“Trying to recover from a reputational crisis without having done the earlier foundational work is like the blundering knights of Monty Python’s Arthurian legend sending their Trojan Rabbit into the French fortress — only to be flummoxed when the plan failed because they hadn’t put any soldiers inside. Bearing this vital lesson in mind, here …
In the case of Purdue, it appears as if they failed to recognize quickly enough that, at some point, their stakeholders – and the expectations of those stakeholders – changed. …Suddenly, elected officials at all levels became stakeholders. Local health organizations and nonprofits became stakeholders. Additional regulatory and law enforcement agencies became involved. All their …
What these successful examples have in common is the recognition that reputational crises are not caused by negative media, but by operational and governance issues that could affect the entire enterprise. Likewise, the creation of the Federal Deposit Insurance Corp. in the 1930s, at a time when bank failures had caused a reputational crisis for …
To protect company and individual reputations, corporate boards and counsel should consider recent changes to Department of Justice policy regarding corporate liability and investigations, writes Nir Kossovsky for Bloomberg Law . DOJ’s new policy heightens risks to individual reputations and likely will make finger pointing and individual blame far more common. Reputation insurance: indemnification affirming …
“Setting expectations without an adequate plan for meeting them is a dangerous game…if you stumble, angry, disappointed stakeholders will make you pay a price.” “Like BP’s brand promise of being “beyond petroleum ,” like GE’s “imagination at work ” portrayal of solving the world’s problems, like Wells Fargo trumpeting its new ethical standards , Trump …
“The prevalence of these issues, and how quickly media sources amplify them, makes food and beverage companies particularly susceptible to reputational damage and the significant financial impact that damage can cause “Even companies that market products similar to a recalled food can suffer,” said the Deputy FDA Commissioner in a recent Food Safety Magazine article. “The worst thing that …
“Strength and vulnerability are reputational issues. Stakeholders – from customers to politicians to Main Street citizens – will be judging whether the institutions they’ve known and trusted have, in fact, lived up to their expectations November 16, 2018Banking Exchange Generalized anger poses a reputational threat to banks that many hold responsible for the events a …
“What’s needed are systems and processes helping risk managers prepare to adapt and respond to culturally-linked perils that are outside the usual framework of 1st party, 3rd party and compliance risks” November 6, 2018Risk & Insurance “Reputation risk appears to be challenging existing risk management frameworks.” “Reputation risk: peril of stakeholders’ disappointment and anger. Reputations …
Reputation value is measurable and therefore it is manageable and insurable. In an attempt to help companies manage and insure that value, Steel City Re has compiled this Solution Executive Summary . In fact, most companies still mistakenly confuse reputation with public opinion. It can be a very costly misunderstanding. The media amplifies the crisis …
“When reputation is treated as an enterprise-wide risk, and not a marketing issue, clear expectations can be set through clear analysis of reputational risks and the use of third-party warranties, such as reputation insurance products, that attest to the soundness of the companies’ practices, approach and governance.” October 18, 2018Quick Serve Restaurant “An ounce of …