Risk Management – Make It Your Competitive Advantage

Risk Management – Make It Your Competitive Advantage

Competitive Advantage

To an innovator or product developer compliance, law and risk management can be seen as business prevention mechanisms. This is a dangerous attitude that can cost the organisation in the long run.

If a new product, let’s say a new type of flexible water pipe, is at technological cutting edge, but it only comes to light after it has been widely distributed and used that it splits under high water pressure. Or, imagine, if it comes to light that the pipe material contains a substance that is prohibited for use for drinking water. The associated cost of forced product re-call and any relating litigation can be enormous. On top of that there may be reputational damage to the brand, which can be very difficult to restore.

For some products it is almost impossible to imagine that there would not be any trials before launch, for example a new type of aircraft engine. But in a highly competitive market it is tempting to go ahead and launch a product as early as possible. However, if the basic risk management and compliance with regulation is not taken into account there may be a huge price to pay if things go wrong. Putting the product through various stress and scenario testing can prevent this.

By investing in risk management and compliance, product failure and litigations may be avoided and you can stay ahead of the competitors. Risk management will add value and longevity to your products and help your business thrive.

For more information and if you would like to talk to a Risk Management Advisor please give us a call or message us.

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