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Capturing Recall Costs: Measuring and Recovering the LossesGMA, Covington & Burling LLP, and Ernst & Young
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Protecting consumers and customers from products that may cause them harm is at the forefront of every decision and action a recalling company takes. As a result, companies give the operational aspects of a recall top priority. As many participants in the survey documented by this report acknowledged, financial aspects are a secondary concern. But experience shows that the more expertise, collaboration and speed companies employ in recovering their recall costs, the more they tend to recover and the less time it takes. This report focuses on the financial recovery aspects of a recall by addressing the following topics: • What is the true cost of a recall? Companies want to know which costs they will incur, how they can measure those financial losses quickly and accurately, and how they can document the losses to support recovery efforts. • How do companies manage recall risks? This report explains what factors inform a company’s decision to pursue recovery from a supplier, the company’s own insurance, or a supplier’s insurance, and which insurance policies can provide potential coverage for recall-related losses. • What are effective strategies for financial recovery? Often, a company puts a great deal of money and effort into planning for the execution of a recall, but considerably less effort into planning for the recovery of expenses related to the recall. However, there are several opportunities a company can seize to recapture recall costs.
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