Risk Management Research Paper Example | Topics and Well Written Essays - 1000 words

Risk Management - Research Paper Example 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, havin g 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 â€Å"pay outs† (Fennelly 77). In addition to that, a manager can help prevent shopl ifting 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