Cracking down on counterfeit risk

The International Chamber of Commerce says the global trade in counterfeit goods is likely to exceed $1.7 trillion this year - more than the entire GDP of Australia. Fake goods pose a real risk to businesses and can cost an organisation millions of pounds in liability claims, product recalls and expensive lawsuits, as well as potential jail terms for directors.

To prevent counterfeiting, businesses must treat it as a boardroom issue, as well as increasing internal resilience around intellectual property and supply chain management.

This article studies how brokers can provide risk management advice to clients potentially exposed to counterfeiting.