Broker warns companies to protect themselves

Retail crime is becoming the latest by-product of the credit crunch, said a risk broker.

Retailers have reported an alarming rise in crime levels. ‘As the UK economic situation deteriorates; previous efforts to lower retail crime could be wiped out,’ warned the British Retail Consortium (BRC).

‘A prolonged downturn could lead to an increase in theft,’ confirmed Paul Howard, head of group insurance & risk management, J Sainsbury plc.

Alliance Corporate Risk Management said that retailers should heed the warning and put measures in place to protect against it.

A spokesman for Alliance said: ‘We encourage businesses to look beyond the obvious risks they face and to assess all risk within a formal framework where considered analysis of threats and opportunities influence the strategic decisions made by the business.’