Page 16 - Risk Management Bulletin Jan- Mar 2021

RMAI BULLETIN JANUARY TO MARCH 2021

IDENTIFYING

UNKNOWN

RISKS THROUGH

MYSTERY

SHOPPING

C onformity and adherence to the internal and whether employees are adhering to the rules and

regulations or not but can also help in creating an
external regulations should be an
appropriate internal control environment and robust
employee's topmost priority, irrespective of
the company or the industry they are
working in, around the globe. Even as employees risk management process.
adhere to the rules and regulations, accidental or What is a Mystery shopping?

deliberate violations can cause severe consequences Termed as 'Mystery Shopping', the market research
to the company. method is generally used to measure the quality of
customer service, sales, job performance, regulatory
To control those mishaps or to prevent any huge compliance, or to gather specific discrete information
ramifications, and identifying the unknown risks, about a market or companywhich involves neither the
mystery research is one such tool available to GRC employees nor the seniors associated with the firm.
professionals that can be a game-changer, if deployed The research is also, sometimes, conducted to keep an
appropriately, it not only help the company in knowing eye on the competitor of a particular firm. Since a
store's manager himself cannot check out his
competitor, mystery shoppers are hired to size up the
About the author competition's merchandise, deals, and overall feeling

Gaurav Jain of the store. With the help in identifying the gaps in
the system of a firm, the mystery shopping practice
CFE, Associate Director helps a company to mitigate unknown risks.
Forensic Investigations Services
Netrika Consulting India Pvt Ltd. As the term simplifies, mystery shopping is a mirror

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