OnSolve, a leading critical event management provider that helps organizations mitigate physical threats and remain agile when a crisis strikes, today announced a four-point checklist to help retailers take a proactive response to organized crime and other risks security leaders in the retail industry face.
Inventory theft, organized smash-and-grabs, data hacking, customer identity theft – the list of threats to today’s retailers (both online and brick-and-mortar) grows daily.
In recent years, the cost of organized retail crime (ORC) has risen sharply. In 2020, the cost of ORC amounted to almost $720,000 per $1 billion in sales, a 10 percent increase over 2019, according to the National Retail Federation. Additionally, 65 percent of respondents noted an increase in violence, with 37 percent reporting ORC gangs have become much more aggressive than in the past.
The uptick in smash-and-grab thefts is one of the factors contributing to this rise in violence. OnSolve is committed to helping retailers combat these dangers with an effective critical event management strategy and technology to support it.
The OnSolve Platform for Critical Event Management helps retailers protect their people, places and property with:
- Proactive risk awareness: Receive fast and accurate information about threats in proximity to retail stores.
- Cross-functional coordination and communication flows: Alert in-store employees and keep stakeholders updated.
- Integrated technology and systems: Remove security and continuity silos to ensure all team members are on the same page.
- Post-event analysis: Capture lessons learned and run drills for process improvement.
Organized crime is just one of the many threats retailers must contend with today. This four-point checklist can help retail organizations stay ahead of all types of risk, including severe weather, revenue loss and brand damage from supply chain disruptions and data breaches.
Retailers can use the checklist to assess their overall risk management strategy. Discover the right questions to ask to evaluate your retail organization’s readiness to:
- Continuously monitor and manage supplier risk and performance.
- Quickly identify and respond to critical events that may interfere with the ability to deliver goods and services.
- Effectively manage the customer experience during and after a risk event.
- Proactively identify and respond to incidents that can damage your brand or reputation.
Retailers are forced to contend with a broad risk landscape. This checklist from OnSolve can help cultivate agility and strengthen resilience against them all, from smash-and-grab events to other organized retail crime, supply chain issues and more.