Lessons Learned from Bangladesh Factory Collapse: Marsh
24 6월 2013 - 10:55PM
Business Wire
The recent Rana Plaza factory collapse in Bangladesh that killed
more than 1,100 people highlights the serious risks that labor
conditions can pose not only to workers, but also to organizations’
reputations, supply chains, and bottom lines. In its latest Marsh
Risk Management Research report, Bangladesh Factory Collapse:
Lessons in Risk for the Retail Industry, Marsh provides an overview
of the wide range of risks retailers face and risk mitigation
advice when sourcing textile goods from Bangladesh and other
low-cost markets.
“Even though major retailers and suppliers have sourced from
Bangladesh for decades and have worked to improve labor conditions
in the past, the Rana Plaza incident clearly reinforces to
organizations that labor-related globalization risks require robust
oversight efforts, greater visibility, increased vigilance, and
continuous improvement,” said Tracy Knippenburg Gillis, Global
Reputational Risk and Crisis Management Practice Leader for Marsh
Risk Consulting. “Retailers and suppliers should use this tragedy
as a catalyst to more fully identify and understand their
operational and supply chain risk exposures, reform and strengthen
workforce safety practices, and improve supply chain and
reputational risk resiliency.”
Bangladesh’s textile industry plays a key role in the retail
industry’s supply chains due to its low-cost production capability.
But while the country may be home to the world’s lowest minimum
hourly wages, according to Maplecroft’s “Working Conditions Index”
it also ranks as the eighth-worst country for industrial working
conditions — resulting in significant reputational, compliance, and
supply chain risks for retailers. Many of the world’s largest
suppliers and retailers have experienced widespread negative
attention regarding their sourcing of textile goods as a result of
the following Rana Plaza incident, Marsh noted in its report.
In addition to carefully considering their approach to
reputational risk, crisis management, and supply chain resiliency,
Marsh recommends that retailers focus on improving compliance
efforts and transparency by further standardizing factory audit
processes for and contract language with suppliers. This could
include: more frequent and unannounced inspections, greater worker
engagement in factory audits, and stricter penalty clauses for
failure to meet workplace safety requirements.
About Marsh
Marsh, a global leader in insurance broking and risk management,
teams with its clients to define, design, and deliver innovative
industry-specific solutions that help them protect their future and
thrive. It has approximately 26,000 colleagues who collaborate to
provide advice and transactional capabilities to clients in over
100 countries. Marsh is a wholly owned subsidiary of Marsh &
McLennan Companies (NYSE: MMC), a global team of professional
services companies offering clients advice and solutions in the
areas of risk, strategy, and human capital. With over 53,000
employees worldwide and annual revenue exceeding $11 billion, Marsh
& McLennan Companies is also the parent company of Guy
Carpenter, a global leader in providing risk and reinsurance
intermediary services; Mercer, a global leader in talent, health,
retirement, and investment consulting; and Oliver Wyman, a global
leader in management consulting. Follow Marsh on Twitter
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