Mentions

October 16, 2023

Mitigate value-destroying legal risk. For Fox, Kossovsky said. “This new reputation at FOX Corporation, if it [is] indeed forming, is or will be value-destroying.”

Fox experienced a surge in reputational risk in the summer of 2021, according to reputational risk insurance provider Steel City Re’s resilience monitor. […] “Reputation risk is usually triggered by missed expectations,” Kossovsky said. “Arguably, stakeholders expected that Rupert Murdoch would once again pull the organization back from the brink after an ethically questionable strategy went sour. They’ve been disappointed.”

September 11, 2023

A new generation of risk managers trained specifically in the role and with a deep understanding of risk and risk transfer is reevaluating how they use insurance, increasingly preferring to manage and self-insure their own risks instead of relying on the open market. […] “We reinsure captives not to transfer the bulk of the risk, which is essentially equity risk from a capital perspective, but for the strategic purposes of affirming the quality of risk management.

A new generation of risk managers trained specifically in the role and with a deep understanding of risk and risk transfer is reevaluating how they use insurance, increasingly preferring to manage and self-insure their own risks instead of relying on the open market. […] “We reinsure captives not to transfer the bulk of the risk, which is essentially equity risk from a capital perspective, but for the strategic purposes of affirming the quality of risk management.

September 5, 2023

“ESG risk is just one more thing under the big heading of ‘reputation risk’,” Kossovsky said

“Lightning does strike,” (Kossovsky) said, but firms that can demonstrate that they have developed effective governance systems and implemented thoughtful risk management experience a much different impact: “That’s where enterprise risk management creates value.”

May 1, 2023

CEOs Going Viral Starbucks

CEOs Going Viral. Starbucks founder Howard Schultz recently clashed with Sen. Bernie Sanders “There being nothing to surprise their respective stakeholders, raise their emotional states, and shift their prior expectations, I don’t think there was any material reputational impact to anyone,” Kossovsky wrote.

March 28, 2023

Board tool for ESG and reputation risk. Steel City Re is offering a stand-alone product to boards of directors seeking timely, actionable intelligence tools to help them oversee mission critical risks.

Reputation insurer Steel City Re is offering access to its proprietary Reputation Volatility Metrics (RVM) Reports as a stand-alone product to boards of directors seeking timely, actionable intelligence tools to help them oversee mission critical risks. Best governance practices encourage boards to improve their risk oversight with independent intelligence sources. At a time when companies face multiple shifting and diverse risks that are magnified and accelerated by weaponized social media, Steel City Re said that its RVM report is a powerful tool for board members overseeing the management of enterprise risks such as ESG, reputation, ethics, safety, and security.