Managing Risks of theft of Stock or Inventory
Internal theft of Stock and Warehousing losses can be managed with appropriate systems which are closely followed by Warehousing staff.
- A procedure should be in place to check stock arriving on the premises to ensure it is accurate and complete.
- When stock leaves the premises, a process is required to ensure that the amounts are correct.
- These can then be balanced off against inventory.
Stocktakes should be conducted bi annually at a minimum.
An action plan should be established to deal with discrepancies in inventory and stocktake.
- Inform manager
- Record discrepancy and amount
- Verification that the discrepancy is real.
- Establish nature of discrepancy, is it repeated or one off.
- Advise authorities / insurers.