Risk Management Techniques To Manage Defective Products

Defective products can occur in a wide range of industries. When a defective product is introduced on the market, it can have a significant impact on the reputation and bottomline of a business. Product recalls allow companies to protect consumers and their own organizations while minimizing the costs related to liability or litigation. Defective products do irreversible damage to your brand if you don’t have a system in place to manage these and other risks. The Cost of Defective Products The number of defective products that have been recalled is increasing. Recalls have been applied to products in many areas including the food, automobile, and toy industries among many others. The reason that product recalls are increasing is difficult to identify. Many argue that quality…