Risk management starts with identifying key threats. To get a real handle on risks, you must first understand where they are derived from. There are several top reputational risks that Life Science organizations face.
They stem from:
- Compliance
- Supply chains
- Ethics
- Product and services
- Security
- Crisis management
- Brand value
Within each of those categories there is also a definitive subcategory, which is the possibility of a recall. A recall can stem from any of the above risks and it is a devastating organization-wide event.
Recalls cause organizations to suffer from a financial and reputational standpoint. So, it is important to have a proactive solution in place to lower the risk of recall occurring, while overall improving quality systems.
Having automated solutions in place that proactively mitigate risk and resolve systemic issues that could potentially lead to a recall is the most efficient method in handling such adverse events. However, sometimes a recall is unavoidable. In that case, recall management streamlines the steps taken to get back on track after a recall, while also making the event easier to manage.
