Role of security services in enhancing treasury and cash management in Kolkata

Security ensures the safety of cash and eliminates the risk of physical theft, robbery, digital theft, or fraud. Many steps lead to the protection of cash management. The streamlined monitoring of the inflow and outflow of cash is also controlled by security services.

As indicated above, the role of security is not only limited to safeguarding the cash but also to managing cash. 

This is because if there is any breach in between the steps then only fraud or theft occurs. Early detection can also help in the recovery of the lost amount. The main concern in handling cash logistics is ensuring the safety of cash during movement. The rise of security services is attributed mainly to this area of concern. Traditional methods and neutralisation techniques do have their function even today but deep security measures are something without which modern organisations cannot function. Here are a few elements that security management or treasury management companies have to follow:

• Secure Lending- Forecasting the probable situations that can appear concerning transactions is the first step. Proper authentication and background checks about the receiver have to be done. Legal documents have to be drawn before the transaction in case of large sums of transfer. Security-based borrowing or lending has a huge financial impact. In many cases, it is also cost-effective and exempt from taxes. Not just cash flow, asset management also needs to be monitored and such security checks should be done in the transfer of assets as well. This is simply because money is directly linked with money. If you lose assets, you also lose money.
• Automated solutions – Simplifying solutions with a streamlined programme is necessary. For companies with global offices, problems arise when there is a diverse range of security solutions followed, depending upon the culture and laws of the country. Instead, if some generic security measures could be followed across the various regional offices with the addition of security laws compliant with the region that would become more relevant and safe.  
• Optimised security – Segmenting cash into liquidity, long-term investment, asset building and enhancing company functions like payrolls, vendor payment, and miscellaneous is the first step towards security enhancement. Another important aspect is adding layers to the security measures. 
• Combating cyber threats – Unfortunately, we live in a world that is constantly exposed to cyber threats. The thumb rule is to have secure & complicated passwords, install anti-virus software, limiting control access. Managing systems and configuration also goes a long way. It is always advised to devise the company’s software with multiple testing and malware checks. This software should be outsourced from a manufacturing company.

Security measures in a nutshell:

• Step-wise authentication
• Permission-based and dual-control access
• Authorised cheques
• Cancel payment factors to rule out suspicious activity

S&IB offers legitimate treasury management services and security services. It is a trusted company that can handle your company’s cash flow as well as offer 360-degree security solutions.