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Vector Security® Partners with Risk Management Services
Partnership to focus on the overall improvement of margin
and profitability forindependent hardware and home improvement retailers.
PITTSBURGH, February 14, 2013 – Vector Security®
announced today a strategic partnership
with Risk Management Services Loss Prevention, LLC to
address the rise in employee theft and
to develop solutions that use data and analytics to improve
business processes for retailers. Initial
offerings will be uniquely positioned to North American
independent hardware retailers and home
improvement outlets.
“We are pleased to partner with Risk Management Services to
better serve our national account
retailers and develop collaborative offerings to address
their unique needs for security.” said
Michael Grady, Executive Vice President, National Accounts
for Vector Security. “This
partnership now allows us to review information gathered at
the point of sale in new and
thoughtful ways. With the goal to better understand areas
for improvement in business processes
or to address internal issues that contribute to losses.”
The National Retail Federation recently released their
Organized Retail Crime survey detailing
that 96 percent of retailers have been a victim of organized
retail crime over the last 12 months.
Although overall shrink rates have decreased, when it comes
to organized crime, retailers are
seeing a rise in activity. According to the preliminary
survey findings, the majority of retail
shrinkage last year was due to:
• employee theft (43.9 percent of total losses)
• shoplifting (35.7 percent of total losses, up from just
over 32 percent last year)
• administrative error (12.1% of shrinkage)
• vendor fraud (5.0% of shrinkage).
“Retailers need new solutions to address these trends”, said
Jim Close, Managing Partner at Risk
Management Services Loss Prevention, LLC. “Alongside Vector
Security, we now have the ability
to package solutions that analyze data to help drive our
customer’s business performance and
address these growing crime issues head on.”
Over the last several months, Vector Security and Risk
Management Services have conducted
market research, product evaluation, and customer meetings
to better understand what current
customers are doing in regards to Point of Sale (POS)
investigations. POS is a key area of focus
when gathering data and information associated with employee
theft and errors.
Contact:
Art Miller
Vice President, Marketing
724-741-2206
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