Product Compliance System
Product compliance and its management love order. The resulting transparency and clear structure are worth the effort in many respects: they minimize erroneous and repeat services, provide the right information at the right place and at the right time, demonstrate competence to external market partners and, above all, ensure that the products you place on the European market are marketable.
In setting up such a product compliance system in a company, we consider seven areas which, when meshed with each other, form a smoothly operating system.
Protection against Risks
As the complexity of an organization rises, the risk of claims asserted against it rises too, for no system is stronger than its weakest building block. The costs for a recall action or for remedying a defect can drive a company into insolvency. On top of that, during the past few years the lawgivers have immensely increased the fines for violations and even provided for imprisonment for the executive managers and board members who are held accountable.
It is therefore of utmost importance that not only the company but also the individuals responsible be protected against risks. A precise analysis of a company and its potential risks as well as comparison with various insurers is indispensable.
To cover this case, we avail ourselves of or refer our customers directly to the services of our cooperation partner, which is independent of the various insurers. We also recommend that contracts that have been in force for a fairly long period of time be checked against the latest statutory regulations for deficient cover and obsolete risk assessments and that they be renegotiated accordingly.
Documents such as Standard Terms and Conditions of Business and other sets of contracts ought to be checked on a regular basis. Here, too, we can recommended the services of a specialized law firm.