The rising recognition of risk impact on corporate brands
Whenever we engage with a client seeking to improve the safety of its staff one of the key things we seek to understand is the principle reasons why. More specifically, what has driven them to the point where they need to implement technology solutions or training.
In the past year we have seen a notable increase from some (specifically large corporate clients) who are recognising the risk of reputational brand damage that an incident may enable. In the light of major incidents like those effecting BP and Toyota, it seems that more and more clients are casting their net wider in terms of understanding and scenario playing incident types that would really impact on their brand. As Warren Buffet once said, it can take 20years to build a reputation and only five minutes to ruin it.
Reputational risk is therefore one of the most potent dangers that any company faces. It is also, unfortunately, one of the most elusive. While it is relatively easy to talk about reputation risk in the abstract, it is far harder to protect against it in practice. A recent survey conducted by Airmic, the association for insurance and risk managers, frames the conundrum well. Of those who took part in the poll, 80% claimed that reputational risk is their top concern. However, only 43% believed that they have formal and well managed plans in place to tackle it.*
Our customers have carried out business risk assesments and found that the safety of their lone workers (and specifically the types of possible incidents they face) place these risks in their top ten. Mitigating the business risk by getting lone working staff to carry out a dynamic risk assesment is proven to work. Capturing audio evidence from an incident provides the back-up required to respond effectively and to keep staff positive and productive.
*Blog post adapted from an article in the Wall Street Journal, for full details follow these links:
Corporate Risk: Brand Values
Corporate Risk: Cinderella Moment
In the past year we have seen a notable increase from some (specifically large corporate clients) who are recognising the risk of reputational brand damage that an incident may enable. In the light of major incidents like those effecting BP and Toyota, it seems that more and more clients are casting their net wider in terms of understanding and scenario playing incident types that would really impact on their brand. As Warren Buffet once said, it can take 20years to build a reputation and only five minutes to ruin it.
Reputational risk is therefore one of the most potent dangers that any company faces. It is also, unfortunately, one of the most elusive. While it is relatively easy to talk about reputation risk in the abstract, it is far harder to protect against it in practice. A recent survey conducted by Airmic, the association for insurance and risk managers, frames the conundrum well. Of those who took part in the poll, 80% claimed that reputational risk is their top concern. However, only 43% believed that they have formal and well managed plans in place to tackle it.*
Our customers have carried out business risk assesments and found that the safety of their lone workers (and specifically the types of possible incidents they face) place these risks in their top ten. Mitigating the business risk by getting lone working staff to carry out a dynamic risk assesment is proven to work. Capturing audio evidence from an incident provides the back-up required to respond effectively and to keep staff positive and productive.
*Blog post adapted from an article in the Wall Street Journal, for full details follow these links:
Corporate Risk: Brand Values
Corporate Risk: Cinderella Moment
posted by Craig Swallow at 9:37 AM
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