Costing companies their money, time, and reputation.
In her latest blog, we hear from Jessica Onyshko, Senior Consultant, on the business value of having a comprehensive Chemical Management plan in place.
Chemicals are used in our everyday life – often without us even noticing. But, if you look around, you will find that nearly everything is derived from or contains chemicals – from the roof over your head, the clothes on your body, to the food on your table.
Chemicals are ubiquitous in today’s world of product innovation, and consumers assume that product manufacturers, brands and retailers are doing their due diligence to ensure the safety of their products. However, this rapidly evolving product development landscape means that many companies often do not have visibility into the substances contained in their products, exposing them to unknown risks.
Even well-known companies who manufacture products we’ve used for years still have issues managing chemicals in their products. For example, several years ago, Lumber Liquidators sold laminate flooring containing high levels of Formaldehyde – a cancer-causing chemical. Lumber Liquidators marketed the product as meeting high safety standards and failed to warn consumers of the presence of the chemical in their products. Once the issue was uncovered, the company quickly found themselves in a class-action lawsuit costing them millions.
Unfortunately, even when companies try to do the right thing like issue product recalls to warn consumers of potentially hazardous products, it still costs them a lot of time, money, and reputation. In fact, Primark recently announced a recall on men’s flip-flops for containing high levels of Chrysene, another cancer-causing agent. As a result, Primark offered full refunds without proof of purchase.
These are just two of many examples of why a proactive chemical management strategy is essential to protecting and increasing brand image and reducing corporate risk. Hazardous chemicals pose a risk for nearly every business and industry sector, and complex supply chains and lack of transparency can result in hazardous chemicals making their way into the products on shelves. Proper Chemical Management practices result in a reduction of hazardous chemicals which in turn reduces regulatory burdens and exposure to financial and reputational risks. Both of these companies could have saved their time, money, and reputation with a chemical management program that ensured the market-readiness of their products. One market-leading example of a robust chemical management strategy if the one recently launched by Target. Going beyond the products on store shelves it addresses the whole value chain and operations.
To discuss your businesses chemical management needs, please contact Jessica Onyshko.
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