Why Accurate Risk Data is Critical to Food & Beverage Companies

making data-driven decisions

Every risk manager wants to make data-driven decisions. In the food-and-beverage industry, that’s especially true. Solid metrics about risks like fire, natural hazards, equipment breakdown, and other perils are important to developing mitigation strategies and placing proper insurance coverage.

Data about risks and hazards is critical to food-and-beverage companies for several reasons:

1. Risk Mitigation: Having data about risks and hazards allows companies to identify potential hazards and implement measures to mitigate them. This can help to reduce the likelihood of incidents occurring and minimize the impact of any that do occur.
2. Compliance: Many countries have strict regulations related to food safety and the data about risks and hazards can help companies to comply with these regulations. This can help to avoid fines, penalties, and legal action.
3. Reputation: Food safety incidents can damage a company's reputation and lead to lost business. Having data about risks and hazards allows companies to take proactive measures to prevent incidents from occurring and protect their reputation.
4. Insurance: Having data about risks and hazards can help companies to accurately assess their insurance needs and communicate them effectively to insurers. This can help to secure more favorable terms and premiums.
5. Traceability: In case of an incident, having data about risks and hazards can help companies to quickly identify the source of the problem and take appropriate action to prevent it from happening again.
6. Continuous improvement: Having data about risks and hazards can help companies to continuously improve their safety measures, procedures, and processes, and become more efficient and effective.
7. Cost reduction: Implementing measures to prevent incidents can help to reduce costs associated with lost production, product recalls, and legal action.

GRC Connect

Food-and-beverage companies who use TÜV SÜD Global Risk Consultants for risk engineering have a big advantage when it comes to risk data. They have access to GRC Connect, our state-of-the-art database housing all risk data in one place. With real-time updates and interactivity powered by Microsoft Power BI, company leaders can use GRC Connect to keep track of every site inspection, risk recommendation, and loss exposure reduction. It provides access to all loss prevention information on Fire, Boiler & Machinery, Infrared, Jurisdictional and Natural Hazards and more.

With GRC Connect, risk managers can access all the data they need to show brokers and insurance carriers why they should bet on their risk portfolio. It has the reports, charts, graphs, documents, project reviews, and summary analysis to visually show insurance panels that you’ve analyzed potential hazards and made changes to better protect your people and property.

TÜV SÜD Global Risk Consultants has delivered more than 400,000 risk recommendations representing nearly $700 billion in loss exposure reduction. If you’re interested in learning how risk engineering can help your business, contact us now.