Damage to corporate reputation is top ranked risk
- Reputation damage, the top-ranked risk in Aon’s 2015 survey
- Deloitte survey states 39% of executives think their risk strategy is average or below average
Aon’s 2015 Global Risk Management survey ranked damage to reputation as the biggest risk for global organisations. Compiled from responses from over 1,400 risk management professionals in 60 countries, the results show how seriously companies are taking the risk of reputational damage.
Not only is reputation the number 1 concern, other factors such as deriving a competitive advantage over an increase in competitors (4th), ensuring your brand can attract and retain the best employees (5th), or appearing innovative and meeting customer needs (6th), which are directly influenced by a company’s reputation, are also in the top 10.
Companies don’t understand the drivers and cost of their reputations
Despite identifying the importance of reputational risk, many leading organisations still struggle to track their reputation, understand the issues affecting their reputations, and how their reputation impacts financial performance.
A recent Deloitte Touche Tohmatsu survey revealed that only 19% of senior executives would say their companies deserve an “A” for their ability to protect against and respond to reputation risks, while 39% said the maturity of their risk strategy was average or below average.
In today’s global, fast-moving social media landscape, reputational issues can spread and amplify extremely quickly. Often it will come down to the speed at which issues are identified and how they are subsequently handled.
How can your organisation improve its reputational risk strategy?
alva monitors a wide variety of sources and quantifies the sentiments so that you are always aware of the reputational risks and opportunities relevant to your organisation. We work with you to track the issues that are key to your company and flag up emerging risks that you might not have been aware of. This enables you to quickly prepare a strategic response and nullify potential reputational risks.
alva’s reputation suite combines 24/7 live monitoring, with alerts and in-depth reports to ensure that your organisation has the full picture on not just your own reputation, but how it sits within your industry and against your competitors.
The Aon survey predicts that reputational damage will continue to be one of the top 5 concerns for the next three years, so ensure your organisation has the best intelligence available.
Contact us today to discover more about how alva can help your organisation protect against reputational damage, and strategically position yourself to ensure your reputation sets you apart from the competition.
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