Change in Environment Changes Security Strategy

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Question:

Dana Turner, a BOL Guru, has stated in several presentations that "a change in the institution's environment often necessitates a change in the institution's security strategy." How far should we carry this line of thought?

Answer:

It isn't just the institution's environment -- it's also involves the community in which the institution does business. Changes within the institution's environment may result when the institution:

The introduction of a new product or service;
A change in security regulations or laws;
The institution's entry into a previously-inexperienced market;
A change in leadership or other key personnel;
The acquisition of a previously-owned banking facility; or
The construction of a new banking facility.

Examples of changes within the community in which the institution does business include when a(n):

Community that existed for years as an agricultural one transforms into fields of subdivisions, changing the population mix;
Casino opens, leading to an increase in bankruptcies, check kiting, loan frauds, delinquent loans and credit cards and embezzlements;
Jail or prison is installed, leading to all of the crimes that inmates' friends and relatives bring with them as they move closer to their "loved ones";
Hospital specializing in geriatric care creates an influx of seniors and a significant, accompanying spike in community wealth -- often leading to family-related financial crimes; and
Outlet mall housing dozens of stores commences business, leading to merchant-related crimes.

If you are the security officer for your institution and you notice changes in either your institution's or the community's environment, you have to consider two very important points: