Investments being made to manage reputation risk
Companies are investing to improve their capabilities for managing reputation risk, according to the 2014 Reputation@Risk survey conducted by Forbes Insights on behalf of Deloitte Touche Tohmatsu Limited. More than half (57 percent) of the 300 global companies surveyed say they plan to address reputation risk by investing in technology, such as analytical and brand monitoring tools. They also plan to improve their capabilities in crisis management and scenario planning.
Insights and issues to consider
As reported in the Deloitte-sponsored module of the Wall Street Journal’s Risk & Compliance Journal, the companies surveyed are most prepared to manage reputation risk drivers in areas where they have direct control, such as regulatory compliance and employee/executive misconduct. However, the survey found that they are less prepared when it comes to risk drivers beyond their direct control, including third-party ethics, competitive attacks, hazards or other catastrophes, followed by environmental issues.
Henry Ristuccia, partner, Deloitte & Touche LLP, and Global Governance, Regulatory, and Risk leader at Deloitte Touche Tohmatsu Limited, and Rhoda Woo, managing director of Deloitte & Touche LLP’s Crisis Management Solutions for Audit & Enterprise Risk Services, offer their insights, as well as issues to consider with regard to reputation risk and crisis management.
Read “Investments being made to manage reputation risk: Global survey” in the Risk & Compliance Journal.
Read the report: 2014 global survey on reputation risk: Reputation@Risk.