Product-liability risk: Solvay’s exposure stems from the possibility of injury to third parties or damage to their property arising from the use of a Solvay product, as well as from the resulting litigation.
The possible consequences of a faulty product include exposure to liability for injury and damage, and product recalls. Product liability risk is generally higher for products used in healthcare and food & feed applications.
Solvay is also exposed to adverse outcomes while developing new products and technologies or scaling up a process.
Prevention and mitigation
Solvay Product Stewardship Management System (PSMS) manages product risks ensuring safety across the full-product life cycles.
In-house product stewardship experts identify and assess the hazards and risks of Solvay products.
The Group characterizes and manages risks related to the uses and applications of its products, and – in collaboration with the GBUs – prioritizes mitigation actions relating to potential inappropriate use.
Stewardship programs give adequate information and technical assistance to customers, ensuring a good understanding of safe use and handling.
Solvay Safety Data Sheets (SDS) ensure harmonized content by implementing a common worldwide SAP system for the Group. Control by SDS shipping allows confirmation that any product marketed by Solvay is accompanied by a compliant SDS. Solvay monitors the discrepancies registered during checks and manages failures due to shipping.
The Group also develops and deploys recall procedures as prescribed by the product stewardship programs, a product stewardship management system, and a product safety management process that includes healthcare.
Solvay takes out insurance to reduce the financial impact of a product liability risk, including for first and third-party product recall.