Risk Management, Loss Prevention and Internal Audit: How a Team Approach Can Help Reduce Loss and Enhance Profit

Skills and Scale
Risk Management, Loss Prevention and Internal Audit: How a Team Approach Can Help Reduce Loss and Enhance Profit

According to the National Retail Federation, U.S. retailers lost more last year than $37 billion worth of merchandise last year, due primarily to theft by shoplifters or employees, who were responsible for approximately 80 percent of the total loss. That amounts to 1.6 percent of the $2.3 trillion worth of goods sold. 
 
These staggering loss statistics are a great concern for retailers — from the board of directors and senior management to store personnel. Due to recent government regulations such as the Sarbanes-Oxley Act of 2002 (SOA), the emphasis on internal controls compliance for retailers has moved out of the boardroom and onto the floor of every store in the retail industry.

 

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