Source: ATM Industry Association (ATMIA)
The ATM Industry Association today announced that it has launched the pioneering concept of an automated ATM risk assessment service for its members.
The new online service is called ATM Risk Management (ARM) and includes a 50 question ATM Risk Survey, covering five types of risk, namely, corporate risks, business risks, financial risks, crime and fraud risks and liability risks normally covered by insurance. Once the Risk Survey has been completed online, the respondent can immediately view his scorecard and risk rating, as well as a set of risk management recommendations related to the areas of risk which have been identified by the survey. These results and recommendations are then emailed to the member. The recommendations indicate industry reference material which can assist the member to implement procedures for risk mitigation.
ATMIA has developed an ATM Risk Matrix to help the member fill in the ATM Risk Survey. The risk management recommendations will help the member reduce identified risk exposures. The confidential self-assessment system is set up for the member to complete the survey as many times as subsequently needed to test how implementing the risk mitigating steps has led over time to reduced risks.
"The system is password-protected to make sure the risk self-assessments are confidential," explained Mike Lee, CEO of ATMIA. "It is a completely automated system, a kind of self-service Risk Management exercise. I know of nothing like it in our industry. It will assist our members to implement steps to ensure they are protected against the different kinds of risk any ATM business faces in today’s world."
The system draws on ATMIA's experience over the last eight years of administering an international ATM insurance program underwritten by Lloyd's of London, coupled with the well-respected work of the Global ATM Security Alliance.