According to an article from Property & Casualty Magazine, the numbers of companies throughout the world actively utilizing reputation management as an integral part of their crisis management strategies are steadily rising.
Conference Board’s Research Working Group made the following recommendations for companies to safeguard reputations:
– Actively involve boards of directors in reputation risk management.
– Demonstrate to leaders and management teams in business units the impact of their actions on reputation.
– Integrate reputation risk management with ERM or other risk management programs.
– Quantify the value of reputation.
The report defines reputation as “the way a company is perceived by each of its stakeholder groups” and more than 82% of respondents said their companies have increased their focus on reputation management over the past three years.
When your reputation is on the line, the way you react can have an effect that lasts long after the crisis has passed; if you aren’t already a part of that 82% you need to get on the bandwagon!
JB
Jonathan Bernstein
www.bernsteincrisismanagement.com