“A governor willing to humble himself, to acknowledge that his opponents have good intentions and maybe even good ideas, can go a long way to allowing the other side to make similar gestures of goodwill…Real compromise means you get a few wins and you take a few hits…Such compromises would be painful, and not easily reached.”Star Tribune
April 8, 2019
“Leaders will have to be willing to disappoint — even anger — their supporters if they are to cross their partisan divides.”
Reputation risk management is the business of mitigating both disappointment and noxious media.
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?