The need to reduce business risk has taken centre stage over the past few years. From financial losses to damaged reputation and corporate failure, there is a growing awareness that unforeseen market forces represent an escalating threat to business.
Take last year’s horse-meat scandal for example, that prompted a number of organisations to revisit governance and compliance (GRC) strategies – a key component of which, particularly in a difficult trading environment, includes the way the organisation responds to litigation.
In his recent independent review of the scandal , Professor Chris Elliott, director of the Global Institute for Food Security at Queen’s University Belfast, reported that supply chains should recognise the value of audit and assurance regimes in identifying the risk of food crime. He recommended implementing measures to ensure better intelligence sharing between the food industry and government to protect against potential threats. He went on to explain that this should support the industry’s efforts to implement a robust and effective supply chain audit system that does not just rely on paper audit trails.
It is better processes and document management control systems that, in this instance, will reduce the threats to businesses in the food supply chain management industry and make for a more joined up approach. However, this is not exclusive to the food industry alone.
It’s often impossible in business to prove that processes have been correctly applied, the right version of the contract used, or accurate complaint information recorded. This is owing to a continued reliance on an unmanaged mix of paper and electronic information. By transforming information management processes businesses will minimise the risk of mistakes and can guarantee that any legal cases can be rapidly addressed and managed.
Your business may be operating honestly and effectively, but can you prove it? Stuart Evans, Invu CTO, discusses the best way to prepare for the worst. Follow the link to download his article on making the case against litigation.