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Risk. All businesses must deal with different types of risk. Risk is…. A situation that can lead to financial loss for a business Can result in loss of revenue or inventory. Types of Risk. Economic Natural Human. Economic Risk. Nation’s economy takes a downturn

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Presentation Transcript
Risk

Risk

All businesses must deal with different types of risk.


Risk is
Risk is…

A situation that can lead to financial loss for a business

Can result in loss of revenue or inventory


Types of risk
Types of Risk

Economic

Natural

Human


Economic risk
Economic Risk

  • Nation’s economy takes a downturn

    • Retailers should watch customer behavior and adjust inventory and expenses to help

  • Products become obsolete

    • Retailers should be aware of trends and customer buying habits


Natural risk
Natural Risk

Retailers should have insurance to protect their buildings, equipment, fixtures, and inventory.

  • Weather

    • Hurricanes

    • Floods

    • Tornadoes

    • Earthquakes

    • Fires

  • Caused by people

    • Riots

    • Civil unrest

    • Oil or chemical spills

    • Arson

    • Terrorism

    • War


Human risk
Human Risk

Security

Safety


Human risk security
Human Risk: Security

  • Burglary-someone breaks into the store

  • Theft

    • Internal-employee theft or employee pilferage

      • Dishonest employees

      • Taking cash or merchandise

      • Retailers can carefully interview and check references for potential employees

    • External-shoplifting by customers

      • Stealing

      • Switching price tags


Human risk security1
Human Risk: Security

  • Retailers can:

    • Educate their employees with training

    • Use devices in the store

      • Mirrors

      • Two-way mirrors

      • Sensor systems

      • No blind spots

    • Use deterrents like always prosecuting shoplifters

    • Carefully check vendors

      • Match invoice with amount of goods received


Human risk safety
Human Risk: Safety

Accidents involving employees or customers


Human risk safety1
Human Risk: Safety

  • Retailers can

    • Provide a safe environment

    • Have safety procedures

    • Provide training

      • Proper food handling

      • Proper chemical handling

    • Maintain the store inside and out

      • Clean

      • Repaired

      • Organized