Retail Industry

The Downside of Positives: Managing Risks & Expectations

It has finally happened. After months of tireless work, lengthy meetings, and modified proposals, you have officially landed that big account, and with it, more business. It’s all upside from here, right? Well, that’s not necessarily the case. Risk, in the traditional sense, has historically been defined with a negative connotation. That is to say...

 

When Vendors Put You at Risk

Every business has vendors...suppliers, contractors, transportation providers, staffing agencies and other third-party organizations who support day-to-day operations. Not only do these vendors play an integral role in your business, but they also add complexity to your company’s overall risk. In the following video, learn how to protect...

 

4 Key Steps to a Risk Management Plan

Every business has risks but not every business is aware of them, or prepared for them. How confident are you about the risks facing your organization? Often, the reality of risk only becomes apparent when a catastrophe occurs. If you’re completely confident that you have identified and prepared for all risks, then read no more. Still 

 

Training Deadline Nears for Underground Storage Tank Operators

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We’ve all seen it.  The guy who drives off with the gas pump hose still in the tank.  Always makes for a good laugh. But what if the gas is still pumping?  It spills out across the ground and runs across the lot.  What happens next can be scary. The situation could warrant any number of actions.  What if someone is smoking near the pumps?  Do the employees monitor and prevent customers from smoking?  Employees must be trained to turn off the pump, control the spill, mark it with cones and have it cleaned. In this situation, a fire extinguisher must be accessible and operable.  The various scenarios involving a fire must be tested to ensure safe practices.  One expert opinion, “The employee needs to know when totry and stop a fire and when to get everyone out of there and run!”

A Retailer's Reputation Risk: Mile a Minute

200464106-001 Brandt D. Beal CEO In the retail industry, companies face situations where risks are encountered from all angles. They spend significant dollars and years building a positive reputation for their brand. For retailers, public perception is one of their greatest assets, but it can quickly become their greatest liability. Reputation is as important as product. This is especially true for convenience stores, an extremely competitive segment of the retail industry. With over 148,000 convenience stores in the United States, customers have many choices, often just across the street or next door, magnifying the retailers’ need for a good reputation.

The MSRP of Risk: The Cost of Risk in the Retail Industry

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The retail industry is among the largest contributors to the U.S Economy and in 2010 accounted for over $3.7 trillion in sales and 14.5 million employees, second only to healthcare. Shoppers may not be aware of it, but every time they frequent grocery stores, fill their vehicles with gas, shop for clothes at the mall or purchase a best seller

 

Protect Your Business From Vendor Associated Risk

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Most organizations today depend on external vendors to provide goods and services necessary to run daily operations. Apart from the apparent cost in engaging in these relationships, it is also important to understand that vendors can add complexity to an organization’s overall risk. Failure to manage this risk can further add to the cost