zzp.src="https://tt1.zedo.com/ads2/p/l?a=3104026;c=3901000094;x=3840;n=3901;e=i;i=0;s=1;z="+Math.random(); Uncertainty in international trade, the rising popularity of product boycotts and the dominance of Amazon in the e-commerce market are just some of the risks retailers should keep on their radar. Here are the most critical risks that experts have their eyes on. Many people wouldn’t expect the aging workforce to be a major risk for retailers. White papers, service directory and conferences for the R&I community. Require employees to clean out lockers nightly to facilitate overnight deep cleaning processes. Boycotts spurred by the #GrabYourWallet campaign, which calls for consumers to boycott all things Trump, and MoveOn.org caused retailers such as Macys, Nordstrom and Hudson Bay to drop all products associated with either the president or his family. Encourage customers to use touchless payment options, when available. Third party interruption losses can also occur if ransomware or malware infects a company’s computer system. “If you’re talking just a pure frequency and dollars I think that the leaders are still workers’ compensation claims, so employee injury,” he said. Mutual funds and exchange-traded funds (ETFs) are common types of retail funds. Data breaches and digital theft. The Retail Risk conference series is attended by more retail risk and loss prevention professionals, around the world, than any other. Don’t miss these engaging sessions and top-notch speakers. Market risk refers to the risk that an investment may face due to fluctuations in the market. Employers should: Stay informed. Risk management often means shifting consumer trends and preferences, but there are still other things to consider. If you think online shopping is just a threat to brick and mortar stores, you’re wrong. “The dependency of the retail industry on technology is only going to increase. Here are seven critical risks facing the retail sector: 1) Natural Catastrophes For many insureds, property damage is one of the first issues that comes to mind after a natural disaster. Nadel noted that one of the top issues retailers are concerned about is the aging workforce. In 2018, the Bureau of Labor Statistics reported that there were 757,000 retail openings in July, up by 100,000 from the previous year. Use verbal announcements on the loudspeaker and place signage throughout the establishment, at entrances, in restrooms, and in breakrooms to remind employees and customers to maintain distances of 6 feet from others. For retailers, damage to their warehouses and brick and mortar operations aren’t the only risk they have to worry about when natural disaster strikes. One of the biggest risks for retail stores is the risk of crimes such as shoplifting, theft, embezzlement, or damage to the store and merchandise. The risk is that the investment’s value will decrease. Please note that only those suppliers who are sponsoring the event may attend in person. company announced they would hire refugees, discontinuing the sales of specific ammunition types, Luxury and beloved brand Barneys New York Inc. even filed bankruptcy, Risk Matrix: Presented by Liberty Mutual Insurance. This shortage of employees caused many retailers to up their game by offering benefits, like paid time off and 401(k) eligibility, that go beyond the traditional employee discount. Hackers stole data from up to 40 million debit and credit cards, leaving the company with a mangled reputation and costing them $18.5 million in settlements paid to states affected by the breach. They are also able to connect themselves to a brand that aligns with their own lifestyle, beliefs and attitudes,” he said. Also known as systematic risk, the term may also refer to a specific currency or commodity.. Market risk is generally expressed in annualized terms, either as a fraction of the initial value (e.g. National Comp 2020 is coming to a living room near you on. Tail risk is the chance of a loss occurring due to a rare event, as predicted by a probability distribution. Provide disposable disinfectant wipes, cleaner, or spray so employees can wipe down frequently touched surfaces such as workstations, cash registers, credit card touch pad, door handles, conveyer belts, tables, cart handles, and countertops. “It’s unlike anything we’ve seen,” Gabrielle Griffith, director at BPE Global, told Risk & Insurance®. David Perez, chief underwriting officer, North America, for Liberty Mutual's Global Risk Solutions, is ensuring the organization's underwriting talent is well prepared for tougher times ahead. Provide employees with access to soap, clean running water, and materials for drying their hands, and provide alcohol-based hand sanitizers containing at least 60% alcohol at stations around the establishment for use by both workers and customers. "Personal Consumption Expenditures/Gross Domestic Product. Some of the most devastating impacts of the COVID-19 pandemic have been in long-term care facilities. "The Role of Retail Banking in the U.S. Banking Industry: Risk, Return, and Industry Structure," Page 40.Accessed Sept. 21, 2020. While boycotts don’t always gain enough traction to result in a drop in sales, many retailers still fear them — and they’re willing to drop products to end them. Home Depot reported that their 2014 breach cost them $62 million, as reported by the New York Times. Risk of significant business impact of key systems not being available (websites, core operating systems, e -mail etc. Insurtech continues to bring promise of disruption and innovation to the industry, as one expert expects a transition from big numbers to big data, allowing for a more granular approach to pricing risks. Concentration risk is a banking term describing the level of risk in a bank's portfolio arising from concentration to a single counterparty, sector or country.. Implement a system in which relief workers rotate into the cashier station to allow cashiers to leave the station to wash their hands regularly. Market risk refers to the risk that an investment may face due to fluctuations in the market. Provide employees with accurate information about COVID-19, how it spreads, and risk of exposure. Reputational risk and data theft aren’t the only risks that come with cyber attacks, however. Implement flexible sick leave and supportive policies and practices. She can be reached at. Whether their insurance future will be equally dire remains to be seen. Additional workplace-specific times to clean hands include: Before and after work shifts and periodically throughout shift, After touching money or objects that have been handled by customers, such as reusable grocery bags, Before putting on and taking off disposable gloves when performing food prep. Tail risk has two main applications for the retail investor. Like all businesses, retailers are at risk from ups and downs of the economy. The dominance of Amazon in the online shopping domain should be particularly concerning to retailers who are trying to grow their online business. Actively encourage sick employees to stay home. Leverage closed-circuit television (camera systems) to remotely view facilities as opposed to physically visiting the location. According to Nadel, these risks are only going to increase for retailers. Learn how to achieve balance in The Hartford Business Owner's Playbook. Protect your store as best you can by staying on top of economic news about your local market as well as regional and national ones. “As the population is getting older, that workforce is so much more susceptible to sprains and strains and so you may see a bit of an increase in workers’ compensation claims,” he said. “Cancelled culture” and the rapid spread of activist movements on Twitter have made product boycotts a staple of modern American culture. The risk for retailers is that customers become afraid of shopping due to the possibility that their data might be stolen. Here are seven critical risks facing the retail sector: For many insureds, property damage is one of the first issues that comes to mind after a natural disaster. Federal Reserve Bank of New York. The Centers for Disease Control and Prevention (CDC) cannot attest to the accuracy of a non-federal website. Set up designated pick-up areas. Implement flexible worksites (telework) for office staff to the extent feasible. You will be subject to the destination website's privacy policy when you follow the link. As more people shop online, e-commerce crimes are on the rise. Employers should not require a positive COVID-19 test result or a healthcare provider’s note for employees who are sick to validate their illness, qualify for sick leave, or to return to work. Buildings can flood, catch fire or succumb to heavy winds. As a grocery or food retail worker, potential sources of exposures include close contact for prolonged periods of time with a customer with COVID-19 and touching your nose, mouth, or eyes after handling items, cash, or merchandise that customers with COVID-19 have touched. Follow all applicable local, state, and federal regulations and public health agency guidelines. Both retail and wholesale insurance agencies offer specific advantages to different consumers. 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