Boards and Executives: Learn from Toyota
03-08-2010
By Mike Rozembajgier
I recently shared some insights with corporate directors about how to effectively manage a recall – a topic far too often overlooked. But recent events surrounding the global Toyota recalls have brought the topic to the forefront of risk mitigation conversations among corporate executives and their boards.
There are many moving parts to the recall process – many of them complicated and some of them unpredictable. But recall preparedness can help mitigate the risks. As I wrote on Directorship, there are a few simple things that executives and boards should keep in mind to ensure that customers, consignees, employees and brand ambassadors continue to trust the company and its leadership:
• Work with regulators and lawmakers.
• Be in the consumer safety business.
• Offer consumers an easy remedy.
• Communicate, communicate, communicate.
It’s been about a month since Toyota’s recall hit the headlines. To Toyota it probably seems as though the media attention, criticism and public scrutiny over its safety initiatives and recall management will never end. Don’t let yourself get caught off-guard. Get prepared now.
Stericycle ExpertRECALL™ is the industry leader in recall logistics and regulatory compliance for consumer product, pharmaceutical, medical device, juvenile product, and food and beverage recalls. ExpertRECALL’s professionals are experts in recall management who can help you streamline the entire product recall process.
[...] previously discussed how one company’s recalls can impact an entire industry and how to make sure your most important constituents trust your company and its leadership when you find yourself managing a recall. We can also learn important lessons by watching carefully [...]