By Andrea Bonime-Blanc, JD/Ph.D. - CEO and Founder, GEC Risk Advisory & Leonard J. Ponzi, Ph.D. - Managing Partner, ReputationIn
In this 5-part series on “Understanding Reputation Risk”, we have sought to accomplish two main objectives:
- Provide our readers with the first and most comprehensive understanding of a combined quantitative and qualitative approach to reputation risk analysis
- Point to a solution for a better qual/quant approach to this issue in the age of hyper-transparency and super-connectivity where companies and all forms of organization can better manage their reputation risk….and reputation opportunity
In this final Part 5, we provide a summary overview as well as a series of snapshots of real world cases of reputation risk and how a qualitative / quantitative approach might help an organization deal with this complex issue.
There are a multitude of cases at any given time of companies that may not have properly identified and/or managed their most important underlying risks and challenges in the marketplace. When that happens such underlying risks can blossom into bigger risks with additional and serious reputation risk implications and consequences for the company or organization layered on top of their existing core risks. This is the worst-case scenario for a company.
The better case scenario is for an organization to have a robust system of enterprise risk management, customized to its footprint, purpose, mission, needs, etc., and able to surface the principal and most important risks confronting it. When companies have such an effective system in place, they can then layer on the necessary reputation risk analysis that will enable them to:
- Know who their high priority stakeholders are
- Manage their key stakeholders’ principal expectations
- Manage the inevitable crises that may come in an effective manner that does not erode reputation or brand
- Understand how to transform the experience (risk and crisis) into an opportunity for better business and even value creation
For the full report, you can find the download link on the right-hand side of this page