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Online Risk and Digital Reputation Management
It’s a connected world today with anyone, everyone and everything being available on the internet. Aptly, this phenomenon is being called the ‘Internet of Things’ (IoT) as well. Enterprises are also taking advantage of this by connecting with their customers directly through digital channels. While this direct connect with customers helps understand their needs better, it comes with its own set of challenges. Any content on a digital channel, positive or negative, impacts the organisation’s reputation. We recently witnessed how a global coffee chain had to swiftly take action and change its processes when negative feedback about it was posted online
Moving away from traditional risks
Reputational risk is now regarded as a “meta risk” standing at the forefront of key strategic and operational concerns, right alongside new competition, technology failures, talent issues and changing regulations. Traditional risk approaches don’t work – they focus too much on risk avoidance or minimising asset losses; what we require is an approach that can correlate enterprise reputation matters to strategic outcomes. The responsibility of managing reputation related risks lies with the Board of Directors and the Senior Leadership team. In the digital world, managing reputation is even more important. Any customer feedback can spread like wildfire and change customer perception and other major impacts