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•White Paper: Loss Prevention Aligning Executive And Management Perspectives

With annual retail shrink averaging 1.59% of net sales, according to the University of Florida's 2006 National Retail Security Survey – a figure that adds up to $ 40.5 billion for the retail industry – it is no wonder that loss prevention is a high priority. Retailers are making significant investments in their loss prevention programs, devoting time and money to such areas as theft and fraud, shrink management, safety, training and awareness, and compliance auditing.

While these investments in loss prevention programs are essential, the ultimate success of the programs is dependent upon the individuals managing and implementing them. A cohesive team that addresses the same loss prevention priorities, maintains regular communication on key issues, and receives adequate guidance and training is more likely to achieve the desired goals. However, a research study conducted recently by Protiviti shows definitively that senior corporate leadership and loss prevention management personnel are not always on the same page with regard to loss prevention, and that retailers have work ahead of them as they strive to align these two groups.

The respondents represent a diverse range of segments in the retail industry: apparel; discount/warehouse and general merchandise; food, beverage and grocery; restaurants and food service; and specialty. They work for companies that generate annual revenues ranging from less than $100 million to well over $20 billion.

In the two surveys, executives and loss prevention management were asked to cite the areas that most need improvement in their company's loss prevention programs. The findings reveal a notable disparity in the responses of executives and loss prevention management, most notably in the areas of loss prevention strategy, internal theft, keeping current on industry trends, and internal marketing of loss prevention. This disconnect may be reducing the profit-saving capabilities and overall effectiveness of current loss prevention programs.

Click Here To Download:
•White Paper: Loss Prevention Aligning Executive And Management Perspectives