The authors discuss the emerging status and functions of loss-control managers, highlighting the differences between these activities and law enforcement functions and reviewing the ethics of loss control. The WAECUP model includes a loss-control survey to identify a firm's exposure to WAECUP, as well as an annual loss exposure formula. Loss-control managers can take specific actions to prepare an organization against and to respond to WAECUP threats, and can apply the theory to specific areas of loss control, including computer crime, terrorism, disasters, and fire prevention. Interviews with industry experts highlight the importance of a loss-control manager's role in computer security matters and terrorism; the legal problems, in particular, of failure to properly carry out this role can leave businesses vulnerable to third-party lawsuits and other actions. Loss control from management's perspective is also explored. Chapter summaries, review questions, photographs of modern security equipment, an index, and about 30 references are supplied. Appendixes discuss loss control's future place in higher education and list selected academic courses for loss-control curricula.