I have a friend who used to run cash operations for a midsize bank. When they outsourced the operation, she basically laid out her idea where the money savings came from, which boiled down to eliminating internal controls necessary to operate... if you’re a bank. Compartmentalized physical security operations don’t scale up quickly.
End of the day, it’s the usual story of corporate incompetence and regulators looking the other way. At the end of the day, FDIC is insuring all of this bullshit.
Storing money is probably the single oldest operating practice in history of banking. If you time travelled a banker from 1920 to 2020, he’d adapt pretty quickly.
An incompetent company like Garda shouldn’t be able to get away with fraud at this scale. The regulations and internal controls are fubar.
1) right to audit (in case they don't already have one), and
2) 4h notice (or something equally small/ridiculous. The 4h is a minimum in order to ensure that names/passport numbers, photos, etc are exchanged to ensure security.
EDIT: extra point:
3) I believe (since in the banking internal audits everyone knows everyone else)(especially on the Director/CAE level), some banks will ahen coordinate their audits and give them a group visit.. I want to see GW showcasing the same bag of coins to 10 clients at the same hour..