The creation and implementation of an enterprise risk management (“ERM”) plan at your company is integral to minimizing and preparing for possible risks your company might face with a product recall. Not only will it prepare your company for the unexpected, but the initial ERM investment will potentially save a company from the skyrocketing costs of litigation that might come with a recall. Furthermore, an ERM plan can be used as an opportunity for business growth since every product crisis is an opportunity to enhance your company’s reputation.
Printed in Law360, December 2009.
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