Practical techniques to manage product recall risk.
As supply chains get broader and companies are increasing the number of markets they export to, product recalls have become incredibly complex and costly exercises. In addition to the recall expense, there can be business interruption costs, loss of contracts, third-party liability and, of course, reputation damage. Meeting the requirements of multiple regulators can be a major issue, as regulators increasingly monitor what is happening in other countries and if a product is recalled in one territory, companies can expect regulators to react elsewhere.
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