GRC combines governance, risk management, and compliance in one coordinated model to align IT with business goals while managing risks and meeting all industry and government regulations. Following are the key steps in implementing GRC: Define what matters : Identify silos and set goals to include current processes. Senior leaders play a vital role in understanding the benefits of GRC-driven policies and encouraging acceptance within the organization. Identify risks : Develop a risk-aware culture by identifying the type of risks your organization faces like financial, security, legal, strategic, reputational. Design a plan : Once you determine the goals and have a clear picture of regulations and risk, you can then plan and choose the right GRC framework and tools. At this point, you should define how success will be measured. Test the GRC system : Use a phased approach to start with organization's priorities, focusing on key processes, then expanding the program. Starting small w...

Returns fraud is when a customer manipulates the retailer’s return policy to gain undeserved financial benefit. Stats from the National Retail Federation demonstrated that merchants lost a total of $101 billion due to return abuse and fraud in 2023. Additionally, for every $100 in returned items, businesses lose $13.70 due to return fraud. As retailers prepare for this year's Black Friday, focus is on implementing ways to reduce the losses from returns. An emerging trend is " refunds as a service ", where consumers are paying cybercriminals to make fake refund claims on their behalf in exchange for a cut of the sales. According to Loop's survey findings, challenges faced by retailers in addressing returns fraud or policy abuse includes maintaining a good customer experience, accurately determining a fraudulent customer, proactively detecting fraud, reducing time spent on manual fraud identification and spike in operating costs. Sellers are combating returns fraud us...