How to become A Loss Prevention Manager

Profitability being key to the survival and expansion of a business, it is as vital to earn profits as to minimise loss of all kinds. The Loss Prevention Manager plays a critical role in enhancing the overall business plan by identifying, monitoring, investigating, and controlling avoidable losses accruing from fraud, theft, or error. Beyond the strategic changes that they make to prevent criminal behaviour, they aim at making the companies they work for not only functioning partners but also ensuring their place as part of a successful business model.

• Asset Protection Manager
• Asset Protection Specialist
• Regional Loss Prevention Manager
• Logistics Loss Prevention Manager
• Store Loss Prevention Manager
• District Loss Prevention Manager
• Loss Prevention Supervisor
• Loss Prevention Officer
• Director Of Loss Prevention

What do Loss Prevention Managers do?

A Loss Prevention Manager would typically need to:

• Supervise surveillance, detection, and criminal processing related to breaches of security in retail, corporate or private establishments
• Assess security needs across the locations of an enterprise to deploy loss prevention staff and technology; identify potential for loss; develop, implement and periodically review loss prevention programs and policies
• Advise retail stores on loss prevention and investigation procedures to protect people, money, equipment, and merchandise
• Supervise the installation of covert surveillance equipment, including security cameras, burglar alarms, CCTV (closed-circuit television) and EAS (electronic article surveillance); monitor their operation, maintenance and repair
• Monitor public areas for unusual activity; identify potential burglars from customers or staff; follow, interview and investigate shoplifting or internal theft suspects
• Work with undercover store detectives to prevent theft; monitor violations of corporate loss prevention policies
• Perform cash audits & deposit investigations to account for store cash; direct loss prevention audit programs concerning maintenance audits, safety audits, and EAS (electronic article surveillance) audits
• Check paperwork procedures to minimise error-related shortages; analyse retail data to spot current or emerging trends in internal fraud or external theft
• Hire, supervise and train loss-prevention staff; train retail managers and store employees on loss control and prevention measures to ensure compliance with applicable codes, laws, regulations, or standards
• Collaborate with law enforcement officials to investigate and resolve theft & fraud cases, and cases related to career criminals or organised groups
• Ensure compliance with operational, safety, or inventory control procedures, including standards for physical security; implement inventory systems to reduce loss, maintain inventory control, or improve safety
• Manage inventory investigations if the shrink (inventory loss due to employee theft, shoplifting, administrative error, vendor fraud, damage, and cashier error) is beyond acceptable limits
  Provide solutions in times of crisis such as protests and workplace violence
• Document theft and other security breaches; record observations made while on duty; retain evidence through periodic reviews; report results accurately and on time to plan and carry out corrective actions
• Ensure that shortage plans can be measured and implemented and have an impact on the shortage bottom line

Loss Prevention Managers work primarily indoors at both large and small retail businesses. You may work at a store's entrance, greeting customers or at customer service and the store's exit, conducting activities such as comparing purchase receipts to what is in the customer's bag or cart.

Others work in video surveillance or go around the store aisles in civilian dress to blend in with other consumers and keep an eye out for unusual behaviour.

With retail stores often situated in areas away from residential areas, you may experience considerable commute during the workday to your workplace or between stores.You may also need to travel to meet government officials, community groups, or private firms. Your role may frequently necessitate a temporary relocation to another city, region, or even country.

Most Loss Prevention Managers work full-time for more than 40 hours per week, especially if theft or other illegal conduct demands immediate investigation.

Finding a new job might seem challenging. However, Loss Prevention Managers can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

Loss Prevention Managers are generally employed by:

• The Retail Industry
• Government Enterprises
• Hospitals & Clinics
• Education & Training Institution
• Hotels and Resorts
• Professional, Scientific & Technical Services
• Law Enforcement Agencies
• Correctional Facilities

Professional associations and organisations, such as ASIS International, are crucial for Loss Prevention Managers interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• Regular exposure to dangerous, strenuous, or stressful conditions leading to the risk of illness and injury
• Working in stressful situations during disasters or emergencies
• High turnover of employees poses a considerable challenge in dedicating enough time for training
• Difficulty in accessing loss prevention data
• Lack of resources due to funding cuts
• Communicating to the management as well as employees the need for implementing and following desirable health and safety practices

Practical experience working in the retail industry through a work placement or summer internship during your studies is valuable to gain a more profound knowledge of loss prevention practices. It is also beneficial for aspiring Loss Prevention Managers to have expertise in conducting legal or ethical investigations.

