Effective loss prevention continues to be an essential activity for the retail industry. In a recent KPMG Fraud Survey Report*, inadequate oversight and lack of clarity regarding ownership of controls are cited as key factors leading to ineffective fraud prevention. The constantly changing nature of retail shrinkage can be contested only through a greater understanding of the business activities within an organization’s internal control environment.
Most retailers are already using technology for in-store analysis and to examine point-of-sale (POS) data to identify customer buying patterns and drive revenues. Similar emphasis and focus should be placed on protecting revenues not only in stores, but throughout the process lifecycle from stock source to POS. In an industry with razor thin margins, fraud, errors or inefficiencies in any aspect of the business can be the difference between profit and loss.
CaseWare™ Monitor provides a single portal coupled with built-in workflow and notification for all stakeholders and key decision makers to independently monitor processes across varying businesses and systems. This collaborative framework helps users across multiple departments such as loss prevention, procurement, finance, operations and audit, to identify control breaches, fraud and money leakage before they become detrimental to the organization.
Immediately detect errors in the inventory, purchasing and billing processes.
Ensure proper segregation of duties and compliance with external and company regulations.
* KPMG Fraud Survey Report