Join Australia’s biggest asset protection and risk management conference virtually. Wherever you are… no matter what!
Retail Risk – Sydney L.I.V.E™ starts 9am (AEST) 13th October 2020
Live events are definitely best attended “in person.”
But whilst nothing can beat the interplay between hundreds of world class asset protection and risk management professionals in a room, swapping experiences, giving advice and making new contacts, sometimes attending in person is not an option…
So as retail develops ever more ingenious ways to let consumers shop on their own terms, isn’t it time to offer the same opportunity to the people who run Asset Protection and Risk Management in Australia!?!
Join this year’s Retail Risk – Sydney L.I.V.E™ virtually, from the comfort of your own office!
- You will still see cutting edge presentations from top international experts – the best and brightest talents gathered together from around the world
- You can still ask questions and interact with speakers and other delegates
- And you can still talk with our sponsors to find out about the latest solutions to risk management problems – in fact we encourage it!
- And the whole event is still free to attend
The only thing missing will be the free lunch!
For your convenience the conference has been broken into three virtual 2.5 hour sessions, each starting at 9am (AEST), taking place on the 13th, 20th and 27th October.
You can join in on all three days, or dip in and out of sessions. Whatever suits you and your team! And because the event is virtual this year, other departments whose remits touch on Asset Protection and Risk Management can “tune in” to the parts of the conference that are most relevant to them too without leaving their offices. So please be sure to tell Finance, IT, Online Retail, Distribution Centre Management, Logistics, IT and HR bout this terrific conference.
Simply register here and we will do the rest – click HERE…
Some retailers are on the up, whilst others are struggling. Either way the new risk management concept of “LP on demand” has much to offer
Whether your Risk Management Department is expanding rapidly or under pressure to contract, the concept of LP on demand is gaining traction as the way forward to manage retail risk in a post Covid era…
Some retailers are cutting risk management resources as they struggle to trade through turbulent times. Others are seizing opportunities for growth with alacrity, often centred around their online offerings. Whether you are shrinking or expanding, you have the same area of concern… Resources.
A growing business ramps up activities to meet new demand. And I have written previously about scaling up risk management operations. The challenges are complex. The belief within an organisation that to facilitate expansion it can simply do what it already does, but on a bigger scale is fundamentally flawed. Such an approach will inevitably open the business up to new risks and potentially large losses, legal action and reputational damage. Worst of all the new customers that have been won and who have fuelled demand and so expansion can very, very quickly get turned off to the brand and decide to spend their money elsewhere.
And then there are businesses that, facing difficulties, have decided to reduce their risk management resources. They see this reduction as a way to save money, although this method of cutting “overhead” probably means that they are underestimating the increased costs of loss incurred as a result of these “money saving” measures.
Risk Managers will fully appreciate the importance of maintaining risk management functions despite budget cuts. And whilst these cuts will probably be reversed “down the road,” as the consequent losses mount and become unacceptable, by that time responsibility for these risk areas may be devolved to other departments, whose central expertise is not risk management. Then the Risk Management Department will have lost control of those functions and so its ability to influence future decisions on risk even though it is best placed to do so.
So whether your challenge is to manage risk in a rapidly expanding business, or to retain as much risk management function as possible in a shrinking business, the fundamental problem is the same. How do you resource and manage change occurring at a rapid rate?
As a result of the challenges being faced there is a new approach to risk management evolving and gaining traction within the industry. It is called “LP on demand”
The basic concept is that a conventional LP model often has spare capacity built in. Many functions are needed on an ongoing basis, but not needed constantly. However, you cannot disband that function during those times that it is not hard at work. The concept of LP on demand is to take spare resources and repurpose them to become continuously productive, whether that is people or technology.
At its most basic it is outsourcing LP functions to an organisation that, by virtue of its specialisation, perhaps performs that function better, faster and more cost effectively than any retailer could do themselves. At its most complex, operating a total loss model of risk management, most of the risk management functions are performed by a third party reporting to a senior loss prevention executive in the retailer’s senior management.
Either way, using specialist help that is serving multiple clients means a reduction in cost with a simultaneous improvement in service levels and continued benefit for the business of retaining all risk management functions… and under the auspices of the Risk Management Department. Here are three examples of how it could work…
TOTAL LOSS OUTSOURCING STRATEGY
This is an overarching strategy that keeps people, property and profits secure across all business areas. Pillars of this strategy would include separate functions such as crime and security management, fraud screening, investigations, process coaching, product protection, audit, etc. This should be set you, and the outsource partner will need to fully understand the deliverables and function interdependencies.
