Maybe you have wondered why you should attend Reputation Risk Management training. Well, I believe that it is quite simple. Someone in the organisation must champion the cause of why Reputation is an asset and a risk. Internationally these are Board responsibilities, but ultimately Management will be held accountable by the Board for the correct management or mismanagement of this intangible asset.
And, that is only possible if management has the necessary know- how. In the past there was this belief that this was solely the domain of PR, but with time there has been an understanding that Reputation needs a systemic view and approach. My Master Class on Protecting Reputation unpacks Reputation Risk and offers a number of distinct benefits to an individual and an organisation.
Here are my reasons:
10 Good reasons why you cannot, should not, will not miss attending the Protecting Corporate Reputation Masterclass:
1. Did you know that the good name and reputation of a company are priceless assets – sully your company’s name and it may never recover. ‘Goldman Sachs paid a fine of $540 million to the SEC to get the agency’s inquiry off the front pages,’ says John Alan James, executive director of the Center for Global Governance, Reporting and Regulation. ‘Its stock value was plummeting and its top clients were concerned. It was the same for all the big banks, which together paid $18 billion in fines to regulatory agencies in 2012.’ ‘A Company’s Reputation is its greatest asset and risk, and it should be protected at all costs’. Mr David Glass, ex – CEO of Wal – Mart. This course takes a close look at how to protect and defend this asset.
2. Warren Buffet, the world famous investor and richest man has on numerous occasions said these famous words: ‘It takes 20 years to build a reputation and 5 minutes to ruin it and if you understand this you will do things differently’. Why? Well, Mr Buffet understands that money can always be made, but that a reputation, once lost, is not easily restored. In fact, some studies show that it can take between 3.5 to 11 years to restore a damaged reputation. Want to prevent reputation damage before it even gets public?
3. Reputation Risk is regarded globally as a “meta risk – a potential menace to fundamental business strategy, and possibly an even greater hazard to organizational survival than a financial restatement or problematical findings in a compliance report”. Reports suggest that it currently rates as one of the world’s top 3 risk areas because of its volatility and difficulty to manage and mitigate, yet less than 43% of companies surveyed had a plan to deal with reputation risk both from a mitigation and reputation incident perspective. Question: Is your Company ready to deal with a Reputation incident? If you are not sure, take this survey – http://bit.ly/d5ej9s and attend to learn more tips and strategies to protect your organization.
4. As part of your company’s planning for crises and dealing with reputation risk, have you embedded Reputation Risk into your Enterprise Wide Risk Management system and have you defined reputation risk in 4 different ways so as to determine and implement different perspectives and mitigation strategies? Would you like some assistance with that process? I can guide you.
5. Did you know that this Class integrates best practice and thinking from many disciplines including Reputation Management, Public Relations, Risk Management, Corporate Communications, Corporate Responsibility and Strategic Management, and is a must attend for Corporate Affairs, PR, Risk Managers, Compliance Officers and any staff member responsible for maintaining and protecting a company’s fine reputation. Attend to get a systemic view of this asset and risk.
6. The damage of a reputational crisis can be direct and indirect. These costs could include penalties incurred because of a lack of legal compliance, litigation, media conferences and advertising costs, hiring of crises communication consultants. BUT what about the indirect costs, the effects on various stakeholders? The increased scrutiny leading to additional problems? The customers that do not return? Does your plan of action include both Reputation Incident and Reputation Erosion possibilities?
7. Do you know how to identify reputational risks including the gap between stakeholder’s perceptions/beliefs and the company’s actual performance, areas of vulnerability and current & emerging issues? Studies show that perceptions and concerns of stakeholders was an extremely or very significant issue, making Stakeholder Reputation Risk the highest-ranked challenge – This is one of the definitions we will explore.
8. What is your organization doing to prioritize reputation risks and assessing the probability and the impact of the risk on reputation? Reputation Risk is extremely difficult to quantify. What efforts are being made in your organization to quantify the value & risk of reputation. I will take a look at alternatives that exist inc. monitoring approaches
9. Did you know that you and your organization damage reputation through what you share? Reputations can be made or broken exponentially faster through the use of technological tools to which all stakeholders now have access for the first time. There is risk implicit here and Reputation Managers need to understand the velocity of Social Media risk. Does your Reputation Risk framework and Response plans take the impact and intricacies of Social Media into account? How should you respond to a blog attack?
10. Did you know that Protecting a company’s reputation is part of internal governance (in contrast to external governance policies and procedures which comply with laws and regulations), and is one of the most important responsibilities – if not the most important responsibility – of the board of directors. Research shows that Reputation risk is top of mind for directors.
The ultimate question then: Does your company have watchdog systems and a plan if it is subject to a reputational attack? It is the board’s responsibility, as part of risk management, to ask these questions and to make sure that the answers are sufficient.
The 2 – days will include sessions on how to analyse Reputation Risk using a Root Cause approach to develop ways on how to reduce and respond to reputation risk; How to Monitor and Measure Reputation using a 4 – pronged approach; How to Manage Reputation Incidents and Events using processes and techniques such as pro-activeness, communication and readiness prior, during and after a crisis; and will include information on How to Develop a Reputation Protection and Defence Strategy – based on international best practices and appropriate to your organisation.
More information available: http://wp.me/P2PQR-im