“Sustainability and environmental, social, and corporate governance issues (SESG) have come to the fore in importance to all companies in recent years, and re/insures are no exception. The industry is at the cutting-edge of creating and embracing policies and tools to help society better manage challenges such as climate change, while also helping implement the highest possible SESG standards. Find out how to achieve this in Intelligent Insurer’s upcoming webinar ‘Embrace the latest tools in SESG: New Webinar with Zurich, SiriusPoint, Steel City Re and DLA Piper being held on June 13 at 2pm BST / 9am EDT and sponsored by DLA Piper.”Intelligent Insurer
June 13, 2022
“Presented by John Scott (Zurich) Rachel Dugan (SiriusPoint) Nir Kossovsky (Steel City Re) Tricia Hobson (DLA Piper)”
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Embrace ESG: Discover what tools and policies are available to insurers. Free Webinar. Jun 13 2022, 9:00am EDT. Duration: 75 mins.
Reputation value is a strategic power companies use to sell more, faster, and at premium prices; and to obtain labor, vendor services, as well as capital on preferred terms.
Steel City Re mitigates the hazards of ESG (reputation) risk that threaten reputation value. We use parametric reputation insurances, ESG insurances, and risk management advisory services to make our clients reputationally resilient.
Risk management, risk financing in insurance captives, and risk transfer through reputation insurances comprise the constituent elements of a comprehensive Steel City Re reputation risk governance and management solution.
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Context and Background
Risk managers are now central to the process for managing risks to reputation and that’s a process marketers and communications professionals need to be a part of. The oversight of reputation risk management is mission-critical.
Courts have increasingly been ruling that reputation is a mission critical function and oversight of its management is a responsibility of the board of directors. Courts are also ruling that marketing statements companies make – if they related to issues that affect their reputation, like ESG – may be considered material by investors. Litigation along these lines has yielded large settlements or verdicts for plaintiffs.
And now, the SEC has proposed new rules requiring disclosures by public companies related to their ESG activities; those statements could become a communications and reputational minefield.
As a result, reputation risk management is evolving into an intelligence gathering operation spanning the entire enterprise, roping in the enterprise risk manager, compliance counsel, and increasingly, reporting up to the Chief Legal Officer. There is a growing recognition that reputation is not a product merely of marketing and media coverage, but of the degree to which stakeholders’ expectations are aligned with actual performance. The reputation risk management process requires a thorough and ongoing analysis of stakeholder expectations, the risks of disappointment, and a plan for either managing those expectations or assessing and insuring against the cost of failure.
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