After decades of dire predictions for the future of retail stores, the disruptive innovation of e-commerce has only managed to carve off a little more than 7 percent from sales at brick-and-mortar outlets.
Retailers that have spent the past decade investing in user-friendly online platforms are now looking for ways to extend that hyper-personalized experience to their brick-and-mortar stores. It's a complex challenge with a range of risks. This increases the need for internal controls and governance to ensure that their store-level priorities, controls and procedures comply with organizational and regulatory standards and are aligned with corporate goals and objectives. Protiviti recommends a two-tiered approach combining annual self-assessments for all stores with rotating audits and data analytics to benchmark and validate store-generated reports.