LP Magazine

JAN-FEB 2018

LP magazine publishes articles for loss prevention, asset protection, and retail professionals covering shrinkage, investigations, shoplifting, internal theft, fraud, technology, best practices, and career development.

Issue link: http://digital.lpportal.com/i/926658

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Page 27 of 60

director of enterprise risk management, is responsible for all Signet responsibilities for ERM and SOX compliance. EDITOR: With your long tenure in your company and the retail security industry, how do you view the change that has occurred as an LP and risk management executive in this industry? VALENTINE: Progressive departments can be an integral part of the leadership teams within the organizations and have the ability to impact companies' results. LP can definitely have a voice, thereby affecting change and direction. This doesn't happen by chance. You must earn it by adding value that can be measured. EDITOR: What are the challenges of managing risk at a specialty retailer dealing with expensive lines of merchandise? VALENTINE: You need to have an enterprise risk management process that is created and agreed to by LP, operations, and management. There are two sides of risk—looking at risk to control the probability and/or impact of an event or to maximize opportunities. At the retail level, it is managing risk of loss to the customer experience. There is not an LP policy or procedure you want to put into place that takes away from that positive experience and results in a sale. That's a challenge. EDITOR: Given the global nature of your business, how do you protect the supply chain from source to manufacturing to delivery to the store? VALENTINE: We utilize very sophisticated software and well-trained people that have the ability to identify and locate product not only where it is at but also the location within a specific area. EDITOR: Inside the store specifically, what technologies and procedures are in place to prevent both internal and external losses? VALENTINE: Stores are risk ranked depending on a number of factors, and that drives what technologies and procedure we use. It starts with strong physical protection compliance— everything is under lock and key—and then it is supported by the appropriate technologies, in other words, alarms, CCTV, remote interactive monitoring, security officers, and so forth. In addition, we do extensive counting of product with the assistance of an automated merchandise piece-count system that allows us to determine that there is no loss on a daily basis. EDITOR: How have these technologies and systems evolved over the years? VALENTINE: First, LP technologies and systems are now fully integrated, providing data that supports the point of sale, merchandise systems, and Protect your merchandise and reduce shrink with our SONR™ Security System. SONR™ prevents theft by providing a scalable security solution that monitors store activity and alerts retailers of suspicious behavior. SONR™ also maintains an open shopping environment to keep product accessible. Put our loss prevention solutions to work for you! Call 800.747.4665 or 815.877.7041 visit us online at www.southernimperial.com LOSS PREVENTION SOLUTIONS THAT PROTECT MERCHANDISE ™ 27 LP MAGAZINE | JANUARY–FEBRUARY 2018 INTERVIEW

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