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CIMA help combat costs of Metal theft

Nearly 50 Chartered Management Accountants from around Preston met last week to discuss combating the costs of metal theft which could save their companies thousands of pounds. These finance professionals are hoping to prevent and combat the cost of metal theft to businesses not just related to the costs of replacing the metal such as the costs associated with closing offices and stores or the damage caused by missing pipes such as fire or flooding which is costing Lancashire millions of pounds each year.

The Chartered Institute of Management Accountants (CIMA) is helping businesses in Preston and Lancashire consider the real cost of potential metal theft which costs the UK economy more than £770m a year and suggesting ways to prevent it. Chartered Management Accountants are trained so they can help their colleagues understand income and costs, and risks and opportunities of all kinds – not just financial. Lancashire Police say there was a 48.3% increase in the number of metal theft crimes in Lancashire between April 2010 and March 2011, with 3,041 incidents in total.

What can be done to combat the costs of metal theft? Top tips:

• Real time security cameras can stop criminals in the act

• Lights and alarms can deter intruders and thieves

• Installation of a rapidly deployed 24/7 remotely monitored video alarm

• Keep your business property in good order – overgrown areas can conceal intruders

• Turn off the utilities such as water and gas if you leave your building empty to prevent flooding or fire if pipes are cut

• Inspect all areas of your property regularly so you can deal with any damage before it gets worse

David Armstrong, Fellow of CIMA and organiser of the event said, “Metal theft is a real problem with the real costs being far greater than the value of the metal lost. Companies in Lancashire are at risk of losing thousands if they don’t protect themselves against this threat. “

CIMA run a series of events for students, members and guests in Preston and across the UK on a regular basis across the year. For further information visit www.cimaglobal.com/localevents

This was posted in Bdaily's Members' News section by CIMA UK Regional News .