Asset Protection Specialist Job Description

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Author: Artie
Published: 22 Jul 2021

An Asset Protection Specialist, The Asset Protection Specialists, IndyMac: A Bank that Fails, Asset Protection under Joint Ownership of Property, Retail Safety Assurance and more about asset protection specialist job. Get more data about asset protection specialist job for your career planning.

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An Asset Protection Specialist

It is important that you protect your business from theft, fraud or any other form of malicious attempt that will affect the growth of your business. To do this, you would need the services of an asset protection specialist. An asset protection specialist is a person who protects financial assets of their clients and prevents loss that may occur through theft or fraud.

The position involves actively looking for parts of the company that are at risk of inventory shrinkage or financial loss risks. The salary you will get as an asset protection specialist is dependent on a number of factors, including the nature of the employer, your level of certification, and your level of experience. You can complete high school and get a GED.

Depending on the employer, you may be able to get a job as an assets protection specialist with as little as a high school or GED. Determine if you want to pursue a degree. A certificate or diploma can increase your job prospects and help you gain useful knowledge for your career as an assets protection specialist.

If you want to become an assets protection specialist, you should consider becoming a sales associate, cashier, security guard or officer. It is possible to impress hiring managers and stand out in the pool of applicants with relevant experience. To be a successful asset protection associate, you must have good attention to detail, stay aware of suspicious activity, and act quickly to protect company merchandise.

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The Asset Protection Specialists

The asset protection specialists are primarily responsible for preventing financial loss caused by theft and fraud and supporting safety and environmental program compliance in their assigned store or multiple stores. They use a variety of tools to minimize loss, including but not limited to identifying incidents of theft and fraud, reviewing the store's physical security, auditing the electronic article surveillance, and driving a "shrink elimination" culture in the store. Responsibilities include: preparing accurate and detailed case reports documenting apprehensions and recoveries, preserving evidence, interacting with law enforcement and testifying in criminal and civil court actions.

IndyMac: A Bank that Fails

An asset specialist is a professional who is responsible for the management of assets. When a financial institution is under government control, asset specialists are used to help other financial institutions sell assets. The asset specialists are placed in charge of one or more of the bank's assets by the managing agent.

The regulatory body that took over the failed bank has asset specialists. Under the control of the regulatory body, the goal is to dispose of the assets as quickly as possible while recovering as much of the value of the assets as possible. Regulators want failed banks to be quickly and painlessly wound up in order to maintain depositor confidence, keep the financial system functioning and protect the economy from after-shocks caused by bank failures.

Asset specialists are used to investigating and researching the puzzle of a failed bank, which includes how much it has lent and who took on those loans. The government brought in asset specialists and asset managers to help it with the financial crisis after over 25 banks were seized and shut down. Washington Mutual's assets were seized by the FDIC in September of 2008 and a deal was made for the bank to be bought by JP Morgan.

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Asset Protection under Joint Ownership of Property

Asset protection is the use of strategies to protect one's wealth. Financial planning is meant to protect one's assets from creditor claims. Assets are protected by individuals and businesses to limit the access of their debts.

If a debtor has few assets, it may better to file for bankruptcy. Proactive asset protection is typically advised if significant assets are involved. Assets can be protected by jointly-held property under the coverage of tenants.

A married couple who hold mutual interest in property under tenants by entirety share a claim to a whole piece of property. The combined ownership of the property means that liens and other claims against one spouse cannot be attached to the property. Tenants by entirety would not protect the asset from being pursued by a creditor if there were claims against both spouses.

Retail Safety Assurance

A professional asset protection specialist with a strong record of retail safety assurance. Relating detail to investigating and resolving discrepancies. Able to work independently and in coordination with management and external authorities.

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Loss Prevention Specialist Skills

Strong observation abilities, sharp critical thinking skills, and effective communication skills are needed by loss prevention specialists. They must be able to identify suspicious behavior and other actions by patrons that can indicate theft, taking careful note of anything out of the ordinary. They must be able to communicate with store managers and other employees in the store, inform them of risks and keep them up-to-date on suspicious activities.

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