Loss prevention employees try to prevent the different causes that lead to loss, by performing certain tasks on a regular basis.

The role of the loss prevention function is to ensure the application of the company’s SOPs, when it comes to handling inventory and cash, in order to minimize those risks and protect those assets.

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Loss Prevention is a function in retail businesses that is responsible for protecting the assets of the business and preventing or minimizing loss, by closely monitoring daily operations and ensuring the implementation of the company’s SOPs, especially the ones related to cash and inventory handling.

Loss prevention is important because it helps the business improve its bottom line, by closely monitoring and preventing practices that lead to material losses in cash and inventory.

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For example, they ensure that the stores are operating as per the SOP, and they do this by performing regular spot checks to verify that certain procedures are being implemented and that all the paperwork has been done.

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Order in the next 16 hours for same-day shipping. Anticipate your product to arrive between December 9, 2024 and December 11, 2024.

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Loss prevention staff also regularly monitor CCTV to see if anything is unusual, and that the right procedures are being followed.

We’ve put together a curriculum specifically designed for retail owners or retail professionals who want to advance into senior management roles.

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Retail Dogma, Inc. is a publisher and education solutions provider incorporated in Delaware, USA. Retail Dogma owns The Professional Retail Academy (PRA)™, a training program specifically designed for mid to senior-level retail professionals.

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In the case of any theft incidences, this team is the one who leads the investigation with the involved parties, by gathering all the information, going through CCTV footage, and getting statements from store staff.

For example, a loss prevention employee can go to the store and perform a locker spot check, and see if all the valuable items kept in the staff lockers are documented in the sheet employees need to fill when they start their shift; especially if those items are from the merchandise that is sold in the store.

Inventory is one of the biggest assets for retail businesses. Such asset has to move around and exchange hands multiple times, which subject it to multiple risks of shrinkage, due to errors or theft.

Shipping Restrictions Apply: We are unable to ship orders to Hawaii or Rhode Island. Additionally, orders to Illinois, Massachusetts, New Mexico, Alaska, Iowa, Michigan, Wisconsin, North Dakota, West Virginia, Maryland, Washington, DC, Mississippi, and Delaware require specific documentation before shipping. Please ensure all necessary paperwork is complete before placing your order.

Order in the next 16 hours for same-day shipping. Anticipate your product to arrive between December 9, 2024 and December 11, 2024.

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Another spot check they perform is a cashier or till spot check, where they count the money in the till and compare it with the amount on the system to check for cash shortages or overages.