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The food and beverage industry and the restaurant industry are confronting dramatic changes amidst globalization and trade liberalization. The public’s concern regarding food safety is rising and national regulations and safety standards are being tightened. The Internet continues to expand, and harm to the reputation as a result of foreign substances in food, food poisoning, and so on can cause greater damage to companies than ever before. Under these circumstances, mitigating significant risks such as harm to reputation and recalls and minimizing economic losses and damage to corporate image are urgent issues.
Recently, Japanese food and foodstuff makers and restaurant companies have been establishing overseas operations and have conducted numerous M&A in Asia. In many instances, Japanese companies are developing overseas joint ventures and franchises and building large-scale plants. Supply chains and operations are becoming extremely complex. As a result of these developments, risk management and risk hedging from a global perspective have become even more important.
Marsh has extensive experience formulating risk management strategies in the global food and foodstuff industries and offers insurance programs to minimize losses from recalls and other risks. By using its knowledge and information-gathering capabilities relating to overseas recalls and M&A, Marsh is able to broadly provide services to companies that are considering development of business in Japan and overseas. Teams that include food safety and crisis management specialists can tour plants to identify risks and propose risk mitigation measures and improvements.
Food and Beverage Makers
Recalls poses a risk of substantial losses to food and beverage makers. Marsh proposes insurance programs that offer broad coverage from expenses for replacement, disposal, repackaging, and warehouse storage and transportation to additional expenses for business interruption and personnel and expenses for restoring product and brand reputation. Marsh also uses its global network and has its teams of specialists perform on-site surveys of overseas plants to provide global scale risk management support to companies conducting M&A or overseas business development.
Marsh LLC is a leading company in the insurance brokerage and risk advisory industry. Marsh has extensive knowledge concerning risk management in the food and restaurant industries throughout the global environment including information on recall circumstances in North America, which has strict regulations, risks regarding joint ventures and M&A in Asia, and operational risks after establishing tie-ups. By working with consultants that have far-reaching experience overseas and using our global network, Marsh proposes international solutions for mitigating, transferring, and managing the risks posed by global supply chains.
Recalls, which can impose massive economic losses on companies, have been increasing in recent years. Marsh evaluates corporate recall countermeasures, proposes preventive measures, and provides support to minimize the impact when a recall is unavoidable. Marsh is able to provide support from the perspective of risk mitigation with regard to a wide range of countermeasures including identification of issues regarding recalls, insurance coverage review, assessment of statutory and regulatory compliance, quantitative analysis of sales losses and total recall-related expenses, development of information management systems, development and management of infrastructure for recovering and replacing products, preparations for recovery, and creation of complaint processing procedures.