Introduction - Managing Reputation Risk: An IT and Business Priority (01:25)
This video features Andrea Bonime-Blanc and is intended to inform professionals on how to prepare and address reputation risk issues. This segment orients viewers to the topics that will be covered in this video including why reputation risk is a critical issue, its qualities, and strategies for management.
A Critical Issue Today: Reputation Risk (03:34)
Main areas of concern include ethics, integrity, security, and product safety. Businesses are increasingly focused on reputation risk because it is the age of transparency and social media. Bonime-Blanc provides examples of common outcomes including Lehman Brothers, Johnson and Johnson Tylenol Case, and BP.
Reputation Risk Management Program (05:34)
Proactively preparing reduces total cost, helps maintain stock value, attracts partners and preserves employees. Risks do not always have negative consequences and business leaders should think of it as a "dangerous opportunity." "The Economist" described reputation risk as "the risk of risks."
The Qualities of Reputation Risk (06:16)
Reputation risks can be caused by unethical behavior, security breaches, or environmental destruction. If a company has a program in place to address corruption, prosecutors tend to not pursue criminal charges. Key personnel needed to mitigate reputation risk include the CEO, the C-suite, staff who deals with customers, and employees who work with outside vendors.
Strategies for Reputation Risk Management (04:05)
Identify the proper risks for the specific business and implement programs to mitigate disasters. Effective risk management strategies have the right mix of coverage and architecture. Bonime-Blanc explains how cybersecurity and reputational risks are the two major sources of concern for board members.
Conclusion - Managing Reputation Risk: An IT and Business Priority (03:24)
Bonime-Blanc explains how Fonterra dealt effectively with the melamine-tainted baby formula issue and increased the company's value. Individuals and corporations need to examine how reputation problems can affect their strategies.
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