Have you adequately defined reputation Risk in your Business
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WEBSITE: http://globalriskcommunity.com/ EMAIL: [email protected] Have you adequately defined Reputation Risk in your Business? By Deon Binneman Best Content from GlobalRisk Community
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Definitions create the lenses through which we look at the world. The renowned psychologist, Abraham Maslow said that if the only thing you have is a hammer, you tend to treat everything as a nail. The classic definition is that Reputation is all that is generally believed about your character, respectability, credit, integrity or notoriety. (Latin: reputatio – reckoning).
Transcript of Have you adequately defined reputation Risk in your Business
WEBSITE: http://globalriskcommunity.com/
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Have you adequately defined Reputation Risk in your Business? By Deon Binneman
Best Content from GlobalRisk Community
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
The classic definition is that Reputation is all that is generally believed about your character, respectability, credit, integrity or notoriety. (Latin: reputatio reckoning)
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Definitions that give it more meaning:
Reputation is a state of mind – A Set of memories, perceptions and opinions that sits in your stakeholders’ consciousness.
Reputation is the net result of the interactions of all the experiences, impressions, beliefs, feelings and knowledge all stakeholders have about a company.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
So what then is Reputation Management?
It is essentially a consulting discipline that realizes that Reputation is both an asset and a risk. Reputation Management is the building, sustaining, and protection of an organization’s good name, generating positive feedback from stakeholders and resulting in the attainment of strategic and financial objectives. It implies that there is a definite financial link between the work we do in reputation management and the bottom line.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Consider the following definitions as part of our approach to building and protecting reputation
Definition 1: (Stakeholder Perspective) Definition 2: (Asset Perspective) Definition 3: (Incident Perspective) Definition 4: (Compliance Perspective)
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Definition 1: (Stakeholder Perspective)
Reputational Risk emerges when the reasonable expectations of stakeholders about an organization‘s performance and behavior are not met. This has been listed in some surveys as the most dangerous reputation risk of all.
It essentially involves taking a look at each
stakeholders needs and expectations, matching the drivers of an organization reputation and minimizing the gaps that exist.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Definition 2: (Asset Perspective)
Some studies show that Reputation makes up between 55 – 73% of a company’s asset value.
Reputational Risk is defined as the loss of
earnings that occur in a situation of negative public opinion. It normally results in loss of sales, share value decreases and breakdown of relationships.
Many a crises have led to stock price decreases
and impact in other areas of the business.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Definition 3: (Incident Perspective)
Reputational Risk is the exposure incurred from unexpected incidents, or from unanticipated response to the institution's initiatives, actions or day-to-day activities. This definition implies that Reputation Risk is the risk that an activity, action or stance performed or taken by a company or its officials will impair its image in the community and/or the long-term trust placed in the organization by its stakeholders, resulting in the loss of business and/or legal action, and is closely linked with the asset perspective.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Definition 4: (Compliance Perspective)
Reputational Risk can also be defined and viewed as the loss or negative publicity that can arise from failure to meet regulatory or legal obligations.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
Tip – It is essential that you define Reputation Risk in these four ways in your business, as each definition implies a different mitigation strategy and potential danger.
Have you adequately defined Reputation Risk in your Business? by Deon Binneman
WEBSITE: http://globalriskcommunity.com/
EMAIL: [email protected]
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