Nir Kossovsky; Dr Nir Kossovsky.
Walmart Tell us if something is incorrect. Add to Cart. Arrives by Thursday, Oct Free pickup Fri, Oct Ships to San Leandro, Davis St. Product Highlights About This Item We aim to show you accurate product information. Manufacturers, suppliers and others provide what you see here, and we have not verified it.
See our disclaimer. In Managing Risk and Reputation to Create Enterprise Value, the CEO of Steel City Re shares value-creating strategies for conquering headline risks that will help company executives, C-suite leaders, and directors protect the most critical components of their businesses.
Specifications Publisher Trafford Publishing, Authorhouse. Customer Reviews. Write a review. See any care plans, options and policies that may be associated with this product. Email address. Please enter a valid email address. Walmart Services. Get to Know Us. Customer Service. In The Spotlight. They determine how we are portrayed out in the world now.
Executives predict social media will be among the most important risk sources over the next three years — ranked up there with the global economic environment, government spending and regulatory changes, according to Deloitte research. So some of the risk lies in response, or the lack thereof, which is the second lesson:. A quick, public response can help restore trust amongst stakeholders.
The third, and perhaps most important, lesson: A quick response can only do so much because reputation — good or bad — is built over time; a good reputation is earned. A company must be authentic in what it is doing because it is constantly under a microscope now, and the ability to have a reality that is different from its public story is very hard. Reputation is what stakeholders — customers, employees, suppliers, creditors, equity investors, regulators — expect a company to do. The value of that reputation is how the markets act based on those expectations, he explains.
Markets reward companies for meeting expectations, and they punish them for failing to meet expectations.
A good reputation can increase margins and reduce borrowing costs, inventory lead time, head-hunting costs, internal litigation costs, regulatory fines and supplier costs. Oxford Metrica employs a proprietary Value Reaction metric that captures the company-specific impact of an event in percentage and financial terms.
Most companies will, at some point, face serious reputational damage, according to Phillip Ellis, chief executive of the Global Solutions Consulting Group at Willis, an international insurance brokerage company. Social media, while not a risk itself, has prompted companies to improve their reaction processes see sidebars.
An effective response comes in three steps, Kossovsky explains.
Innovation 3. What Is Risk Management? Underwater breathing apparatus. Set of measures for the systematic identification, analysis, assessment, monitoring and control of risks. When I began my career in reputation management there were few pieces of research that helped me build the case for a new discipline in the global financial services company where I worked at the time.
The company acknowledged the situation, and it used the video incident to improve the way it does business. The company also began requiring deeper background checks of job candidates, and it placed controls over the dissemination of in-store videos captured by employees, McIntyre said. And, for a time, the video was used as a code-of-conduct cautionary tale in franchisee training.
After all, explaining expectations to employees is a big part of ensuring that a company meets the expectations of its other stakeholders. Only after the fact. We certainly know that our brand is worth a lot of money.
Sales took a short-term hit in the weeks following the incident, which the company estimated to have cost between one and two percentage points in domestic same-store sales for that quarter. We love you. Global security company G4S followed a similar three-step approach when it was facing a reputational hit last year. But as the Olympics neared, G4S was having difficulty filling all the positions — a scenario that ultimately forced the UK government to dispatch military personnel to cover the shortfall.
G4S acknowledged the situation, took responsibility for the cost of the government personnel and offered regular updates to stakeholders throughout the ordeal. After the event, company executives sought to reassure employees and customers, paying visits around the world. The company also commissioned an independent review of the Olympics contract and its internal processes.