In a recent research report insurance broker and risk advisor Marsh examines the hazards faced by retailers who source textile goods from low-cost markets.
On April 24, Rana Plaza, a building that housed a shopping center and five garment factories collapsed in Dhaka, the capital of Bangladesh, the world's third-largest apparel exporter. The disaster killed at least 1,045 people.
"Even though major retailers and suppliers have sourced from Bangladesh for decades and have worked to improve labor conditions in the past, the Rana Plaza incident clearly reinforces to organizations that labor-related globalization risks require robust oversight efforts, greater visibility, increased vigilance, and continuous improvement," says Tracy Knippenburg Gillis, global reputational risk and crisis management practice leader for Marsh Risk Consulting.
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