“Intelligent openness requires that the data used to make scientific claims are accessible, understandable, usable and assessable. “Accessible” implies publication online at minimal cost. “Understandable” means claims made in plain language, as clearly as possible. “Usable” may mean supplying data in a format easily analysed by computers, and it also suggests that the conclusions be framed in a way that is relevant to everyday concerns. “Assessable” means that anyone with the time and expertise has the detail required to rigorously test the idea if they wish.”
“Restoring trust in the claims of science, statistics, or expertise — while stoking a healthy scepticism of snake oil and pseudoscience — is not something that can be left to any one part of society. If experts — and for that matter, journalists — wish to be trusted, they must provide evidence of their trustworthiness. But the non-experts among us could also do more to keep ourselves well- informed.”
January 26, 2019
Financial Times
“How you demonstrate trustworthiness depends on who you are and what you hope to be trusted to do.”
Reputation value: economic benefits of stakeholders’ expectations.
Reputations are valuable strategic intangible assets. Threats to these assets⏤ enterprise reputation risks, often mislabeled “brand risks” ⏤ need to be managed, and management needs to be overseen through reputation risk governance lest reputational damage or reputational harm result in long-tailed go-forward losses in economic value and/or political power. Because these intangible risks arise from the interplay of stakeholder expectation, experiences, and media amplification, parametric insurances for intangible asset risks, for reputational value, for reputational harm, and for reputation assurance help mitigate risk by telling a simple, convincing and completely credible story of quality reputation governance to stakeholders. This story telling effect is the expressive power of insurance complementing insurance’s better known instrumental power of indemnification.
Risk management, risk financing in insurance captives, and risk transfer through reputation insurances comprise the constituent elements of a comprehensive solution. What’s your strategy?