At the same time, changes in the global economy have arguably made the risk landscape for businesses more complex – dependent on moves into new markets, longer supply chains, higher-risk operations, and increased pressure on costs.
Against this backdrop, companies need to re-examine their exposure to reputational challenges and their ability to respond to potential crises. The best management frameworks are embedded long in advance of any crisis and approach reputational risk from multiple perspectives to identify both vulnerabilities and solutions. They are, moreover, led from the very top of the company and driven through the business units and functions. Without a strong framework, events can quickly spiral out of control and have far-reaching consequences for companies and their leadership.
Authors:
- Richard Smith-Bingham, Director of Oliver Wyman Global Risk Center, based out of London
- James Basden, Head of Utilities in Oliver Wyman’s Energy practice, based out of London
- Tracy Knippenburg Gillis, Leader of Marsh’s Reputational Risk & Crisis Management Practice, based out of New York
- Rick Wise, Chief Executive of Lippincott, based out of New York
- Alex Wittenberg, Head of Oliver Wyman’s Global Risk Center, based out of New York
In Part I of Reputation Risk: Executive Conversations, authors discuss why it is imperative for C-Suite executives to address reputation risks.
In Part II of Reputation Risk: Executive Conversations, authors discuss the key steps that companies should take to prepare for reputational risks.
In Part III of Reputation Risk: Executive Conversations, authors discuss the characteristics of companies that mitigate reputation risks well.
Key phases of reputation risk management
