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How to Avoid Cash Handling Risks Effectively If you are engaged in business that entails the movement of large amounts of cash, then you have to accept the fact that there is always a risk involved when it comes to transferring cash from the place of business, straight to your business’ bank account. Some businesses that are prone to becoming victims of petty theft, and even robberies, include casinos, hotels, pubs, clubs and also entertainment venues. So if you don’t implement internal control or some sort of effective ways and means in handling such cash, your business faces the constant risk of being a victim of theft right under your very noses. Take a look at the following situations, which actually increases the risk of cash handling incidents: when an employee works alone and no other person is involved; when there isn’t adequate security that will deter employees/individuals from gaining access to cash; when other people can gain entry to the place of business without being detected; when employees are not visible to the public; when it is time to open and close the business; and during nighttime. Now that you have identified the risky situations involved in your business, it is time to implement some security measures. Make use of Reusable Security Bags Your ability to utilize reusable security bags can help minimize the risk for any unlawful cash handling incident. Try to randomly clear out the register and put the cash in the security bag. Next, include tamper evident labels. When this is done, your employee, or anybody else, will be deterred from even attempting to access the cash. In fact, the use of tamper evident labels does not only apply to cash. It can also apply to products that you deliver, especially those that are invaluable such as jewelries. Increase Number of Workers One way that you can prevent an employee from gaining access to cash is to ensure that you’ve got two employees in the area at any given time. Make sure also that they are neither friends nor relatives. This relationship can lead to collusion and instead of preventing an unwanted situation, it may just escalate things and establish a conspiracy. So workers must come from different locations and must not know each other prior to their stint in your business. Install CCTVs Try to install CCTVs in the area and if you can do the installation discreetly without your employees’ knowledge then much better. This will help you monitor employee activities and will surely help you see who has the propensity to tamper with the cash. Count Cash Away from Public View If you do need to count cash, make sure that you do it in an area that is literally away from the view of the public. Do it in a secure room. As much as possible, have a “security” with you as you count cash, you’ll never know when you might need one.

These are just some of the ways that you will be able to minimize the risk against cash handling incidents. Try to take note of them, and as much as possible follow them. It is one way that you will also be able to protect your business. For More Information About Tamper Evident Labels Click Original Article Source:

How to avoid cash handling risks effectively  

If you are engaged in business that entails the movement of large amounts of cash, then you have to accept the fact that there is always a r...