ability of a company to exercise judgment on an informed basis – on so-called non-financial risks – is going to be a basic necessity of good corporate governance now and in the future.
This is according to Tony Cunningham, MD of compliance and risk management specialist Wynleigh International, who adsd: "Risks categorized, in many instances, as non-financial, can, in fact, have a major impact on a company. Company canteens are one example. A company canteen has an obligation to ensure good food safety – and for this you need an ISO 22000 certification. And it needs to be monitored. But this does not happen enough.
"Imagine if a large company, which outsources its canteen to a third party, does not take enough notice of matters. Imagine if employees get sick due to bad food. This will certainly have a financial impact on the company – and this is why risk management needs to embrace so-called non-financial issues, like in-house canteens for staff members. Otherwise this can have a serious impact on the company's bottom-line," says Cunningham. "But often it is not viewed in this way. Far too often."
He says there are a host of companies – across many business sectors – that run canteens for their staff. "There is an obligation, here, to provide safe food – to safeguard the workers, and the company.
"Policing this situation, especially if it is outsourced, is difficult. This is why it has to be self regulated by implementing the correct compliance standards. This is the only way to safeguard matters – and this is an area that we are seeing as a major challenge as a compliance-focused company," he says. "It is often seen as non-core. This can be a big mistake. A big financial mistake."
He adds that the legislation currently available is good, but policing this adherence is where the problems come in.
It must also be noted that compliance is voluntary. Only Hazard Analysis and Critical Control Point(HACCP) management and Hygeinic practice are mandatory for food related activities.