With the retail sector more competitive than ever, effective Loss Prevention and Operational Risk Management has never been more important, particularly with the rapid development of Artificial intelligence.
According to the National Retail Federation (NRF) and Planet Retail the loss impact to retailers is valued at $100 billion globally. It is expected to rise further in the face of reducing inhouse Loss Prevention and Risk management teams downsizing due to the vast restructuring companies are making.
An important part of retail is to understand the risks and the best risk management companies will use a variety of strategies to protect your business against such problems. They will use their extensive global industry knowledge of the most current risks and mitigation techniques.
New World Norm takes a highly personalised approach to every company we work with. We take the time to get to know your business and your unique goals. We love empowering our clients and enacting positive change.
Due to the Covid Pandemic, the data collation for retail losses by type is outdated, however there are 5 focus areas for you to capitalise on:
1. Creating a Strategic Loss Prevention plan is important for your business to identify losses but most importantly deliver a prioritisation of actions and risk mitigation methods. Ensuring you have first-class Loss Prevention and Operational Risk Management measures in place are fundamental to success.
2. Training and developing your employees on the importance of loss prevention is critical for success. This will include how to handle external crime factors, workplace violence and monitoring internal theft behaviours.
New World Norm offers risk management training which is ideal for improving your organisation’s success.
3. Inventory Management plays an important role to maintain accurate inventory.
Whilst it can help you to identify discrepancies to prevent losses due to errors or theft, the most important element is the impact to sales without it. Our team is highly experienced when it comes to managing the impacts that centre around accurate inventory management. We help you to capitalise on the full benefits end to end.
4. Encourage a culture of honesty. Emphasising the fact you value honesty and integrity among employees by rewarding good behaviour is a good idea. Everyone wants to work in a safe and supportive work environment, and open communication is a big part of that. This will not only help reduce retail losses but reduce the risk of workplace violence and encourage staff retention.
Business Disaster Recovery and Business Continuity play an important role in this ever changing world of risks and most are out of date or not fit for purpose, and that’s how our superior knowledge of business continuity will help you prepare and return business to normal as quickly as possible in comparison to others that don’t have one.
New World Norm (NWN) can work with your company to improve loss prevention and operational risk in your business with 30 years’ experience in 31 countries