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,…
We live in a Global economy, which interconnects Australian businesses to other countries to fulfil their supply chain. Any disruption to the supply chain, such as the awful situation occurring right now in Ukraine, can create unprecedented risk to businesses. The impact of war and political unrest is likely to have widespread repercussions across the global markets. Closer to home we…
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…
The complexities of a recall event can have a wide-reaching impact on a business, as it can carry a potential loss of revenue, productivity, business relationships, and a long-term decline in the company’s public image. With these insights in mind, and the knowledge that recalls over the past ten years are increasing, we wondered just how prepared the Australian food…
This Swiss re study shows the increase in food related recalls in the US and the rising cost impact on affected companies
Tragic results emanating from an imported product. So what risk mitigation and audit measures do you have in place to prevent a similar incident happening to your business? Read the full article here.