Understanding risk means understanding your business.

Tom Fox and Jonathan Marks discuss the Blue Bell Ice Cream case, what went wrong, the lessons that compliance officers and board members can learn and apply, suggest how to improve your business’s governance, and how to be wary of red flags.

▶️ Marchand (Blue Bell Ice Cream) with Tom Fox and Jonathan Marks

Key points discussed in the episode:

✔Tom Fox lays out the facts of the Blue Bell Ice Cream case.

✔Jonathan Marks emphasizes the importance of enterprise-wide risk management and identifying key risks by deeply understanding your business.

✔Members of boards and committees should be carefully considered, must be conscious of the laws and regulations, and proactively ask questions to ensure safe products and services.

✔Jonathan Marks shares his opinions on the court verdict on Blue Bell’s CEO Paul Kruse’s responsibility for the listeria outbreak.

✔ Jonathan Marks highlights the gravity of disclosing red flags earlier so they can be corrected, preventing further damage, and continuing enterprise risk management programs, taking the shame out of it.

✔Tom Fox presents what the Delaware Supreme Court said about the case.

✔When safety issues arise, assess the situation quickly and communicate it among those responsible. Be prepared and have a crisis management plan in place if there isn’t any. 

✔Risk drives compliance. Ensure the board is informed. Risk assessment is the foundation of any compliance program.

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Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.