Conducting a Shrink Investigation - How to Determine the Source of Your Inventory Discrepancy

Why Should You Attend:

In addition to developing overarching policies and workable relevant procedures that govern the business operations, including loss prevention, a retailer must be able to conduct a full shrinkage or loss investigation when the source of the losses cannot be determined.

This webinar session will explore the importance of controlling losses in order for a retail business to be successful. A business owner must understand that controlling losses is just as important as controlling sales and costs. Controlling losses is often the area that is overlooked, which leads to many small business retail failures.

Areas Covered in the Webinar:

• What causes shrink (losses) in a retail environment
• The importance of having overarching policies and workable procedures to control shrink.
• Understanding the steps to perform a shrink investigation when the source of losses are not identified through normal business operations procedures and practices:
• Covert observation
• Undercover shoppers
• Review of policies and procedures
• A review of point of sale data
• Store meeting
• Employee Interviews
• Surprise delivery audits
• Paperwork review

Who Will Benefit:

• Retail Business Owners
• Retail Managers
• Auditors
• Loss Prevention Professionals
• Fraud Examiners

Instructor Profile:

John E. Grimes III has over 45 years of progressive law enforcement, criminal investigation, fraud examination, loss prevention, leadership, and teaching experience. He began his career with the Baltimore City Police Department where he became a detective in the Criminal Investigation Division (CID). He left Baltimore and became a special agent with the newly created Amtrak Police Department Fraud and Organized Crime Unit. He was then promoted to captain of the CID. In 1993, Mr. Grimes joined the Amtrak Office of Inspector General/Office of Investigations. He was appointed chief inspector in 1999 and retired from service in 2011. Since his retirement his efforts have focused on education, training, and mentoring. He is an adjunct instructor at Stevenson University teaching graduate level courses in forensic interviewing and fraud examination. He is an advisory committee member for the Center for Forensic Excellence at Stevenson University. He is also on the Stevenson University Forensic Advisory Board.

In addition, Mr. Grimes is the proprietor of Fraud and Loss Prevention Solutions. He developed and taught an introductory loss prevention course for Blue Ridge CC in NC. Additionally, he has been a speaker, presenter, and trainer at many ACFE events, as well as government, private, and professional organizations.

Mr. Grimes is the immediate past president of the Maryland Chapter-ACFE. During his term as president, the Maryland Chapter was the honored recipient of the 2015 ACFE Chapter of the Year Award. He has been a Certified Fraud Examiner since 1997. He is also recognized as a Certified Forensic Interviewer by the Center for Interview Standards and Assessments, Ltd. Mr. Grimes is a member of the Reid Institute and the Loss Prevention Foundation. He was a former staff officer with the United States Coast Guard Auxiliary where he was recognized as an instructor specialist and a marine safety and environmental protection specialist.

Topic Background:

Running a retail business can be rewarding. However, uncontrolled and unidentified losses can put you out of business. The Association of Certified Fraud Examiners estimates that as much as 33% of all small business failures is a result of controlled and unidentified losses. Small businesses that do not employ internal loss prevention employees are particularly vulnerable to fraud and theft that goes undetected. Then it could be too late. Losses can occur as a result of external theft, internal fraud and theft, delivery discrepancies, mark-up and mark-down errors, and other paperwork issues. The only way you can identify the amount of losses is by taking periodic detailed inventories. A shrink investigation is a systematic approach utilizing audits, and covert as well as overt investigative strategies to pinpoint the sources of losses.

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