Risk management in the retail business – Implement these strategies to reduce the risk
Recent breaches at major retailers have highlighted the risks that businesses in the retail industry face. In fact, a recent Verizon report reveals that retail makes the list of top five industries with the most data breaches. This explains how important risk management in the retail business is. We want to help you protect your retail business physically and digitally, so we’re offering these retail risk management strategies.
- Equip your employees. Make sure you have people on the ground who know the risks facing your business and how to mitigate them. For example, if your store is in a high-theft area, it’s wise to hire a security guard who will focus on eliminating that issue. Then, empower every member of your team to take steps to slash your risk—from monitoring exits to checking IDs with credit or debit purchases to verifying currency.
- Keep records. As liability claims are increasing year after year, your business needs to consider that it could be held liable for an injury in its store. Take steps to minimize hazards (e.g. having someone walk through at certain times of day to look for tripping or slipping hazards) and keep thorough records on those steps. These steps will save you if you are taken to court!
- Stay up-to-date digitally. Routinely evaluate and update your software so you can patch any vulnerabilities. While updating, opt for two-factor authentication and take note of any abnormalities in administrative access.