The wise have warned us about the perils of damaged reputations for many centuries, from Aristotle to Benjamin Franklin to Warren Buffett, and for good reason – at least 25% of an organization’s market value is directly attributable to its reputation.
Recently reputations have become more complex than ever before to protect, thanks to always-on news media and the viral nature of social media. As a result, organizations have had to develop new strategies for preventing and mitigating reputational risk, which has become a core component of a broader risk strategy.
87% of executives surveyed by Deloitte rate reputational risk as more important than other strategic risks.
The Challenges of Reputational Risk Management
There are many challenges that organizations have to overcome to give them the best possible chance of avoiding a reputational crisis (some of which are outlined in this whitepaper). The good news is that there are new technologies that can be implemented easily which can significantly improve reputational risk management by providing more effective, efficient, and accurate data.
One such technology is a News Intelligence Platform, which aggregates global and local news in real-time, and enriches every article using NLP so that reputational risk events and topics become easily discoverable through a flexible search API, and action can be taken to prevent a crisis. Implementing News Intelligence into a risk strategy has seen a leading risk enterprise identify 30% more risks per week.
Learn more about how News Intelligence improves reputational risk management by downloading our free whitepaper, which includes:
- An overview of reputational risk
- The challenges of reputational risk
- Implementing News Intelligence into a reputational risk framework
- Examples of how News Intelligence improves reputational risk