Dealing with unknown risks

The origin of reputational threatening crisis usually lies in unmanaged risks. It’s not just the known risks we should be concerned about. Unknown risks can catch the most risk conscious organisation off guard and requires an effective well rehearsed crisis response.

Rapid positive response, knowing what to do and say, making best use of resources, media and social media when crisis strikes gives you some chance of limiting the damage. Some organisations believe that business continuity plans, a PR team and the occasional desk top review is sufficient. Do you agree? How would you and your team survive if faced with a totally unexpected and self inflicted reputational threatening situation? Strengthening your response capability is easier than many would have us believe………

Find out how we can help you strengthen your response to unknown risks

Improving the bottom line with the Five Pillars of Responsible Business

The Five Pillars of Responsible Business, Engaging Stakeholders, Robust Governance, Authentic Leadership, Protecting People and Building Resilience are best known for helping protect reputation and value. Not so obvious are the significant benefits to bottom line which this approach brings.

These benefits could include:

  • Avoiding unpleasant surprises and interventions from stakeholders and regulators
  • Avoiding costs of external counsel, fines and compensation
  • Avoiding management time and distraction dealing with investigations into compliance and associated failures. This should not be underestimated and could lead to fixed cost opportunities
  • Improved employee effectiveness through reduced absenteeism (through illness, injury and moral), increased fitness (wellness) and lower turnover
  • Improving recruitment quality – attracting the right people to deliver value (who might not want to work in an organisation with a tarnished reputation)

Find out more about how the Five Pillars © could help you

Reputation self destruction

It is often said that personal and corporate reputations take years to build up but can be destroyed in a moment of poor judgement.

Have you thought what that would feel like for you and your organisation? How well are your reputational risks understood and managed? You can start lowering this risk by checking you have covered the essentials of the five pillars of responsible business.

Find out more about how the Five Pillars © could help you

Saving reputation and bottom line

Many organisations might reasonably question whether they should commit to discretionary spending on lowering reputational risk such as strengthening stakeholder engagement, governance, authentic leadership, removing harm and building resilience. What do you think?

Compared to the cost of prevention, how does the cost of one major non compliance or reputational threatening incident cost in terms of external counsel, management time and effort, employee distraction and lasting reputational damage?

Some of our clients think the difference is at least ten times and can even many hundreds. It would perhaps be interesting to know how some of the organisations that have had their governance and bottom line challenged in recent times would have approached the Five Pillars of Responsible Business © if they had thought about what could happen.

Talk to us about how we can help you lower your reputational risk