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Today the Retail Industry Leaders Association (RILA), in partnership with the University of Arkansas, Sam M. Walton College of Business and with support from Checkpoint Systems and Ernst & Young, announced a new initiative to examine the loss prevention risks associated with emerging point of sale technology.
The initiative will study emerging point of sale (POS) technology including self-checkout, mobile coupons, touchless payment, mobile POS and mobile self-checkout, evaluate the LP risks posed by each and identify possible preventive strategies.
“Retailers need to understand this emerging technology and its implications for loss prevention now so that they can proactively address any challenges that lie ahead rather than just reacting to them after emerging POS technologies become the norm,” said Lisa LaBruno, RILA’s VP of loss prevention and legal affairs.
“The speed at which mobile technology is affecting and reshaping retail is dramatic,” said Dan Valerio, Ernst & Young's Americas Retail Sector Leader. “The importance of understanding the risks such advancements have on a retailer's business cannot be underestimated.”
Not only will the project compile research findings in an industry report, it will also offer a risk assessment check-list that retailers can use in their retail locations to mitigate LP-related risks.
This project is the brainchild of RILA’s Asset Protection Leaders Council (APLC). The APLC provides a forum for top-level retail AP executives to work collaboratively to guide the strategic direction of the retail AP industry and to enhance effectiveness within their respective companies.
RILA is the trade association of the world’s largest retail companies. Its members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.