How does the HKLPA define Loss Prevention?
Most people conceive Loss Protection as only referring to Retails, however the Hong Kong Loss Prevention Association (HKLPA) takes a much broader view. Not intended to cover loss prevention of physical health and human organs, the HKLPA is more concerned with those losses of monetary values ultimately in a business model. What if the loss of a business' fame, reputation or data, it sounds no different.
It follows that a business is to be set up and run in such a way to prevent a single loss so that policies and strategies are to be in place all the time. There the HKLPA has established a Loss Prevention Framework which illustrates a business's sustainability is founded on ethics and integrity, and amidst them are Crisis and Risk Management, Business Insurance and Security, Corporate Governance and Internal Control, and Fraud Examination and Due Diligence.
In the context of the HKLPA, Loss Prevention refers to every single measure and step to be taken prevent a business from coming into a situation from which a monetary loss will result, data and reputation inclusive.