Security alert local relayed incorrectly (10)
I believe the answer is:
collateral
'security' is the definition.
(collateral is a kind of security)
'alert local relayed incorrectly' is the wordplay.
'alert local' can be anagrammed to 'COLLATERAL'.
However, I am unsure how this is indicated.
Can you help me to learn more?
(Other definitions for collateral that I've seen before include "Guarantee" , "Secondary; parallel" , "damage?" , "running side by side" , "Security for loan repayment; secondary" .)