By Chris Harvey, VP, crisis solution
As supply chains become more disrupted, regulatory environments more complex, and economic forecasts more uncertain than ever before, companies face increased product liability concerns and exposures.
According to our latest U.S. recall index report, the number of products recalled in 2022 has officially reached a 20-year high.
Released quarterly, our industry-leading index report offers an in-depth analysis of important challenges ahead for the automotive, consumer product, food and beverage, medical device, and pharmaceutical industries and provides invaluable insights for mitigating product-related crises.
What’s in store for 2023?
Looking ahead, we can expect regulators and lawmakers to continue their close scrutiny of compliance and processes in every industry. New guidelines and rules will be introduced, and companies will continue to be publicly called-out where they are deemed to be noncompliant. Add to the mix ongoing geopolitical issues and supply chain disruptions, and businesses find themselves facing a new risk landscape that is increasingly difficult to address. In the face of these obstacles, companies should remain vigilant; pay close attention to regulatory activity at the state and federal level, and routinely evaluate and update product recall plans to safeguard their reputation and brand.
Download our recall index report for the latest product recall data and trends, along with insights, analysis and predictions from Sedgwick’s brand protection experts and our network of strategic partners.