Trueventus - Product Recall & Crisis Management

Dec. 21, 2010 - PRLog -- Kuala Lumpur, Malaysia: The Cadbury chocolate recall in the UK in 2006 led to senior managers being criminally charged and chocolates being recalled in a number of countries around the world including Malaysia – even though none of the affected product was in this market.

A recent study by the University of Melbourne of 55 corporate crises in Australia indicates that crises generally cost around $10m with 25% of them costing more than $100m. A quarter of those companies that experienced a major crisis did not survive! With the speed of communications and the media, bad news travels around the world very quickly. An increasing number of companies (and their senior management) are exposed when managing a crisis. This has significant reputational risk for the company’s brand among customers, stakeholders and in the wider public domain.

The rise in the levels of extortion and mismanaged product-related incidents makes manufacturers and retailers of consumer goods amongst the most crisis prone industries. Many consumer goods companies conduct “mock recalls” as required by many international standards but these have been found to be close to useless in preparing companies for actual incidents. How confident are you that your company would manage and survive a major incident?

Company boards and senior management are now paying increased attention to their risk profile and their ability to respond effectively in the event of an incident. Many senior managers now realise that being prepared for incidents is a key management capability. In addition, regulatory authorities around the world are increasing their level of oversight of product-related incidents and requirements for companies have effective quality management and product recall programs in place. Large companies now expect their suppliers to have effective processes and systems in place for preventing and investigating potential incidents and working with them to prevent contamination and product defects that could lead to a recall.

New international standards for product safety and product recall – supported by Standards Malaysia, are being developed and compliance will increasingly be required for consumer goods companies that want to be seen as responsible, high quality providers. Importantly, compliance with international standards supports Malaysian manufacturer’s competitiveness in export markets as well as domestic markets.

Featuring Australasia’s leading product recall and crisis management workshop leader, Steve Hather, attendees will get the chance to explore topics such as identifying product-related risks, Preparing People for Incidents and many more.

Please visit http://www.trueventusnews.com/2010/11/general-management/...

About Trueventus
Trueventus is one of the fastest growing business information organizations in Asia, with affiliated partners across the globe. We are transforming, from a local organization into a global professional provider serving all industries across the globe, with the vision to be the first point of reference for all decision makers who are seeking conferences, training and business development opportunities.

We have a combined experience of over 30 years in the meeting, incentives, conference and exhibition industry. This gives us the competitive advantage to help our customers sharpen their skills, expand their horizons and build lifelong business and personal networks.

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