COURSE OVERVIEW:
The retail industry suffers billions of dollars in loss annually to dishonest employees, vendors, and customers. Many retailers are aware of the loss threats their stores face and are familiar with effective methods and systems available for controlling those threats. However, to be effective in controlling losses, retail security activities should be proactive, not reactive.
Retail Loss Prevention is a set of practices employed by retail companies to preserve profit. Profit preservation is any business activity specifically designed to reduce preventable losses. A preventable loss is any business cost caused by deliberate or inadvertent human actions, colloquially known as "shrinkage".
Retail theft and shrinkage is a major concern for retailers which is costing businesses enormous amounts of money. Losses due to shoplifting, employee theft, fraud, vendor theft, and administration errors, greatly impact a store’s ability to achieve top sales and revenue. As a direct result, retail loss prevention is one of the main determining factors to retail success and profit.
Retailers need to develop strategies and be more vigilant about retail loss prevention. Reducing its susceptibility to crime, allows a business to improve its profitability, brand image, and overall bottom line. Adjusting work practices not only helps to prevent crimes, loss and shrinkage but also improves overall store security and safety.
This course focuses on some of the major retail risks (theft and shrinkage) and the ways that could prevent them.
The first part explains employee deviance and introduces strategies to prevent them including: employee error and waste, merchandise theft, under-ringing, removal of trash, merchandise theft and cash theft. Then explains how to manage employee honesty including: pre-employment screening, access/procedural controls and audits and store/company atmosphere.
The second part discusses loss prevention for vendor theft and error and how to prevent them. Then explains shoplifting including the different types of shoplifters and strategies to prevent them from stealing. Loss control policies and procedures are also examined. Then it shows how to identify and prioritize loss risks and how to handle a shoplifter.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
- A brief history of retail theft
- Retail risks: problems and solutions
- How to control employee error and waste?
- How to control under-ringing purchases?
- How to control the removal of trash with merchandise?
- How to control merchandise theft?
- The importance of peer reporting to reduce shrinkage
- How to control refund fraud?
- How to control embezzlement and employee fraud?
- How to control bank deposit rolling, check kiting, lapping, payroll fraud and travel and expense account fraud?
- How to control cash theft?
- The characteristics of a “typical” employee thief
- The reasons (psychological predictors) why employees steal
- The three factors that tends to result in employee theft
- The six common methods used to screen employee applicants
- How to design control procedures?
- The store/company atmosphere
- The importance of employee awareness of corporate behaviour standards
- The importance of employee awareness of training and reinforcement
- The risks from vendor theft and error
- The steps Accounts Payable personnel can take to detect vendor error or fraud
- The different types of shoplifters
- The programs and procedures for loss control plan
- Loss control policies and procedures
- The procedural and merchandise controls
- The deterrence programs
- The factors that should be considered when new store sites are being evaluated
- How to use store environmental design for crime control?
- How to identify and prioritize loss risks?
- How to control the fitting/dressing room?
- How to handle the shoplifter?
- How to detect possible shoplifters?
- How to evaluate and prioritize the situation and subjects?
- How to surveillance the subject(s)?
- Actions by the subject(s)
- How to decide on acting?
- Actions by the retailer
- How to process the incident?
- How to detain the shoplifter?
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.