You are the District Trainer for Store Managers in your area and today you are presenting to the store managers the importance of proper risk managmeent in big-box retail. Prepare a presentation...

Risk Management        2
RISK MANAGEMENT
Defining Risk
When there is a possibility relating to loss or injury it paves the way for consequent risk to take place.
Risk Management
This process is important for the identification, assessment, reduction, acceptance and control risks relating to a proactive, systematic, comprehensive as well as in a cost-effective manner. This takes into account the business costs, the technical quality as well as the constraints concerning the programmatic schedule (Biagini et al., 2019).
Objectives of Risk Management
Analysing the Pre loss activities that can be avoided are listed as follows:
Theft relating to physical items: Shoplifting has been observed to exist as a major concern. This happens mostly when the thieves are found to move in large groups, thereby making their attempt to distract the employees. Furthermore, switching the price tags as well as product packaging for purchasing more expensive items at a relatively cheaper price. Video monitoring equipment should be installed in order to thwart these thieves. Alongside this, the usage of product labels and tags which are sensor based.
Digital theft or Data Breach
Phishing is a major concern that impersonate themselves as a store employee and ask for credit information from the customers. For this a cybersecurity specialist should be hired for auditing their systems as well as software.
Damage of inventories
Natural disaster can sabotage the warehouse facilities as well as the physical stores. To manage such risks commercial property risks should be mandated for which insurance can be claimed...