Business Assurance Thought of the Day, April 17, The Cost of Getting it Wrong
17th April 2009 by Alex Briggs
With Food Safety at the top of the agenda for governments, organisations and individuals, the risk to brands that get it wrong has never been greater. The costs of assuring the food supply chain have been seen by some as “too high” or “not necessary.” The example of the Plainview Peanut Company’s $14.6 million fine highlights once again the true costs of “getting it wrong.” What is not included in the hefty fine is the damage to the brand’s reputation and the likely fight to survive that the salmonella in peanut butter incident will most likely trigger.
Today’s world has changed the rules. The costs of getting it wrong are now measured in millions, brand reputations and in survival. The cost of getting it right is measured in transparency, trust and brand equity. The development of PAS 220 and the pending finalisation of FSSC 22000 is proof that food organisations have understood what is at stake and are acting to minimise risk and restore confidence.