Retail

Retailers of all sizes require high customer numbers through their doors to ensure success, but this also increases the risk of accidents.

Public attention increases the need to minimise such incidents. If they do occur, there is a great need to handle the situation quickly and professionally to minimise potential litigation. If these standards are not upheld, the impact on business reputation can be very damaging.

Incident reporting is at the core of successful risk management in the retail industry, with risk managers being able to use such data to mitigate future issues.

By searching for trends, they can pinpoint problems to the exact store and type of incident, enabling them to put loss prevention schemes in place.

With the large number of outlets, distribution centres and warehouses owned or leased by retailers, property management is also an important aspect of their risk management activities. COPE (construction, occupancy, protection, exposure) information, property and business interruption (BI) values are key for renewals and this information must be maintained on a regular basis.

Benefits

increase brand reputation and customer satisfaction by fast notification and settlement of incidents
increase accountability by driving cost of risk down to local store level
improve negotiations in the marketplace by presenting an improved history of losses
gain efficiencies in notification and management of volume incidents
consolidate data from around the world, detecting problems in a location, region or size of shop
enable root-cause analysis to help create and monitor loss prevention programmes
better management of supplier and contractor insurance including ensuring appropriate limits and renewal confirmation
property management

“In contrast with our previous telephone-based, claim-processing platform, the nearly instantaneous capture of information makes it possible to complete the claims entry in as little as 10 minutes.”
Senior analyst, risk management department - Target Corporation