By Garry Honey
Popularity possibility is a subject with relevance around the organization, from hazard managers to company communique managers, from compliance supervisor to HR Director. no matter what your curiosity within the topic, a quick advisor to attractiveness probability offers a shorthand path to realizing the context and key good points of this topic. the character and price of acceptance -- The explanations and effect of popularity danger -- determining stakeholders and danger drivers -- picking out instruments and controls -- Assigning accountability -- Integrating popularity chance -- Governance and compliance -- Case stories
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Extra resources for A short guide to reputation risk
55 5 A Short Guide to Reputation Risk Strategic risk is rarely reported and there are two main reasons. Strategic risks cannot be quantified by impact or probability and cannot be assigned to a single individual. They are typically excluded from scrutiny by the risk committee which tends to have an operational function. They should be addressed by the board but too often there is little time or appetite for deep discussion on strategic risk. The second reason is that where strategic risk is acknowledged there can be a reluctance to report it for fear of its value to a competitor or the negative message it might send to investors; strategy is about future direction and any uncertainty must not be expressed outside the boardroom.
A Canadian drug firm with an ethical policy introduced new sales targets to its telesales team but soon found that customers were concerned about the pressure they were under and the claims being made for the drug. An investigation found that the pressure to achieve targets had led the sales force to act beyond the ethical boundaries of the company. A value misalignment had occurred between the company values and those of its own workers. The risk was identified through examining the process, not simply in terms of basic governance and looking at value misalignment within the organisation.
Inevitably the figures that support an outsourcing decision never allow for intangible risk and rarely show how much risk exists in a small cost saving. Summary Reputation risk sits in the gap between performance and expectation. Managing the risk lies in management of expectation among stakeholders as much as it does in performance. The key to expectation management is alignment. Where expectation is too high or too low then reputation is likely to suffer damage. Stakeholder response will depend on the size of misalignment: if great it could be outrage, if little it could be disappointment.
A short guide to reputation risk by Garry Honey