Risk Management Must Always Be Proactive
For Risk Mitigation It’s Time to Plan for Next Year
The end of the year is almost upon us. That means of course it is time to plan for next year. What risk management processes should be implemented or updated? What updates to the compliance program should be made in light of DOJ announcements? What should be done to better protect the company and mitigate risk? Though there are numerous items to consider here are some to think about doing if you have not done them especially if you are a manufacturing company or a subsidiary of a manufacturing company. Remember, risk management must always be proactive if it wants to mitigate risk.
1. Maybe it’s time to establish a task force to think about updating compliance guidelines. After all if the DOJ or regulatory authorities change positions on antitrust investigations, compliance guidelines should be modified to reflect the changes. Has anyone checked with outside counsel about this?
2. What about class actions? If class actions are a concern to management maybe it’s time to:
3. Think about product loss control procedures including:
4. Develop a checklist covering product management considerations including:
5. Think about Service
6. Product Manuals
The above reflect some ideas on how to approach risk management concerns for 2015. Obviously, your company may have implemented some or all of them. If so- have they been reviewed and updated? There is always room for improvement and room for risk mitigation. Be proactive!