SHRINK MITIGATION SERVICES
This selective product approach can also be defined across strategic pillars relevant to your business. For example, you could select outsourced product protection coaching, investigations and field LP services working to one internal contact.
LP INDIVIDUAL PRODUCT RANGES
You may wish to procure LP products independently or as bundled options. These can be person based products and services or online services only, such as process coaching. Online products can be built in partnership with your team or be generic.
Of course moving to an LP on demand model has two distinct advantages.
First of all it is not an all or nothing solution. You can pick part of the business, perhaps a problematic one, to test it out on and see how the outsource partner deals with that. If successful then you expand the strategy. If not, well you’re probably not any worse off than otherwise you would have been.
Second in the future you can expect to find many of the senior people now working for retailers working for outsource partners who offer LP on demand. As individual businesses struggle to offer the kind of opportunities that those at the top of the profession aspire to, their talents will increasingly be wanted by outsource partners who can use that expertise across a number of functions and a number of retailers. By spreading the cost across multiple business users outsource partners can offer top talent the sorts of rewards it deserves whilst reducing costs for individual retailers and keeping all shareholders happy!
Dan Hardy is Director of Strategy & Transformation at Amberstone Security www.amberstone.co.uk
Amberstone Security will be appearing at Retail Risk – Leicester L.I.V.E™ (visit by clicking here…) on the 3rd December 2020.
Retail Risk – Sydney L.I.V.E™ EXCLUSIVE
Corin Dennison to open Retail Risk – Sydney L.I.V.E™ 13th October 2020; starts 9.00am (AEST)
“There has never been a better time to shine…” Retail Health, Safety and Risk Management after Covid-19
Corin Dennison is the Global Head of Asset Protection for one of the biggest consumer sports brands in the world. He is also the reigning Fraud Awards Retail Risk Director of The Year.
According to Corin “There has never been a better time to shine.”
The recent pandemic has fundamentally changed retail. Retailers have suddenly become responsible for risks that they never had to face before such as health, safety and risk management in queues, large numbers of executives working remotely from home, rapidly increasing online transactions with associated risks, and stores suddenly being rendered unviable.
In addition retailers have to contend with rising expectations among investors and customers in terms of environmental policy, social responsibility and sustainable business models which have moved from a “nice to have” to business critical. And then there is the relentless pursuit of innovation to give customers what they want to buy, whenever and however they want to buy it; these are new routes to market with new, associated threats to match.
All of this, Corin asserts, provides an unparalleled opportunity for those whose remit includes Health, Safety and Risk Management to make themselves indispensable to their businesses and claim a seat at the top table. Never before have businesses been so dependent for their success on the effective management of risk. It is time for Health Safety and Risk Management executives to make their presence felt like never before.
Get the full presentation by registering for Retail Risk – Sydney L.I.V.E™. Join virtually and watch from the comfort of your own office: Click HERE…
Don’t miss this ground-breaking Risk Management webinar
Today should be the golden age of Risk Management, and yet it is not
Retailers are cutting Risk Management teams at a time when they should be building them… So what to do?
At a time of breath-taking innovation and in the face of unparalleled difficulties, retailers do not realise the size and nature of the new risks that they are facing. And some say that is because Risk Managers are not embracing the new challenges and/or communicating the dangers effectively to senior management.
On 13th October at the Retail Risk – Sydney L.I.V.E™ webinar some of the smartest, brightest and most successful Risk Managers in our industry will explain how they have redefined risk in their businesses, how they keep the lines of communication open with senior management and how they are dealing with those challenges.
Every single one of our speakers has an important message for you. They will identify the significant new risks coming down the road for you and explain how you should deal with them. Not least they will address how to retain knowledge and experience in your business when others are losing theirs. They will show you how to be seen as a vital asset, one to be valued in your business rather than as an overhead to be cut.
Simply put the webinar will provide you with much of what you need to know to survive and thrive in Risk Management after Covid-19.
For more information and to register to join this year’s Retail Risk – Sydney L.I.V.E™ click HERE… It is free to attend and you can join virtually, from the comfort of your own office, dipping in and out as you wish throughout the day.
This should be the golden age of Risk Management. Register today and make sure that it is for you and your team…
Retail Knowledge Services DMCC
Jumeirah Lakes Towers
London: +44 (0) 207 100 3 999
Sydney: +61 (0) 2 8310 5744
New York: +1 646 396 0450
Email: [email protected]
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