Customer service experience helps you prove to prospective employers that you can tackle difficult situations with customers. Read about the profession and work shadow or interview qualified Loss Prevention Managers to get useful insights into the field.

Some major companies may provide you training on the job through formal placement programs or you may try to contact smaller firms to inquire about opportunities directly.

Employers prefer Loss Prevention Managers with a bachelor’s degree in criminal justice or political science. Typical courses in the four-year program include government regulations, principles of insurance and risk control, laws of torts and contracts, and financial planning.

Another pathway is to obtain an associate degree in criminal justice in preparation for roles in private, corporate, industrial, or retail security. In addition to general courses, the two-year program also typically includes courses on asset protection, theory of criminal investigation, law enforcement, risk analysis, investigative methods in private security and relevant laws, and property security.

Candidates with a high school diploma accompanied by adequate training and experience may enter the profession at entry-level positions.

Loss Prevention Managers should have a loss prevention license, issued by the local authorities, which comes in the wake of passing approved criminal justice or related degree programs. They would need to be certified to carry out safe and effective practices without supervision.

Since licensing differs from one location to another, you need to contact your local licensing body to confirm specific requirements. Becoming a registered Loss Prevention Manager typically requires the passage of an examination in addition to the fulfilment of eligibility requirements, such as a minimum level of education, work experience, training, or the completion of an internship or apprenticeship.

Additionally, although not required, Loss Prevention Managers may obtain certification from relevant and authorised organisations to hone their skills and increase their chances of advancement. Successful certification programs seek to serve and protect the public welfare and are responsible for investigating individuals that practice outside of the program’s Code of Ethics. Protecting public welfare helps professionals earn trust and respect, critical elements in securing their future.

Performance, experience, and the acquisition of professional qualifications drive career progression. Loss Prevention Managers with consistently high-performance levels may be eligible for promotion every two to three years.

As your career progresses, you will take on more tasks and responsibilities or leadership roles. From Loss Prevention Manager, you could advance to Store Manager and eventually Store Director.

Loss Prevention Managers with substantial work experience in emergency management roles are expected to have the best job prospects.

Continuing professional development (CPD) will help an active professional build personal skills and proficiency through work-based learning, a professional activity, formal education, or self-directed learning. It allows them to continually upskill, regardless of their age, job, or level of knowledge.

Pre-employment, on-the-job, and annual training are all beneficial. The focus is on building skills in report writing, first aid, crisis management, and other job-specific requirements. As a result, successful loss prevention training and development plans must not prepare individuals to succeed not only in their existing roles but also aid them in unfolding their potential.

Accredited certifications in loss prevention procedures empower you to stay up-to-date with emerging practices in the field and adapt to continuously changing safety standards.

Types Of Loss
Loss Prevention Managers and their teams cover various offences, such as shoplifting, organised retail crime, fraud, short-shipping, skimming, vendor substitution, sweethearting, and theft. The awareness that all of these crimes may occur may assist businesses in preparing for and preventing theft and fraud.

A Glimpse Into Criminal Behaviour

People commit fraud and theft based on common factors, whether employees or customers. The first factor to consider is the motive. Other than “simply because”, the person may have a desire to steal, which could be greed, a passion for vengeance against the firm, a complex financial condition, unanticipated bills, or the need to fuel an addiction.

The next factor is for the individual to find an opportunity to conduct a crime while avoiding detection. These criminals are more likely to target businesses with weak financial controls or cash management processes.

Finally, people tend to rationalise their justification for stealing. “Other people do it,” or “the company will not notice or miss the money/item,” or “I deserve it” could be their reasoning.

Understanding the motivations behind theft and fraud can aid in the development of more effective loss prevention strategies.

Shoplifters are caught only once out of every 48 times they steal.

Loss Prevention Managers recognise that preventing crime and upholding safety is a matter of life and death and not just pushing papers to remain employed. These professionals strive to protect the well-being and function of businesses and society through crime prevention programs and policies.

The goal of most loss prevention departments is to maximise earnings while minimising losses as much as possible. As a result, Loss Prevention Managers should ensure that their ambitions do not conflict with or disrupt business aims.