Assessing the risk of robbery in bank branches to reduce impact on personnel

Abstract

According to existing literature, bank robberies can have a considerable impact on the people involved (employees, customers, and police officers), even if the direct economic losses are negligible. Consequently, this article presents a model to assess the risk of bank robbery, with the aim of reducing the impact on the people and prioritizing the investments in security measures. It is based on the MIVES (Spanish acronym for the Integrated Value Model for Sustainability Assessment) method and it was combined with Monte Carlo simulation as a way of taking into account the uncertainty. Correlations were also modeled, for simulation purposes. Indicators for addressing issues related to security features, employees, operational procedures, and physical and social environment were defined. The model was applied to two fictitious but realistic sets of cases. The first simulation provides a quick overview of the risk level of a fictitious bank, before collecting the full set of data from hundreds or thousands of branches. The second simulation analyzes the risk variation of a specific bank branch over time. The model was also used to assess the risk index of 636 real branches belonging to a Spanish bank. All the results are presented and discussed in depth. The model allows the user to identify the weak points of a branch, so that corrective measures can be taken.

A systematic review on MIVES: A sustainability-oriented multi-criteria decision-making method

“…Risk assessments form the tenth and final cluster. It includes climate change effects on sustainable cities development [95], extreme rainfalls effects on cities [96], cultural heritages [97] and roads [98] and bank robbery risk analysis to reduce the impact on personnel [99]. Finally, as the last cluster, is noticeable the dominance evolution, from 2.50% in 2018 to a current value of 7.46%, displaying MIVES expansion.…”

“…As these functions are used to convert qualitative and quantitative data to [0,1] values, some studies do not have the uncertainty treatment need. Besides uncertainty cluster presented publications, some others consider it by using Monte Carlo on data treatment [82,92,99]. Nevertheless, adverse effects characteristic presents an outstanding point.…”

Deep Learning-Based Real-Time Weapon Detection System

“…It is worth noting that this work does not extend to concealed weapons [15], nor the detection of suspects based on worrying expressions or unnatural behavior [16]. It is also not concerned with predicting crimes or robberies before they happen [17].…”

Introducing the Comprehensive Value Function for Sustainability Full-Spectrum Assessment

“…Energy studies have explored sustainable power generation [66], biomass processing [67], and solar energy systems [68], while the machinery sector has seen MIVES applied to optimise designs and operational efficiencies in wind turbine systems [69,70], heat exchangers [71], and for enhancing waste utilisation in both educational facilities and civil engineering [72,73]. Even risk assessments have utilised MIVES to address climate impacts on urban development and to enhance safety in the financial sector [74][75][76][77][78], and a specific, multiple criteria group decision-making method, HIVES [79], has been developed to further refine this approach. This method enriches the decision-making process by incorporating diverse perspectives from multiple stakeholders, ensuring a more comprehensive and democratic evaluation of sustainability metrics [80].…”