One of the 3 factors often implicated in Reputation Risk is lack of ethical behavior and compliance failure. An organization’s ethical culture and compliance program is therefore very critical to preventing Reputation Risk. Effective ethics and compliance within an organization require senior management involvement, organization-wide commitment, an effective communications strategy and an ongoing monitoring system. […]
A recent Deloitte Touche Tohmatsu Limited (DTTL) / Forbes Insights survey of more than 300 executives across the globe reveals the paramount importance of managing reputation risk for a company’s long term success. In the “2014 Global Survey on Reputation Risk – Reputation@Risk,” a majority of companies, though confident their reputations were strong overall, expressed […]
Always Watch Out For Reputation Erosion
Always watch out for reputation erosion.
Reputation is built from the thousands of small interactions that happen with individual customers day after day. Reputation can suffer “death by a thousand cuts” and no one would notice.
Hence its always important to map a stakeholder’s journey with an institution such as a bank and define all contact points and moments of truth.
Pittsburgh, PA (September 10, 2013)—Companies that disclose reputation risk perform no differently than those that don’t, which means that they possess no reliable way to avoid needlessly losing billions in equity value, according to a white paper released today at a joint event sponsored by the Pittsburgh chapters of the American Marketing Association and Public […]
The recent agreement reached between the Construction Industry and the Competition Commission for collusive tendering got me thinking. (15 construction companies had agreed to pay fines totalling R1.46 billion for collusive tendering). What are the signs of impending and unavoidable doom in our businesses and why do we not see, sense them or hear about […]
Perception of risk is unique to each person – rooted in our values, education, experiences, and stake in the outcome.
Reputation Risk has been described as elusive and difficult to manage. Some have even called it “Soft issues, tangible impacts”. Why? Why is it difficult to manage? Well, for one few know how an issue or crisis can erupt. It may or may not. An issue may be material or not. To understand reputation risk […]
An Article in the UK Telegraph caught my attention this morning. In an article Barclays libor scandal:lock them up Jeremy Warner writes “ Virtually all financial scandals follow the same pattern. First there is the initial exposure of wrong doing, then comes the mitigating claim that it was common practice and everyone was up to […]
The World’s Most Admired Company survey by Fortune magazine – see 2011 study results at http://money.cnn.com/magazines/fortune/most-admired/ have been one of the ground breaking annual studies to have been conducted in the field of Reputation and have added much to our understanding of what makes companies great. But what about those companies that did their utmost […]
When I facilitate my reputation management training, I always relate that building the reputation of an organisation is like layers of an onion. The more layers of protection there is, the less chance of damage in a crisis. On the other hand it is also vital to look for potential vulnerabilities and concerns that can […]