Tag: inventory control accounting
How do LP practitioners deal with the pressures of conducting internal theft interrogations in a forthright and honest way?What are the boundaries when it comes to obtaining an admission? Read More
At first, this may seem like an issue that involves only the retailer. However, the decision to ignore generally accepted cash and merchandise controls has far-reaching implications. Read More
The evolution of the loss prevention profession has required a change in the way we approach the retail environment. First, we now recognize that inventory shrink is a more complicated problem than mere theft of merchandise. Shrink is a complex issue. Shrink reduction is now seen as a vehicle of profit Read More
When I was a doctoral graduate student at the University of Minnesota during the late 1970s, I began conducting research on employee theft. At the time this was an area of criminology that was virtually unexplored. I found that it was hard to study this subject then, since few retailers Read More
A few years back, I was asked to conduct my first telephone-based loss prevention interview with an hourly employee. He was suspected of merchandise theft, and my supervisor insisted that I conduct the interview over the phone as the suspect was 800 miles away in another state, and the case Read More
Deep inside the data warehouses of companies across the world, billions of dollars are trapped in the subtle variations between the binary 0s and 1s that make up fraud and loss prevention data.
For Retail Industry Leaders Association (RILA) asset protection conference in 2014, JCPenney approached the University of Texas at Read More
I have frequently heard managers conveying the wrong message when addressing associates about employee theft consequences. These managers say things like “Don’t steal, or you will get caught” or “We have a good loss prevention guy and he catches everything, so don’t steal.” “Don’t steal because it is not worth Read More
By Dan Faketty
In today’s retail business environment, everyone is seeking a competitive advantage. It could be in technology, people, business practices, or newly developed programs. The best strategy in the world, however, becomes meaningless if it is not executed properly.
I have been fortunate to have a high degree of success at executing Read More
By Dan Faketty
I remember walking into the office for the first time. A new company, a new position, a new city. The size of the building and the sophistication of the other associates were somewhat intimidating.
I arrived at 6:00 a.m. sharp to make a good first impression. Soon it was time to Read More