Loss Prevention is, as the name suggests, the activity of identifying and then removing, or mitigating, the causes of potential loss within a business.
Virrata will help you to identify likely causes of loss in your business activities with respect to; security, damage or loss of assets, and business continuity. Virrata will assist you in determining and prioritising cost effective measures to prevent or mitigate such losses.
The client need:
The client had been wholly focused on the process flow and creating wealth to meet monthly targets; they were aware that disruption to the business through unplanned and unexpected events could cause serious loss. They knew it was important to identify and expedite solutions.
Preliminary interviews with the client, and inspection of the business premises, revealed a number of areas for potential business loss. The client had been, vaguely, aware of most issues but had taken no action to record or attempt to address them.
Some of the threats identified were external to the company; suppliers, customers, criminal activities, and environmental issues.
Utilising Virrata’s expertise and guidance the client identified, recorded, graded and prioritised the potential losses; actions to mitigate were determined and initiated.
The client management now had confidence to continue concentrating on meeting those monthly targets, but now in the knowledge of where to expect interruptions to come from. They had plans or procedures in place to eliminate or reduce adverse effects and ensure business continuity.
A major issue uncovered was that a material, essential to their business and requiring extended testing and approval regimes from a major customer, was single sourced and manufactured by the supplier at only one location. Should a loss at the supplier factory disrupt the supply of this material, the client would not be able to provide a service to its customer for many months whilst alternatives were sought. The client immediately began negotiations with both customer and supplier to pre-empt such a situation.