Developing a strategy plan, ensuring a correct insurance policy is followed, and being able to respond and recover are some of the top tips for risk management in the dairy industry, according to food and beverage specialty leader, Deirdre O’Shea.
O’Shea spoke on behalf of Aon, services and management consulting firm, at the Bord Bia Dairy Markets Seminar yesterday (Tuesday, April 16).
She said that business owners in the dairy industry “must not look at risks in isolation, but realise that they are interconnected”.
Risk management plan
According to Aon’s 2023 Cyber Resilience Report, 62% of those surveyed said they could deal with one of the top ten risks, however 30% experienced a financial loss from one of the risks occurring.
O’ Shea said that unless risks are planned and quantified then it can be difficult to mitigate potential impacts.
Only 13% of the survey respondents said that they quantify risks.
To do this, scenarios should be selected that require quantifying or calculating how much a risk is worth, and then possible events are developed.
Correct insurance policy
O’Shea said that in order to get the correct insurance policy “it is all about making your business…
