Managing risk

Aug 4th, 2008

Respondents to the PTIS/Contract Packaging magazine survey indicated they are managing the risks associated with using contract-packaging services in the following ways:  

Recommendation or direct observation (35%)

• Checking references

• Surveying track records from current users

• Arranging on-site visits and audits

• Scheduling meetings

• Seeking referrals

• Conducting due-diligence activities

• Planning on-site random inspections          

Documentation (36%)

• Reviewing standard operating procedures (SOPs)—policies and procedures

• Asking about certifications • Detailing and completing specifications

• Addressing all considerations in long-term contracts

• Writing a memorandum of understanding (MOU)

• Including performance bonding

• Arranging for insurance coverage  

Relationship (16%)

• Forging close, long-term relationships

• Building integrated teams

• Partnering

• Focusing on strategic partnership development

• Considering co-location for production

• Staying in regular communication

• Sharing information

• Using trusted suppliers  

Alternatives (13%)

• Arranging for backup sources

• Creating disaster/contingency plans

• Noting and acting on redundant capabilities

• Qualifying alternatives

• Maintaining a high inventory of finished goods

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