When Good Suppliers Go Bad
In October, the Talbot Underwriting Crisis Management team was delighted to welcome brokers to a breakfast briefing to hear from Product Recall experts.
With over 20 years of experience in the sector, speaker Heidi Gough, Principal Consultant, RQA Group, shared industry insights, case studies, and best practices when dealing with supply chain risks.
The briefing ‘When Good Suppliers Go Bad’ had insightful conversations about the importance of food safety culture, the impacts of social media virality, and the benefits of horizon scanning to assess emerging threats that further emphasised the significance of proactive strategies to protect clients.
Ben Mills, Class Underwriter, Talbot, commented: “The product recall landscape is ever-changing and evolving. Supply chains are increasingly complex and subject to change, causing significant pressure on insureds. The briefing session provided a comprehensive view of how these issues manifest and what insureds can to do help mitigate risk”.
Key Breakfast Briefing Takeaways
- Food fraud, quality, and safety all create business risk
- The length of a supply chain and the order in which resources are transported and transformed are important to track to assess business risk
- Best practice looks like horizon scanning, where insurers/consultants look at historical data, geographical changes, and tracked planned reviews and assess possible emerging threats
- Fostering a good food safety culture in factory environments could look like developing employee incentive programmes that motivate employees to do thorough and correct checks.
Learn more about Product Recall here.