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
Ridley Corporation Ltd (ASX Listed)
- Internal Audit services – last 2 years
- Site benchmarking of quality assurance processes
- Inventory management 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