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.”
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.
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.
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.
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