The REGTECH Book

RegTech Impact on the Private Security Industry

By Benjamin Weld

CEO and Co-Founder, Falcon DHQ

In a world of uncertainty, safety and security are in ever-increasing demand. Growing concerns of crime, terrorism, and insufficient public safety measures, coupled with an improved economic climate and a booming construction industry, have facilitated the rise in the requirement for real-time regulatory compliance, situation management, and evidenced best practice in the private security industry. This chapter discusses how the security industry has changed since 2001, and how advances in technology have seen an increased appetite from regulators and security providers alike. It will help determine whether RegTech – which has been incredibly successful in the financial services industry – has the potential to be as prosperous in the private security industry and create a stronger, more robust, and more pertinent industry that is capable of facing the demands of an ever-changing always-on interconnected world.

Security, in any world, is of paramount importance, as is evident from 2012 figures stating that the private security industry contributes £6.5 billion to the UK economy. Yet, pre-2001 the UK government had little interest in the industry, and regulation did not feature highly on any government manifesto despite the private security industry suffering from an endless amount of deep-rooted problems. Security was treated as a grudge spend, meaning companies had little money available ...