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:
- Supply chains
- Product and services
- 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.
The recall management process consists of:
- Recall submission
- Notifying the public
- Evaluating the recall
Applying risk management to this process ensures that there is an automated method set in place that reacts fluently to handle risk in a repeatable, objective, consistent manner. Applying these tools lets companies identify high risk situations, prevent future risk of recalls and turn data into important information to fuel decisions.
These tools include the risk matrix, corrective action and enterprise reporting.
Some benefits to using risk management for reducing chance of recall are:
- Ability to act proactively (rather than reactively)
- Increased visibility and control
- Faster response time with a better handle on decision making
- Effectiveness checks with defined data
Automated tools within Quality Management Software eliminates the possibility of human error and lets companies keep up with fast market pace. Having the ability to see into numerical data and pinpoint exact locations of adverse events before they strike produces a consistent and accurate outcome each time.
Learn more about this topic in our paper below, which expands on the points in our post!