Conducting a Shrink Investigation when you cannot Determine the Source of your Losses - By AtoZ Compliance

MessageThis Webinar is over
Date Apr 5, 2016
Time 01:00 PM EDT | 10:00 AM PDT
Cost $135.00
Key Take Away

Understanding the steps to do Shrink Investigation in retail through covert observation, store meetings, paperwork review and surprise delivery audits when the source of losses are not identified through normal business operations procedures and practices


Running a Retail Business can be rewarding. However, uncontrolled and unidentified losses can put you out of business. The Association of Certified Fraud Examiners estimates that as much as 33% of all small business failures is a result of controlled and unidentified internal fraud. Losses can occur as a result of external theft, internal fraud and theft, delivery discrepancies, mark-up and mark-down errors, and other paperwork issues. The only way you can identify the amount of losses is by taking periodic detailed inventories.  
A recent survey of retailers indicates that the average shrinkage (or losses) totals 1.45 percent of sales. That may seem like a small number; however when compared to low gross margins, it is significant. Shrinkage trends are moving up.

Why Should You Attend

As much as 33% of small business management failures is a result of uncontrolled and unidentified losses. If you are small business retail owner, manager, or loss prevention consultant, this webinar will teach you how to conduct a full shrink (loss) investigation. If you are contemplating opening a small retail business, this webinar will give you a head start on understanding the complexities and importance of controlling losses. 
In addition to developing overarching policies and workable relevant procedures that govern the business operations, including loss prevention, a retailer must be able to conduct a full shrinkage in retail or loss investigation when the source of the losses cannot be determined. 
By attending this webinar you will learn the process of conducting a shrink investigation in a retail environment, including: 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.

Areas Covered In This Webinar

This webinar session will explore the importance of controlling losses in order for a retail business to be successful. A business owner must understand that controlling losses is just as important as controlling sales and costs. Controlling losses is often the area that is overlooked, which leads to many small business retail failures. It is critical that a retail business owner and managers understand:
  • 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 are not identified through normal business operations procedures and practices. This webinar will discuss the steps, which include: 
    • Covert observation
    • Undercover shoppers
    • Review of policies and procedures
    • A review of point of sale data
    • Store meeting
    • Employee interviews
    • Surprise delivery audits
    • Paperwork review

Learning Objectives
  • Learn the importance of controlling shrink (losses)
  • Understanding what causes losses
  • Formulating loss prevention policies and procedures
  • Comparing practices to established procedures 
  • How to conduct a Shrink Investigation when the source of losses are not identified

Who Will Benefit
  • Small Retail Business Owners
  • Managers
  • Auditors
  • Loss Prevention Professionals
  • Fraud Examiners

Speakers Profile

John E. Grimes III MS, CFE, CFI  has over 45 years of progressive law enforcement, criminal investigation, fraud examination, loss prevention, leadership, and teaching experience. He began his career with the Baltimore City Police Department where he became a detective in the Criminal Investigation Division (CID). He left Baltimore and became a special agent with the newly created Amtrak Police Department Fraud and Organized Crime Unit. He was then promoted to captain of the CID. In 1993, Mr. Grimes joined the Amtrak Office of Inspector General/Office of Investigations. He was appointed chief inspector in 1999 and retired from service in 2011. 
Since his retirement his efforts have focused on education, training, and mentoring. He is an Adjunct Instructor at Stevenson University teaching graduate level courses in forensic interviewing and fraud examination. He is an advisory committee member for the Center for Forensic Excellence at Stevenson University. He is also on the Stevenson University Forensic Advisory Board.
In addition, Mr. Grimes is the proprietor of Fraud and Loss Prevention Solutions. He developed and taught an introductory loss prevention course for Blue Ridge CC in NC. Additionally, he has been a speaker, presenter, and trainer at many ACFE events, as well as government, private, and professional organizations.
Mr. Grimes is the immediate past president of the Maryland Chapter-ACFE. During his term as president, the Maryland Chapter was the honored recipient of the 2015 ACFE Chapter of the Year Award. He has been a Certified Fraud Examiner since 1997. He is also recognized as a Certified Forensic Interviewer by the Center for Interview Standards and Assessments, Ltd. Mr. Grimes is a member of the Reid Institute and the Loss Prevention Foundation. He was a former staff officer with the United States Coast Guard Auxiliary where he was recognized as an instructor specialist and a marine safety and environmental protection specialist.

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