion of the training with testing administered.
Pricing
The security firm you hire needs to fit into your budget. However, don't automatically assume that the company with the highest prices is the best, and vice-versa. Ideally, the company you hire should make it possible for you to create a customized plan of services that fits your needs and your budget.
Responsiveness
Working with a security company will require prompt responses from the company to meet your needs. Your company's needs may change or vary, and the security you receive will need to be flexible depending on current needs.
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Money Service Business Aml Risk
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