StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Risk Management - Research Paper Example

Cite this document
Summary
Name Institution Course Instructor Date Risk Management Preventing employee theft while operating with a cash drawer Frequently, employers complain about losses that come in various ways. Research has shown that loss incurred in most businesses such as restaurants, supermarkets, and other large self-selection stores, and it results from employee theft…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.9% of users find it useful
Risk Management
Read Text Preview

Extract of sample "Risk Management"

Download file to see previous pages

Having seen the danger posed by this kind of storing cash within a business, strategists came up with a number of ways to prevent cash theft by employees (Fennelly 39). One of the most fundamental ways of preventing employee theft while operating a cash drawer is to employ honest and trustworthy personnel. Another crucial method of preventing employee theft while operating a cash drawer is to always be aware of the cash in the inventory, store, security, and staff behaviors at all times. In this way, an employer is able to prevent any sort of losses through employee theft since security is intensive (Fennelly 50).

Thirdly, an employer can prevent employee theft by monitoring their access. Generally, managers should find it necessary to always be informed of what is happening in the business’ cash drawer. In this way, the managers are able to know which employees have codes and keys to the cash drawer; therefore, in case of any loss they know who is accountable. Fourthly, having cash handling processes that does not give room for mistakes can aid in preventing employee theft cases (Ramsey and Ramsey 57).

Fifthly, being always present and available for the team is very substantial in preventing employee theft. . Apart from that, maintaining employee monitoring after undergoing an intensive training is very important when it comes to preventing shoplifting when using a cash drawer. Immediately after the newly employed staff concludes its training, setting up measures that will see proper monitoring of the staff is a sure way of preventing any sort of shoplifting, especially at times when the store is using a cash drawer system.

There is also the method of establishing single or simply individual cash drawers for every employee, which have similar balancing procedure at the end of every single day (Wallace and Larry 55). Moreover, initiating a management sign offs in each refund, void, and refund deposit in a store that employs the cash drawer system of storing money is relevant and can help prevent shoplifting. Such strategies are suitable for preventing large-scale losses that may result from possible “pay outs” (Fennelly 77).

In addition to that, a manager can help prevent shoplifting in a store that uses a cash drawer by putting into place a regular inspection program that goes through register journal tapes and finds out if there are any irregularities. Piecing together a system that allows advent and regular inspection of largely what goes around the store facilitates security and prevents shoplifting in places where they use cash drawers (Ramsey and Ramsey 68). Disaster and recovery plan Commonly, a disaster and recovery plan is planning of a business that seeks to ensure its continuity even after the occurrence of disruptive event that may be in the form of a hurricane, snow, and/or even a simple power outage that may occur anywhere next or close to the business.

In a disaster and

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk Management Research Paper Example | Topics and Well Written Essays - 1000 words”, n.d.)
Risk Management Research Paper Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/business/1467760-risk-management
(Risk Management Research Paper Example | Topics and Well Written Essays - 1000 Words)
Risk Management Research Paper Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/business/1467760-risk-management.
“Risk Management Research Paper Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/business/1467760-risk-management.
  • Cited: 0 times

CHECK THESE SAMPLES OF Risk Management

Risk Management for Rural Internet Kiosk Project

EXECUTIVE SUMMARY This report concentrates on Risk Management for the Rural Internet Kiosk Project will full details of project management for the Rural Internet Kiosk Project.... All upcoming projects assume a particular risk, and through Risk Management techniques are applied to monitor and minimized these events that the potential to arise and cause harm to the final project outcome.... It's of a vital importance to monitor all risks on a scheduled basis by a Risk Management team and finally give a report on the project status....
6 Pages (1500 words) Essay

Risk Management Failure - BP Oil Disaster

Risk Management Failure Name: Course: Tutor: Date: The “BP oil disaster” also called the “Gulf of Mexico oil spill” was an oil spill disaster that took place in 2010, at the Gulf of Mexico.... The Risk Management failures of BP that led to the disaster Risk Management failures were among the core factors that led to the 2010 BP disaster at the Gulf of Mexico (Zolkos and Bradford 2011).... These Risk Management failings include that BP did not carry out an official risk assessment of the critical operational choices made during the days prior to the disaster....
6 Pages (1500 words) Essay

Risk Management in Banking

The following research proposal "Risk Management In Banking" dwells on the Risk Management plan and advice for the group that is meant to travel when the race position ends.... nbsp;… To ensure the safety of the local community group, the trip organizers need to be certain that Risk Management steps and precautions are undertaken.... It contains the detailed activity and location description, relevant legal needs and the management context of macro, micro, and risk (Risk Management 2009)....
6 Pages (1500 words) Research Proposal

Corporate Risk Management

Also, discussed are all of the elements in the Risk Management cycle associated with that mistake.... It is from this consideration that fire protection becomes very critical in modern Risk Management as a way of reducing its extended effects.... The Risk Management cycle has been broadly broken down into four classes namely; evaluation of the risk, management of the risk, measurement of the risk and assessment of the risk.... Risk Management is the process of identifying, assessing and prioritizing risks which are then backed up by a systematic and calculated application of available resources to limit, monitor closely, control and establish how the identified risks can be effectively handled....
10 Pages (2500 words) Research Paper

RISK MANAGEMENT & EMPLOYEE RELATIONSHIIPS

Risk Management refers to the concept of keeping the risks under control so that they do not create any kind of dangerous situation for the company.... This process of… There exist many Risk Management processes, which help the companies, come out of the fear of risks and move towards stability and success in the market.... Four major components of Risk Management Risk Management and Employee Relationships Risk Management is a process, which is used to identify and measure the risks being faced by a company ora firm....
2 Pages (500 words) Essay

Value and Risk Management

The present aim is to hire a consultancy firm for the purpose of conducting value management and value engineering on a recreation and commercial centre project.... SBE hired this firm to determine the… Value management and value engineering are terms that have emerged as a result of continuous innovation among construction companies and the quest of firms to provide quality service in construction.... Value management focuses on the functions to provide maximum benefit....
16 Pages (4000 words) Essay

Risk Management Plan

Risk Management is identification, evaluation and prioritization of risks followed by monitoring of these risks through economical applications to reduce the probability of unfortunate… A Risk Management plan is a document that lists the risks anticipated and their mitigation measures.... In accounting there are several risks, however accounting firms need to seek more assurance Risk Management Plan Legal Risk Management Plan for an Accounting Firm Accountants are known to be ahead of other professionals when it comes to Risk Management....
2 Pages (500 words) Assignment

I.T. Project Risk Management

PROJECT Risk Management Currently, knowledge has been earmarked as an indispensable ingredient to innovative companies and to their overall objective of maintaining a competitive advantage over their rivals.... Therefore, it would be imperative for IT managers constantly to embrace the holistic view of IT project Risk Management rather than just focusing only on financial issues.... project Risk Management, (California Technology Agency, 2011, Haney, 2009, Talet, Zin &Houari, 2014, & Texas Tech University, n....
1 Pages (250 words) Research Proposal
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us