By Garry Honey
Attractiveness danger is a subject with relevance around the business enterprise, from chance managers to company conversation managers, from compliance supervisor to HR Director. no matter what your curiosity within the topic, a brief advisor to acceptance hazard presents a shorthand path to realizing the context and key beneficial properties of this topic. the character and cost of recognition -- The motives and effect of recognition hazard -- picking stakeholders and danger drivers -- deciding on instruments and controls -- Assigning accountability -- Integrating popularity chance -- Governance and compliance -- Case stories
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This latter is an art: with investors, analyst briefings are preferable to profit warnings but the overall aim is to avoid surprises which erode confidence and ultimately weaken reputation. Most companies already have a risk register and sometimes it is worth examining this for relationship risk among specific stakeholder groups. 5 Risks and their related stakeholder groups 47 4 A Short Guide to Reputation Risk stakeholder group A is affected by all the risks A to E and thus reputation with this group is likely to be critical.
Natural hazards such as fire and flood usually cause less reputation damage than actual physical damage. Customers and suppliers are usually sympathetic to a business hit by fire or flood (unless of course the cause is believed to be negligence). The financial damage of a flood or fire can be 22 The Causes and Impact of Reputation Risk 2 covered by insurance but the reputation damage from closure is more difficult to cover. The risk to reputation from association with a supplier or partner whose actions can damage your organisation is dramatically but correctly termed ‘contamination risk’.
However the power and influence of a stakeholder audience lies outside their control. A typical communication strategy will therefore aim to move stakeholders from the left to right-hand side boxes, working on increasing the interest rather than attempting to increase influence, which is not feasible. Ability to influence How this works for a commercial organisation will depend on its own particular set of stakeholders. In many organisations different stakeholder group relationships are handled by different departments or teams.
A short guide to reputation risk by Garry Honey