“As of now, we’re starting to learn that what made OceanGate’s expeditions cost-effective and easy to execute were also factors that increased the risk and dangers to passengers. […] It seems as though OceanGate might have attempted to skirt many of these complexities in favor of saving money.”
Data-driven independent intelligence. Among the lessons we should learn about reputation risk from Silicon Valley Bank, Signature Bank, Credit Suisse and others is that directors need better, more objective information about what stakeholders expect: the source of reputation value.
Not Want to Fly Southwest Airlines. Our measurements of reputational health indicate danger! #LetRiskManagersManageRisk
Parametric reputation health risk monitoring reports. Corporate leaders, from chief marketing officers to risk management professionals to boards of directors, need better monitoring tools for risks to reputation health and the costs of reputation loss – tools like the kind of reputation volatility assessments that are used by certain reputation insurers.
Record high profit risk. Experts warn that exuberant price increases may come with reputational risks. “Boards should communicate that the firm’s risk management process…is thoughtful, dutifully overseen, and applies to everything that is mission critical, Kossovsky wrote.
Please join us on May 17th to discuss “ESG as a risk – what does it mean and what can you do? ” hosted by Lockton at their office in Chicago. This event is open to members and non-members of Chicago RIMS at no charge.
Lead enterprise-wide strategy. Risk management is surely broken. Ambitious risk managers committed to upgrading risk strategy and creating enterprise value with better enterprise intelligence, strategic packaging and a unified organization can fix it.
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.
Reputation insurer Steel City Re is offering boards of directors access to its proprietary reputation volatility metrics (RVM) reports as a standalone product in response to recent bank crises. Reputation value volatility case studies. “Volatility can indicate shifting stakeholder expectations preceding stock price collapses.”
The U.S. Department of Labor has now launched an investigation and said it will hold not only companies that employ child labor accountable, but the larger, better known companies that have child labor in their supply chains. The new regulatory stakeholders in companies’ supply chains bring with them investors and litigators, who had material financial consequences to activities already being followed by activists.