Your business is probably one of the most valuable assets you have – so it makes sense to protect it in good times and bad. That’s where having the right level of insurance can make all the difference by helping to ensure your business continues to operate smoothly if the unexpected happens. With the current level of inflation, it’s common…
Ethical and sustainable food and beverage production is increasingly on the radar of not just retailers, but consumers as well. Sustainably sourced products enable a business to operate more efficiently and indicates a company cares about their footprint and their environmental impact. Do you have a fit for purpose, action orientated plan for sustainability? How do you show your customers,…
Do you fully understand the financial risks in your business? Financial Risk comes in many diverse forms and predicting scenarios which may cause your business to lose money, can help protect your long-term profitability and viability. Whilst businesses in the food and beverage industry will all have different exposure points, it’s fair to say that common risk areas exist, allowing…
What would your plan be if one of your products needed to be recalled? Everyone in the Food and Beverage industry acknowledges that a recall can be catastrophic for the brand and reputation of their organisation. The aim of any recall is to stop the sale and distribution of a product as soon as possible. For businesses in the food and beverage industries,…
70% of organisations only evaluate their risk profile on an annual basis, limiting their ability to tailor their risk management plan and business strategy to mirror the ever-changing commercial landscape – EY The guiding standard for risk management, ISO 31000, defines risk as the effect of uncertainty on objectives. Whilst this framework can be helpful, in establishing the context, and identification…
This Swiss re study shows the increase in food related recalls in the US and the rising cost impact on affected companies
Proactive management of risk exposures should not be seen as just another expense, but more of an investment in your business. So could your balance sheet, brand and reputation sustain the preventable scenario in this Food and Drink Business article?
Consumers are becoming much more informed of the claims made by manufacturers regarding how natural or healthy their products are. The threat of class actions could take the exposure to another level. Read the NYTimes article on Quaker Oats here.
Is risk culture to blame or business trading conditions ? Either way, it is important to enable the correct values and behaviours within an organisation, to ensure your business is not compromised. Read the full Aus Food News article here.
