The creation and implementation of an Enterprise Risk Management (“ERM”) plan is integral to minimizing and preparing for possible risks your company might face with a product recall. Not only will an ERM plan prepare your company for the unexpected, but the initial ERM investment will potentially save it from the skyrocketing costs of litigation that might come with a product recall. Furthermore, an ERM plan can be used as an opportunity for business growth since every product crisis is an opportunity to enhance your company's reputation.
When creating and implementing an ERM plan, the following is food-for-thought when getting started or as a checklist if your company already has an ERM plan. This is not a comprehensive list, but should be used as a starting point that can be tailored to your company's specific needs:
This resource is only available to our paid members. You can Join Us or Sign in to get access to this resource.