NCJ Number
105095
Journal
Security Management Volume: 31 Issue: 4 Dated: (April 1987) Pages: 34-38
Date Published
1987
Length
5 pages
Annotation
The security department of a financial institution can contribute to the company's profits by selling the services of its proprietary alarm system to monitor other alarms.
Abstract
The alarm system should be modular and should include computer-based monitoring and control hardware that can monitor burglar, fire, and holdup alarm systems; card access systems; building management functions; and closed-circuit television systems. It can use one of four forms of signal transmission: DC transmission, AC transmission, dialer-receiver transmission, and data channel line-sharing. Complying with Federal regulations and Underwriters Laboratories requirements is also important. A thorough cost analysis is also necessary before selling the company's central station services to others. Costs, the competition, profit, and effects on the costs for internal system users are all factors to consider when setting the price to outsiders. Financial institutions must also take liability into account when planning to use its alarm system to monitor another organization's alarms. It should carry eight types of insurance coverage: general liability, errors and omissions, directors' and officers' liability, casualty, property, electronic data processing, business interruption, and extra expense. The final consideration related to selling the services is whether to limit the market to other financial institutions or whether to seek other clients such as small retail stores and the homes of the institution's executives and clients. A contract covering fees and services should be used for each sale.