New Report Offers a Step-By-Step Approach for
Successfully Managing Reputational Risks
NEW YORK (October 23, 2014) —Organizations that develop a framework for managing reputational risks are not only better positioned to anticipate and defend against threats, but can also gain a significant competitive advantage and unlock new and valuable opportunities – according to RIMS’ newly released Executive Report “Managing Reputational Risk to Drive Strategic Performance.”
The report explores how risks that commonly contribute to reputational changes can be effectively managed to drive value through the use of a focused strategic risk management approach. The report walks risk professionals through a reputational risk situation, providing instruction on how to apply the components of the strategic risk management framework to protect and advance an organization’s reputation.
“Reputational risks cannot sufficiently be handled solely by the control, compliance and transfer mechanisms of traditional risks,” said author Andrew Bent. “Managing our reputational risks using the same framework we use to manage other strategic risks enables risk professionals to better align our risk approach. Given the velocity and the potential impact of reputational damage, risk professionals have a tremendous opportunity to showcase the value they can add by developing a proven process for navigating these volatile situations.”
Andrew Bent is a Senior Risk Advisor with Suncor Energy Inc. (NYSE/TSX: SU) and a member of RIMS Strategic Risk Management Development Council. Mr. Bent contributed to the companion RIMS Executive Report “Understanding Reputational Risk” that was published in 2013.
RIMS Executive Report: Managing Reputational Risk to Drive Strategic Performance is available in RIMS Risk Knowledge library www.RIMS.org/RiskKnowledge. The report is free for both RIMS members and non-members.