Reputation risk has been identified at the Asia Risk Report by Strategic RISK as the greatest threat, even more than cyber-attack or natural disaster. The impact that reputation risk has gets multiplied due to effect on intangibles as highlighted at INSEAD’s Risk Breakfast Series. That is why the RL Expert Group has developed a reputation equity that comprises of the risks and opportunities. Even Standard & Poor has included reputation among its risk management assessments for companies. Business consulting provided by the Reputation Institute along with AIRMIC has created a framework for reputation risk classification and management. This includes five factors which are – risk identification, reputation assessment, reputation prioritisation, mitigation and reputation performance measurement. The same policies need to be adopted across the organization, as AXA has proactively ensured. This is also effective in fending off reputation damage as done successfully by the International Olympic Committee.

Source: https://knowledge.insead.edu/leadership-organisations/getting-boards-into-reputation-risk-management-4472

Uploaded Date:21 November 2017