Understanding the risks that exist to a company’s reputation and formulating strategies to manage those risks is essential to helping develop your company’s capability to withstand possible future reputation threats.
The stakes for organisations are high. It has never been more urgent to understand and proactively address business risk at every level of the organisation. Reputation risks impact stakeholder perceptions of the quality, integrity and intention of an organisation. While intangible, corporate reputation is one of the most important corporate assets; it is also one of the most difficult to protect.
Your company can begin to develop its reputation management capability with the introduction of Reputation Institute methodologies to build on the foundation of its current risk management strategies.
Overall, the project will address the following key objectives:
- Conduct a reputation audit of perceptions held by internal staff and key external stakeholders
- Use data to identify, evaluate and prioritise the reputation risks that could potentially cause damage to your company’s reputation.
- Formulate strategies to avoid and mitigate those reputation risks
- Manage your company’s reputation risk exposures in a manner consistent with the company’s risk appetite.
- Consider and, where appropriate, institute new stakeholder management processes which reflect your company’s aspirations to control its reputation risk exposures.
- Develop effective communication strategies which reflect this revised approach.
- Devise an appropriate reporting format for your company’s board so that it can foster a better appreciation of the role it needs to play in developing the company’s reputation risk strategy.
Statistical and inductive RepTrak™ research among groups of strategic importance, typically key stakeholders, identifies the areas of your company’s reputation that are at greatest risk. The only bad reputation risks are those that are not well understood. By understanding the perceptions and reality, the expectations and impact , enables your company to proactively manage the risks to its reputation.
Moreover, based on current academic thinking, implementing reputation risk strategies will forge a comprehensive partnership between your company’s communications and risk management departments. This relationship is essential in streamlining communications, processes and procedures for efficient reputation risk management.