Loss Prevention
From the time that sealed packages of merchandise arrive at our clients’ retail locations until consumers leave with purchased items, our loss prevention agents work to protect your inventory, minimize risk and ensure the safety of property and people.
What Is Loss Prevention?
Loss Prevention is any practice taken to reduce theft, fraud, and errors in a business. The goal of loss prevention is to eliminate preventable loss and preserve profits. It is primarily found in retail but also exists in business environments. Shoplifting and employee theft make up the bulk of a $61 billion annual problem for the retail industry. (Source: Michael Keenan-Reduce Shrink, Increase Profits: How Loss prevention Works for Your Retail Business)
Shrinkage Robs Your Retail Business Of Its Profits
Preventing retail loss includes many facets, methods and functional programs all designed to lower losses due to theft. We aim to control business risks and detrimental losses associated with both internal and external theft.
Reduce Shrink, Increase Profits
Retailers can and must take every plausible step to decrease shoplifting in order to maintain success and profits. This mode of theft is a major contributor to shrink. Effectively decreasing losses allows retailers to offer products at competitive lower pricing increasing their profitability and competitive market place edge.
Bond Commitments
To outline our commitment to you as a retailer, we begin by listening to your unique requirements, specific requirements, and examine your vulnerabilities. Working in tandem with your associates, we help develop and implement specialized loss prevention protocols to aid in identifying how losses are occurring, minimizing your experience of loss, detecting and deterring suspicious offenders.
Why Choose Bond
Our goal throughout our service is to avoid creating unnecessary liability in addition to avoiding business disruptions. Our customers confirm our value cuts their former costs when they sought to recruit, train and supervise their own staff. They can now use those hours and resources to develop additional critical business programs. Having our recognized company provide superior service and competent specifically trained and experienced specialized loss prevention staff offers significant monetary benefits.
F.A.Q.
Loss Prevention In Security Industry
Present-day loss prevention professionals still uphold accountability for retail security. But they also must handle employee theft issues, data protection, safety and risk management, inventory audits, legal compliance, and matters related to organized retail crime and fraud.
You might get banned from one or all Target stores. The employee who caught you might call the police and attempt to hold you in the store until the officer arrives. You might get charged with either a misdemeanor or a felony depending on the value of the items you stole.
Loss Prevention Security Officers not only prevent robbery and theft, but they also provide services to improve each customer’s experience. Bond Security industry-leading training programs have created the most effective Loss Prevention model in the security industry.
The risk manager can be said to be more tangled in the big picture and often plays a major role in disaster planning. The loss prevention mission is to identify and evaluate the potential exposures to loss incidents. On the other hand, the loss prevention manager is likely to be more assets based.
The following are major loss prevention methods.
- Staff Awareness Training
- Prevention Methods using Technology
- Management Training for Internal Theft
- Strive for Operational Excellence
- Auditing
The following are the biggest challenges in loss prevention:
- Labor shortages and poor behavior: Striking the right balance between creating a welcoming workplace environment and monitoring loss prevention by using surveillance cameras can be seen as tricky.
- Stalled speed of service.
- Rampant fraud and attacks on loyalty.
Here are some tips for Effective Loss Prevention
- Develop Policies
- Lead by Example
- Use Security Cameras
- Encourage Hotline Tips
- Install Inventory Controls
- Establish Checks and Balances
- Conduct Surprise Audits
- Make Employees Feel Valued
Loss prevention refers to measures taken to prevent the loss of life, health, and property. In the workplace, this involves preventing accidents, reducing risks, and controlling known hazards. The goal of loss prevention is to bring the organization’s accidents as close to zero as possible.
Strategies for loss prevention
- Utilize physical security throughout your store
- Invest in POS systems with additional security features
- Incorporate loss prevention training into the onboarding process
- Use electronic article surveillance (EAS) to minimize product theft
- Keep track of loss trends
The following are the responsibilities of a loss prevention agent:
- Identifies, recommends, and implements systems to minimize loss of merchandise, money, or company assets.
- Audits and investigates sources of known losses.
- Monitors inventory to identify theft or shortages.
- Investigates suspicious customer and/or employee activity.
- Detect, Protect, Preserve, and Apprehend Shoplifters