What is the Role of Bank Security Personnel?
The security needs of a bank, credit union or other financial institutions are unique, with various levels of security that have to be correctly addressed to keep such financial institutions safe. Financial institutions often operate as Proprietary Private Security Employers (PSEs) that hire and train personnel for roles in their own in-house security (known as Proprietary Private Security Officers or PPSO). A bank security officer is required to thoroughly understand the unique characteristics of financial institution security, so as to provide the best security protection for their company with the tools at their disposal.
Security guard companies (or Private Patrol Operators-PPOs) are also often utilized to provide supplemental security needs for financial institutions. Since proprietary private security officers (PPSO) are by definition unarmed, PPOs can provide armed guards in tailored situations for financial institutions. A good security guard company should know how to completely customize and train those personnel, as well as how to sell security services effectively.
What are key factors of financial institutions that define the role and responsibilities of bank security personnel?
Physical Safety– Bank security guards are the frontline personnel protecting the physical safety of the financial institution’s employees, customers, facilities, and assets. They are specifically trained and responsible for crime and emergency response. Since financial institutions handle large amounts of valuables or cash, this makes them very tempting targets for criminal activities. Traditionally the security guard at a bank is the first person a robber wants to disarm or disable, which makes a bank security officer job a dangerous one.
Physical Access Control– Most financial institutions are open to the public, with large numbers of customers entering and exiting, along with many employees going about their work duties. So physical access control is vital for bank security officers to implement correctly. For example, tools for a security team to utilize for physical access control for banks/credit unions are:
- Monitoring of doors
- Alarm and video systems (monitoring with security cameras)
- Patrolling premises or parking lots
- Biometrics (fingerprint or retinal scanning to monitor employee access of areas and data)
Cyber Safety– The duties of a bank security officer now go well beyond ensuring the physical security of the vaults, alarm and video systems, or the safety of the employees, customers and assets. Rapidly expanding technological advances have widened the role of bank security officers. Inevitable growth of online banking brings with it third party risks, or cybercrimes like AI-enabled phishing, HaaS (hacking as a service) and WormGPT attacks.
A bank security officer is now responsible for the security of the cyber access to bank, money transactions, and data access. For instance, there is a new growing trend to hire various AI specialists (in roles such as “Group Head of AI”) to manage risk, legal, and compliance functions for financial industries.
What Are the Hiring Requirements for a Bank Security Guard?
The hiring requirements that financial institutions look for in their security team depends on the financial institution. But the basic requirements that most companies prefer are:
- A candidate with a high school diploma or GED certificate.
- A candidate for hire with a security guard license that has at least 6 months to 1 year of security experience.
- A job-seeker with CCTV monitor and Access Control experience.
- An applicant with CPR/first aid certification.
- A candidate with desired traits that include multitasking ability, excellent communication skills, and ability to identify key issues quickly.
- An applicant with a valid driver’s license, in case the job duties would involve the transport of cash or employees.
- A candidate that has undergone a successful background check, drug test and physical.
Some security jobs have additional requirements for their candidates:
- Armed officers need a permit to carry a firearm.
- Investigative or specialist positions for bank protection may require additional experience such as a background in law enforcement or the military.
- Bank security jobs with increased managerial levels often demand a post-secondary degree in security-related positions.
- Some financial companies require candidates to take a reliability assessment and personality test (the MMPI Minnesota Multi-phase Personality Inventory).
The state of California in particular has requirements for all security guards to be licensed by the Bureau of Security and Investigative Services (BSIS). Insurance coverage is part of the licensing process, and security guard insurance cost should be a factor that applicants consider. This insurance typically includes general liability insurance which will cover damages or injuries incurred on the job, as well as worker’s compensation insurance, covering lost wages and medical expenses if a guard is injured on the job. Essential aspects of security guard insurance are available for research.
What are Some Potential Career Paths in Financial Institution Protection?
Bank security officers would begin at an entry level job such as a Security Officer I. They would likely have at least 6 months of experience as a security guard, with physical access control experience. They would be in charge of monitoring surveillance equipment, providing access control, responding to emergencies and collaborating with law enforcement. They might guard the ATM or lobby, watch for suspicious behaviors, maintain a visible front-line presence to deter threats, and respond to security alarms or distress calls. According to Glass Door, the pay for a Bank Security officer job can be around $42,166/year (with variations due to different state wages, armed/unarmed job stipulations, profit sharing, overtime, and other factors).
The next job level is usually a bank Lead Security Officer. A bank’s lead security officer would oversee security operations and give support to the security team. They assign duties to various posts and patrols, implement procedures, prepare work schedules and reviews, conduct investigations, and provide customer service or assistance. They may be on-call during off hours. GlassDoor says that the average pay for this position is around $46,355/year.
A bank Senior Security Officer is usually the highest paid, at an average up to $67,968/year per GlassDoor. The bank senior security officer job entails even more increased managerial duties and training (e.g. Supervisory/Managerial skills training, sexual harassment training, CPR and fire extinguisher training). A senior security officer employs advanced police security skills and vigorous patrol techniques as they detect/prevent crime. They gather CCTV footage, witness statements and other relevant documentation in any criminal proceedings against violators. A senior security officer is often able to train other security personnel, and also performs duties like operating specialized security equipment and leading teams.
Chief security officers (CSO) must be mentioned. They are the executives responsible for all aspects of their company’s physical and digital assets (information technology (IT) security programs, along with company policies, procedures, and compliance across all corporate operations). CSOs are direct employees of the bank or institution. They usually get their start with a bachelor’s degree in business or cybersecurity, followed with work experience- and then often a master’s degree in cybersecurity as well.
On the other hand, bank or credit union security officers may be employed by a security guard company for an institution. They often work closely with CSOs and other department heads in lending, operations, compliance, or technology. Some bank security officers can then be promoted to supervisor or security manager positions within the bank’s other departments.
As the need for safety and security in financial institutions increases, the career opportunities for bank security officers is growing as well.
