A Short Guide to Reputation Risk (Short Guides to Business Risk)

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You can of course influence how others see you by your behaviour, but your reputation is earned as a consequence of actions.

It is a secondary feature that can become part of your identity among stakeholder. Honey demonstrates this point brilliantly when he illustrates how experience and expectations link up with reputation:. Perhaps you should learn to walk before you start to talk? Reputation sits in the gap between expectation and performance. That is the risk that has to be managed. The second chapter is perhaps my favorite chapter of this book.

Book Review: Reputation Risk

According to Honey, there are six causes of damage to reputation: Note the risk classification: Risks to avoid, risks to manage and risks to mitigate. Honey follows the classic four risk handling strategies , except for the fourth strategy, risks to transfer.

Reputation risks cannot be transferred, outsourced or insured against. You simply have to deal with them. Also note that your reputation stems from the values you uphold and that reputation risks are caused by value misalignment internal causes or value conflict external causes. Chapter 3 takes a look at stakeholders. Stakeholders are important when it comes to reputation.

Stakeholder identification and appreciation is essential for reputation management.

A Short Guide to Reputation Risk - CRC Press Book

While primary stakeholders may seem most important in the first round, secondary stakeholders should not be neglected, as they may become critical pun intended in the next round. Different stakeholders will value different aspects differently, and in chapter 4 Honey identifies seven key drivers among the different stakeholders. In measuring reputation risk it is necessary to keep in mind that reputation has a value that escapes monetary terms. The only way to measure reputation risk and to check whether your company is at risk is to identify, if any, the gap between expectations and performance.

Different risks affect different business areas differently, with every business area and its associated risks under the responsibility of a certain person or manager. Few organizations, however, are yet clear about who should be responsible for reputation risk. Honey advocates that the reputation of an organization should be the shared responsibility among all employees, as each is an ambassador in the eyes of the stakeholders. The difficulty lies in achieving a commitment to reputation by each and every employee, it is not just a matter for the Communications or Public Relations department.

There is no simple way to manage reputation risk, Honey says in chapter 6, and awareness of the impact on reputation should be an implicit part of any business decision. The aim must be to prevent a situation where damage to the reputation can occur, but how? Reputation risk is a topic with relevance across the organisation, from risk managers to corporate communication managers, from compliance manager to HR Director. Whatever your interest in the subject, A Short Guide to Reputation Risk provides a shorthand route to understanding the context and key features of this subject.

Allow this favorite library to be seen by others Keep this favorite library private. Find a copy in the library Finding libraries that hold this item Electronic books Electronic book Additional Physical Format: Short guide to reputation risk. Document, Internet resource Document Type: Garry Honey Find more information about: There are all sorts of problems associated with reputation risk. Using a number of simple models, this title explains reputation risk.

It differentiates it from other forms of risk. It provides a series of tools for identifying and managing reputation risk. It helps you assign responsibility for reputation risk in your management structure. Publisher Synopsis ' - many illustrations in this book.

User-contributed reviews Add a review and share your thoughts with other readers. Add a review and share your thoughts with other readers. Similar Items Related Subjects: Intangible property -- Valuation. User lists with this item 1 Things to Check Out 8 items by angela updated Linked Data More info about Linked Data. Home About Help Search.

Privacy Policy Terms and Conditions. Whether viewed as an intangible asset or potential liability, damage to reputation can be costly.

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In the private sector loss of investor confidence can dent corporate value; in the public sector loss of public trust can lead to political change. How can anyone protect reputation from damage?

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Table of Contents Contents: The nature and value of reputation; The causes and impact of reputation risk; Identifying stakeholders and risk drivers; Selecting tools and controls; Assigning responsibility; Integrating reputation risk; Governance and compliance; Case studies; Bibliography. He has a background of 30 years in industry as both a Marketing Director and Strategy Consultant.

He is interested in how organizations, both private and public, manage reputation among diverse stakeholder groups. Measuring Reputation for regulatory compliance is one facet of this, as is defining the risk element of reputation in non-financial terms for the risk industry. As an intangible or soft risk, reputation has an impact on consumer behaviour and trust. It is the nature of this link that requires further research. That - in my opinion - is the most useful part of this book, and makes it as applicable in boardroom presentations drawing up strategies as it is in shopfloor workshops instigating the value of reputation into each and every member of the staff.

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