By Garry Honey
There are all types of difficulties linked to recognition danger. Many corporations locate that it does not healthy smartly inside of operational chance; others fight to allocate accountability for it or to discover methods of reporting successfully. probably the most important challenge of all is that firms frequently confuse recognition hazard with recognition management...that is assuming they comprehend the concept that in any respect. Garry Honey's "A brief advisor to attractiveness probability" deals an answer to those difficulties in a concise and direct booklet for board administrators and probability managers. utilizing a couple of basic types, he: explains acceptance threat; differentiates it from other kinds of hazard; presents a sequence of instruments for deciding on, measuring and coping with recognition hazard; is helping you assign accountability for acceptance possibility on your administration constitution; and, indicates the best way to combine it along with your organisation's process, your wider hazard administration method in addition to your compliance and governance constructions. recognition probability is a subject with relevance around the organization, from threat managers to company communique managers, from compliance supervisor to HR Director. no matter what your curiosity within the topic, "A brief consultant to popularity threat" offers a shorthand path to realizing the context and key positive factors of this topic.
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Extra resources for A Short Guide to Reputation Risk (Short Guides to Risk)
Probability is difficult to predict, relying as it does on the actions, behaviour and performance of the company (that is, its staff and management) to meet stakeholder expectations. Severity of risk is dependent not only on how big the gap actually is between company performance and stakeholder expectation, but also on the speed at which it can be closed. Remember that one very good reason for an absence of insurance cover for reputation is the very real prospect of moral hazard. 43 4 A Sh o r t Gu id e t o R epu t at io n R isk Severity of damage The tools for measuring reputation risk require a different currency; probability and severity just won’t work.
The two lists do nevertheless offer a degree of similarity to anyone seeking to put a name to reputation risk drivers. 37 3 A Sh o r t Gu id e t o R epu t at io n R isk Category Attributes Knowledge and skills Employee talent pool; drivers of innovation. Emotional connections Consumer perception of value; stakeholder alignment Leadership, vision and desire Governance style and practice; motivation and vision Quality Product or service delivery history; consistency Financial credibility History of creating better than average returns Social credibility Good citizenship, licence to operate etc.
St age 1 Set up an attitude survey across all stakeholder groups, both primary and secondary in order to establish a benchmark at a given point in time. This will require working with relationship owners to discuss representative sampling. Use a simple framework such as the seven reputation drivers identified earlier. Determine how often you would want to follow up and verify this information, for example, monthly, 50 Sel ect in g T o o l s an d Co n t r o l s 4 half yearly or annually and how best this repeat operation might be conducted, for example, by panel, focus group and so on.