Risk Protection Associates works with organizations to develop and maintain a competitive edge by managing risk from a holistic approach. Our team of experts determines the critical risks you face, develop recommendations for reducing your risk exposure, and identify your opportunities for increased safety, security and bottom line cost savings.
Risk Protection Associates was the first in its industry to pioneer the concept of "organic security", a holistic approach to risk management which maintains that all aspects of operational risk are not only related, but inter-dependent. There is no "one-size fits-all" or "cookie cutter" risk management program that can meet every need. Each risk management program must be tailored to the specific needs of the operation and the organizational culture.
One of the first steps in developing a prevention program for business risk is to perform a comprehensive risk assessment. This is based on a company's unique assets, business practices and potential threats to the business. The RPA risk assessment and analysis will identify areas of critical and residual risk, and highlight the specific operational considerations that must be examined in order to mitigate risk.
Strategic and tactical recommendations resulting from a company's risk assessment are provided in a comprehensive, written form, addressing specific corporate vulnerabilities. RPA consultants propose risk control solutions and manage the implementation of those preventive solutions and programs identified by the risk assessment.
DEVELOPING A RETAIL LOSS PREVENTION PROGRAM
In most independently owned retail organizations, loss prevention and internal control activities are numerous and fragmented. This lack of alignment and coordination can result in overlaps or gaps in loss prevention strategies.
Through a comprehensive review and assessment, Risk Protection Associates can help retailers identify and understand the misalignments, challenges, and improvement opportunities in their risk mitigation and loss prevention framework. This will create more efficient enterprise operations and higher levels of profitability via an established shrink reduction strategy and underlying tactics.
RPA consultants will seek out the business’s largest opportunities and initiate or reinforce loss prevention best practices and guiding principles toward continuous improvement. To do so, an end-to-end operational audit will be conducted with the intent of creating a risk management plan that ultimately makes the retail store operation less exposed to losses.
The return on investment (ROI) for retail clients includes:
Achieve a reduction in store shrinkage in the first year after implementing the suggested controls (up to 25%)
Obtain a clearer understanding of how to recognize risks and implement relevant mitigation strategies and controls
Have sustainable resources to leverage when faced with a loss issue
Deliverables include conducting a deep-dive loss prevention review and assessment to understand the organization's exposure to the loss of merchandise and cash. From turn-key open to turn-key close, our loss prevention expert will examine virtually every process of the store, from rental procedure to trash removal.
We will review store layouts, POS operations, receiving and inventory management procedures to asses risk, and store operations, procedures and protocols will be observed and tested. The loss prevention consultant will talk with
employees, and determine the adequacy of the controls associated with each function and procedure.
The engagement includes a staff training session concerning shrink and its various causes, how to address shoplifting and associate theft, and other general loss prevention topics such as dealing with counterfeit bills or potential shoplifters.
A debrief meeting will be held at the end of the engagement with the management team. This is to review the Loss Prevention assessment findings and to answer any questions about the next steps in developing an internal loss prevention program.