Pharma has a misinformation problem — and execs could be on the hook. While vaccine-related misinformation is prevalent, it’s not the only threat. False information can arise around ethics, innovation or safety, and threaten a pharmaceutical firm’s reputation, viability and profitability. Reducing the damage from these threats requires a proactive approach. […] Kossovsky agrees.
Tolerable Risk podcast. 🔊 My guest is Nir Kossovsky, CEO of Steel City Re and an expert in the area of reputational risk management. Nir has the most interesting background which gives him multiple perspectives on the topic of reputational risk.
During the episode, Nir and I discuss:
👀 What “agitation” and “behavior perils” are and why you should be aware of them
🤔 Why perception is as important (if not more!) than reality
💰 How taking an active approach to reputational risk management can help you with fundraising
🦁 And how it all starts with courage
✅ Nir also discusses how the “Big Six” – Ethics, Innovation, Safety, Security, Sustainability, and Quality – are the best place to begin.
Steel City Re CEO and former Los Angeles County deputy coroner on what derailed the ESG movement & what boards expect from risk management in the aftermath.
![In a world of polycrisis, […] risk managers need to… market the elevated quality of their risk management processes.](https://steelcityre.com/wp-content/uploads/2023/09/20230926-Steel-City-Re.jpg)
In a world of polycrisis, […] risk managers need to… market the elevated quality of their risk management processes. The author thanks for their contributions to this article:
Courtney Davis Curtis, University of Chicago; Deyna Feng, Cummins, Inc.; Mary C. Friedl, Redbox; Kathleen A. Graham, The HQ Companies; Chris Hammond, Stepan; Enya He, Blu Clarity PBC; Carnell R. Jones, Trinitas Ventures; Christy Kaufman, Zillow Group; John C. Kline, Discover Financial Services; Manuel Padilla, MacAndrews & Forbes Incorporated; Soubhagya Parija, FirstEnergy and New York Power Authority; Kristen Peed, CBIZ; Theresa Severson, Kite Realty Group; Seung Yoo, Regal Rexnord Corporation; and Denise Williamee, Steel City Re.
We help risk managers manage risk and add value across Boardrooms, C-Suites, and operational silos through reputation resilience.
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.
The military, and many corporate leaders, think in terms of an ‘OODA loop’ — the amount of time it takes to Observe, Orient, Decide and Act. We live in an era where weaponized social media has compressed OODA time frame for reputation risk management dramatically, especially when institutional investors are on tenterhooks.
Reputation risk emerges when the expectations of a critical mass of stakeholders shifts, and the value of favorable expectations transforms into the costs of emotionally-rich disappointment. Twitter’s blue check “chaos” shows that the velocity of reputation risk boosted is approaching military-grade speeds.
The velocity of reputational risk is approaching the speed of a nuclear assault on a nation, said Nir Kossovsky, Steel City Re CEO. A “Military grade” response to sped up reputational crises requires cold war game theory strategy and preemption.
Mitigating an expectation shift: An effective, thoughtful risk strategy. Of the many on offer, only our solution is quantitative, battle-tested, quality management-proven, and grounded in four Nobel Prize winning insights. The bottom line: mitigating costly reputation risk by targeting factors that would lead to a shift in expectations