Risk Mitigation and Compliance Management Strategies – Tightly Intertwined but Very Different!
Melanie Neumann of Neumann Risk Services, LLC, (NRS) a global food safety and compliance law firm shares her thoughts on the similarities and differences of risk mitigation and compliance management, as well as the year ahead and what companies should be focusing on with regard to these key risk management topics.
Q. Risk Mitigation and Compliance Management are often grouped together – in your view what is the key distinction between the two?
A. The two are very much linked and very much codependent yet they are separate topics that need to be identified, implemented and managed differently. Independent strategies need to be put together that are different, separate and apart based upon a company’s strategy and risk tolerance. [more]
Q. What risk mitigation approach is most realistic, and typically deployed by the food & beverage industry?
A. With risk management, there are 4 types of risk mitigation strategies that are typical. I’ll break down to how you can manage risk very simply – 1) avoid it, 2) limit it, 3) transfer it, and 4) if you can’t do any of these 3, you can accept it. [more]
Q. How does your risk management strategy tie into compliance management?
A. Tying it together, risk management identifies the risk, and establishes a way to manage that risk appropriately. Compliance management is assessing whether the process of managing that risk is actually working the way you intended it, and is meeting laws or regulatory requirements if there are any that apply. [more]
Q. What are some of the key risk mitigation and compliance management considerations and initiatives companies should be thinking about in 2017?
A. As companies continue to develop and execute upon their risk mitigation and compliance management strategies – they should be focusing on: 1- Showing your work; and 2 – leveraging your data for positive outcomes. [more]
Q. Any parting thoughts on what you’ve shared today?
A. Right now, frankly, the stakes are higher than ever. Liability concerns are greater than ever, too. “knowledge” is being imputed on companies more than ever before for food safety issues that occurred in the past and rear its head again in the future. [more]
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