Measures to reduce theft, fraud, damage and other losses involving stock, money or property.
Loss prevention combines procedures, staff awareness and security measures to reduce avoidable business losses. In a store, it can involve monitoring stock movements, checking cash controls and identifying weaknesses that allow theft, fraud or operational errors to occur. Clear responsibilities help staff apply procedures consistently and report concerns for follow-up. The work extends beyond observing suspected shoplifting because losses can arise within ordinary transactions and stock handling. Shrinkage is an inventory outcome that a retailer measures, while loss prevention describes the actions used to reduce the risks behind it.
In job listings
Holt Renfrew’s Manager, Loss Prevention in Mississauga worked with store senior leadership to reduce the effect of shrinkage and fraud on net profit. The position established strategy and tactical plans for safeguarding company assets, illustrating the management and planning responsibilities that can sit within this discipline. Search local jobs for “loss prevention”.
