Post COVID, how are you going to take advantage of local opportunities?
Supply chains have been stressed tested during the pandemic. It appears the impact is a call for more manufacturing to occur onshore.
However, the quickening pace of technological advances presents significant challenges to manufacturers. Materials, labour, emerging markets, new competitors and changing customer expectations. Quality assurance, standards compliance, biosecurity vulnerabilities, product recalls, cost of energy, environmental hazards and Chain of Responsibility laws can all have a significant impact on profitability.
JNW has a contemporary understanding of the risks manufacture’s need to consider when targeting growth. We have a strong compliance focus with a conscious view to bring better practice and continuous improvement ideas. Some of our experiences include:
- For raw materials procurement, assessed processes such as supplier quality approval, sales and operational planning, ordering, contracts approval, value at risk reporting, mark to market pricing, slow moving items reporting, goods acceptance and receipting, hedge transactions and systems accounting;
- Undertook a Health & Safety framework assessment to determine the effectiveness of controls implemented to manage compliance with the Occupational Health & Safety Act and AS/NZS 4801:2001;
- Performed an inventory management assessment to determine if the control environment was effective in managing risk. The review also benchmarked stock turnover at different sites, assessed sales demand forecasting and production scheduling and identified better practices with finished goods warehousing and stock dispatch;
- Conducted a benchmarking review of finished goods quality assurance, testing and product release controls. This engagement evaluated the quality framework, standards compliance (HACCP), testing regime, out of specification product approval and site quality reporting processes; and
- To ensure compliance with key board policies, crafted an online six monthly Statutory Controls & Risk Self-Assessment (SCRSA) survey to seek assurances of compliance and certification with with key policy requirements, across the business. This is one of the tools relied on by the CEO and CFO to meet their responsibilities to the Board of Directors pursuant to section 295A of the Corporations Act 2001 and Principle 7 of the ASX’s Corporate Governance Principles and Recommendations.
The following examples demonstrate our Industry capabilities
Bega Cheese Ltd (ASX listed)
- Post acquisition of the Lion drinks business, facilitated strategic risk workshops with the Executive. Outcomes were business unit operational risk registers, a next steps risk improvement roadmap and presentation to the Audit & Risk Committee. Bega manufactures iconic brands such as Vegemite, Peanut Butter, Pura Milk, Dairy Farmers and Bega Cheese
Ridley Corporation Ltd (ASX Listed)
- Internal Audit services – last 2 years
- Site benchmarking of quality assurance processes
- Inventory management and transport review
- Raw material procurement assessment
- Commodity risk management policy compliance audit
- Developed the risk management framework, including refreshing policy and procedures, risk identification and assessment workshops and risk recording and reporting
- Controls self assessment tool for six monthly CEO & CFO certifications
RensTar Mining and Commodities Trading
- Facilitated the development of this international fair trade copper mining start-up’s business plan, providing strategic advice on land claim certification, entity structure, international sales, asset acquisition and financing
- Development of the financial model, including scenario analysis of key assumptions and cashflow and profit and loss forecasts to assist prioritise decisions based on financial impacts
Clifford Hallam Healthcare (CH2)
For this national pharmaceutical and medical consumables provider, refreshed the risk management policy to make it contemporary and relevant to the growing business
Faciltated risk assessment workshops covering warehousing, hospital logistics, data management, regulatory compliance, procurement, sales, finance, IT, quality assurance, OH&S, HR, marketing and product recall