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Reputation is everyone's responsibility
However, members of the Board play a crucial role in setting the tone. There is no 'one size fits all' solution to managing reputation risk.
Reputation can be regarded as a source of risk in its own right and/or as a consequence of other risks occurring. For instance, an accident in the workplace due to poor company standards can destroy a company's carefully constructed reputation as a preferred employer. The critical issue is to ensure that all major risks are comprehensively identified and prioritised and that appropriate action is taken to manage them.
Key Components
Leaders in reputation risk management have put the following components at
the heart of their approach:
The Business Case
There is overwhelming evidence (research studies such as the World's Most Admired Company Survey), that a good reputation enhances profitability and contributes positively to longer-term success. It does this by implementing high impact intellectual capital practices, maintaining customer and supplier loyalty, attracting investment and bolstering competitiveness, to mention just a few of the key drivers of reputation.
The ability to manage reputation and its associated risks effectively will become a key competence in an increasingly competitive and borderless world.
Ask yourself:
1. What are you doing to manage this in your organisation?
2. Are you leaving it to chance?
3. To a single department to manage?
Leading through a crisis guide
To help business leaders better cope with a crisis, Inc.com has assembled its best articles on the topic. Use these articles to put a plan into place that will ensure you and your business can effectively face and survive the challenges adverse incidents can present. Go to: http://trax.inc.com/k/w/mailman/inc_connection/20030401/guide.
About Deon Binneman
Because your reputation matters.... Deon Binneman is a speaker, trainer and consultant in reputation management and strategic communications. As CEO & President of Repucomm, he speaks locally and internationally on issues affecting corporations and CEOs. Reach him at email: deonbin@icon.co.za, Phone/Fax: +27 011 4753515, Cell: 083 425 4318.