Utilizing Store Self Assessments

Utilizing Store Self Assessments

According to the 2008 National Retail Security Survey, produced by Richard Hollinger at the University of Florida, U.S. retailers lost approximately $36.3 billion that year because of inventory shrinkage. Now, retailers, in the midst of the worst economic times since the Great Depression, find themselves in a new battle to reduce shrink. Employee theft is still the largest source of shrink; however, organized retail crime is increasing and may have an impact on future shrink statistics. Additionally, the current economy has caused many retailers to make deep personnel reductions, resulting in increased risks to assets and jeopardizing adherence to company policies and regulatory requirements. These economic changes have led many retailers to implement a store compliance process to monitor and identify issues and resulting remediation properly. Whether the goal is to reduce shrink or ensure adherence with regulations, a rigorous store-level compliance process is essential for protecting and substantiating company assets.

 

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