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. To address these uncertainties about the management of reputation, RIMS released a new executive report ‘Understanding Reputational Risk’ at the RIMS ERM Conference 2013 in San Francisco which was held recently.
In this 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.”
The executive report is authored by Monica Merrifield, Vice President, Risk Intelligence, YMCA of Greater Toronto; Ward Ching, Vice President, Risk Management Operations, Safeway Inc; RIMS Director Carol Fox; as well as contributions from RIMS Strategic Risk Management Development Council.
RIMS executive report ‘Understanding Reputational Risk’ is free for members and can be downloaded in RIMS revamped Risk Knowledge library: www.rims.org/RiskKnowledge.
ABOUT RIMS ERM CONFERENCE
RIMS ERM Conference 2013 was held in San Francisco from November 3-5, 2013. The three-day conference explored best practices for implementing and sustaining an enterprise-wide risk management program, as well as strategies for risk professionals to demonstrate the value of enhanced risk management capabilities to senior-level decision-makers.
As the preeminent organisation dedicated to advancing the practice of risk management, RIMS, the risk management society™, is a global not-for-profit organisation representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is dedicated to advancing risk management for organisational success, bringing networking, professional development and education opportunities to its membership of more than 11,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org