Howard A. Miller
In an effort to protect customers and end users, leadership in the electronic component industry has evolved from putting parts into the supply chain to determining if those components belong in the supply chain or whether they meet correct specifications. From an insurance and legal perspective this has expanded liability exposure for both distributors and manufacturers. As organizations evolve and grow, it is important to note that the risk management process is cyclical in nature. The first and most important step in the risk management process is identification. Taking the time to consider how your organizations operations have changed and where you’re headed needs to be reviewed at certain intervals. Failure to identify emerging exposures can lead to surprise lawsuits, finding out you are not covered by your insurance program and ultimately a financial loss that can destroy your organization.
From its foundation ERAI has had one goal and that is to provide a platform for our Members to openly share information for the betterment of our entire community. ERAI’s success in protecting its Members hinges on our ability to provide real-time information allowing for a quick and reliable risk assessment. Since its inception ERAI has investigated and reported thousands of incidents exposing high risk customers, suppliers, product nonconformances, scams and more. Despite the obvious benefits of information sharing, not all ERAI Members participate in the process. Why are some organizations reluctant to share their experiences?