The main role of the loss prevention manager is to ensure profits by preventing losses that occur through internal or external theft, fraud, accident, or abuse; it is often referred to as "shrink." Loss prevention managers are must constantly be on watch for shrink. Along with finding out the reasons that shrink may be occurring, they must constantly create and implement security and safety procedures that will reduce losses for the company. Since theft includes stolen items and robberies, the loss prevention mangers needs to work closely with upper management in the store and with law enforcement in the area.
Since a lot of the job is about communication, the loss prevention manager is expected to communicate efficiently to be able to effectively conduct reviews with management, police, and employees. In addition, they also must be a team player, able to work with different personality types, assertive, able to work with discretion, and professional. They must also maintain confidentiality, have great attention to detail, and have excellent analytical skills.
While it is often not required, experience conducting legal or ethical investigations is often beneficial or preferred for loss prevention manager positions. Most loss prevention managers work in the retail sectors, and experience in that area is frequently beneficial or preferred.In terms of education, a bachelor's degree in criminal justice or a related field is preferred; however, a bachelor's degree in another field or relevant experience may be acceptable in lieu of formal education.
Loss Prevention Manager Tasks
- Audit sites to ensure inventory is processed, handled, and monitored appropriately, and document any errors or failures.
- Develop policies and train staff in loss prevention, reduce shrinkage, and use tagging and/or report mechanisms.
- Investigate, log, and resolve alleged and actual theft, violations of policy, and compliance concerns.
- Coordinate and communicate with management and governmental agencies to act appropriately and legally.