MedTech I.Q.

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Understanding the ways of conducting shrink investigations

Shrink investigation is essentially about examining the causes of shrink (loss) in retail businesses. Although retail is one of the fastest growing areas of business, the possibility of shrink is very high in this area. It is also an overlooked area, because of which many shrinks that could otherwise have been prevented, do not get prevented.

Controlling losses is as important as making profits. In fact, it even precedes profit making. A shrink investigation is a means to understanding where the losses lie and what causes them. This should help them to formulate policies and procedures that help them do this. Mapping audit practices to established procedures is important in helping to identify the source of loss. A shrink investigation is ideal for serving these purposes.

A major means for controlling retail losses

A shrink investigation is very important when one considers the fact that a third of all retailers suffer losses that are both unidentified and uncontrolled. Most retailers fail to realize that carrying out a shrink investigation requires a sense of direction and purpose, periodicity, prolificacy, and proactivity.

A webinar from Compliance4All, a leading provider of professional trainings for all the areas of regulatory compliance, will help you expand your thinking and set you on new horizons of shrink investigation. This webinar will be presided over by the highly experienced and acclaimed expert on law enforcement, criminal investigation, loss prevention and fraud examination, John E. Grimes III.

To benefit from John’s wide-ranging and solid experience, register for this webinar by visiting http://www.compliance4all.com/control/w_product/~product_id=501274L...

In this session that personnel connected with the retail industry, such as Small Retail Business Owners, Managers, Auditors, Loss Prevention Professionals and Fraud Examiners will find very useful, John will impart a clear idea of all the elements of a shrink investigation.

Learning on all the aspects of shrink investigations

Attendance at this webinar will equip participants with a crystal clear understanding of the process needed for conducting a shrink investigation. These include covert observation of the store; a review of policies and procedures; a review of practices that are in contrast to established best practice procedures; a review of point of sale data including refunds and voids; taking frequent inventories; delivery audits; and paperwork review.

During the course of this 90-minute session, John will cover the following areas:

·        What causes Shrink (Losses) in a Retail Environment

·        The importance of having overarching Policies and workable Procedures to control shrink.

·        Understanding the steps to perform a Shrink Investigation when the source of losses is not identified through normal business operations procedures and practices. This webinar will discuss the steps, which include:

o  Covert observation

o  Undercover shoppers.

o  Review of policies and procedures

o  A review of point of sale data

o  Store meeting

o  Employee Interviews

o  Surprise Delivery Audits

o  Paperwork review

http://blog.lpinnovations.com/Loss-Prevention-Leadership/bid/76560/...

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