Although reputation risk is viewed as a top concern for many organisations, the lack of consensus regarding its definition and the complexity of the dimensions that influence reputation have proven to be major challenges for risk professionals, reports the Risk Management Society (RIMS).
To address these uncertainties about the management of reputation, the US-based non-profit professional international association released an executive report, entitled
‘Understanding Reputational Risk’
, at the RIMS enterprise risk management (ERM) conference 2013 in San Francisco.
In the report, RIMS defines reputation risk and distinguishes it from brand risk. It explores key reputation drivers, reporting indicators and also offers an early stage framework to enhance organisational efforts aimed at managing reputational risk and reputation performance over time.
“Organisations with exceptional reputations have a tremendous advantage including the ability to command a premium on market prices, attract the best talent, suppliers and customers, as well as enjoy favorable relationships with the community, media, regulators and other key influencers,” said Carol Fox, RIMS director of strategic and enterprise risk practice.
“But, being on the other side of the reputation ‘scale’ can be disastrous and has forced many organisations to shut their doors for good. This report is designed to give business leaders with an introductory framework to best attack the daunting task of assessing, managing and monitoring corporate reputation.”
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