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The Risk of Risks: Reputation Risk and Resiliency Linda LOCKE
The Risk of Risks: Reputation Risk and Resiliency 
Linda Locke 
Senior Vice President 
November 2014 
llocke@standingpartnership.com 
Twitter: Reputationista
•The Economist Intelligence Unit survey: 
‒“Reputational risk emerged as the most significant threat to a business.” 
‒Reputation is prized, and vulnerable 
‒Major source of competitive advantage 
‒Difficult to categorize and quantify 
‒http://www.acegroup.com/eu-en/assets/risk-reputation-report.pdf 
•Zurich: 
‒70% of consumers say they avoid buying a product if they don’t like the company behind it 
‒Consumers are 350% more likely to purchase products from companies they like and trust 
‒Executives say 60% of a firm’s market value is attributable to reputation 
‒http://static.knowledgevision.com/account/idgenterprise/assets/attachment/Zurich_092012_RiskManagement_KV/Reputational_Risk1.pdf 
2 
The Risk of Risks
•Reputational risk a top concern for boards 
‒63% of directors see reputational risk as top concern…and concerns are growing 
‒Primary concerns cover product quality, liability, customer satisfaction 
‒Secondary concerns: integrity, fraud, ethics 
‒Three-fourths of directors seek broad-based risk assessment… and they want to know more 
Third Annual Board of Directors Survey 2012 - Concerns About Risks Confronting Boards – EisnerAmp 
3 
It’s what keeps boards up at night
4 
Why? A strong reputation can bring long- term sustainability 
Based on: Financial stability Accounting conservatism Corporate integrity Transparency Sustainability 
Source: Trust Across America
5 
Reputation advantage: Apple
6 
Reputation penalty: BP
•The intangibles can comprise more than 60% of a company’s value 
•Public perception impacts profitability, book value, sales 
•Strong reputation can result in strong stock price growth 
•Investors use reputation in purchase decisions 
•Companies with a strong reputation can: 
‒Charge premium prices 
‒Hire the best candidates 
‒Attract the best business partners 
•A strong reputation can be a competitive differentiator 
7 
Why focus on reputation?
•Strategic risks: Which risk areas had/have/will have the most impact on your business strategy? 
8 
World of strategic risk is changing: Deloitte 
41% 
Brand 
28% 
Economic Trends 
26% 
Reputation 
2010 
40% Reputation 32% Business model 27% Economic trends/ Competition 
29% 
Economic trends 
26% 
Business model 
24% 
Reputation/ Competition 
Today 
2016
9 
Reputation is the connective tissue between business strategy and stakeholder perceptions 
Financial 
stability 
Positive 
societal 
impact 
Responsible 
business 
operations
10 
Two challenges to managing reputation 
Reputation is not owned by the company; it can only influence it 
Reputation is built by decisions made across the organization
11 
Companies are often not well-equipped to manage reputation risk 
Reputation literacy not on the risk agenda 
Risk literacy not on the reputation agenda
•Reputation = judgments and perceptions of others 
12 
Reputation is owned by stakeholders 
‒Customers 
‒Suppliers 
‒Investors 
‒Advocacy groups 
‒Regulators 
‒Policymakers 
‒General public
•Risk is predictable, if…. 
13 
The question is whether companies deliver on the expectations of their stakeholders 
‒You know your stakeholders 
‒You understand what drives their perceptions 
‒You are aware of their values 
‒You listen to them
14 
Stakeholders expect resiliency
•Two sides of resiliency: 
‒Prevent conditions of risk 
‒Manage consequences of events 
15 
Resiliency: Ability to adapt to a continuously changing environment 
Source – Carnegie Mellon Software Engineering Institute
16 
Risk = Hazard + Outrage (Peter Sandman) 
Source: evolve24
17 
The most important objective of all 
Build enterprise-wide reputation competence
A resilient organization manages all types of risk 
18 
Ability to manage risks and function/adapt throughout the lifecycle of operational disruptions 
Ability to maintain 
good stakeholder perceptions and 
supportive behavior 
at all times 
Operational Resiliency 
Reputation 
Resiliency
•The Enterprise Risk Management, Business Continuity and Disaster Recovery teams all have reputation risk on their agendas. 
‒They likely do not have data or baseline measurement 
‒So they guess at the likely impact of risk issues on reputation. 
‒Make them your allies. 
‒Offer to participate in their planning sessions. 
‒Help deepen reporting upward to include reputational risk data. 
19 
Likely internal allies: ERM and/or BC/DR 
Source: evolve24
20 
How to bring reputation into corporate risk processes 
Crisis/ Emergency Management 
Business Continuity/ 
Disaster Recovery 
Plan 
Risk Assessment/ Business Impact Analysis 
•Reputation crisis live event management 
•Dynamic event monitoring and reporting 
•Message management 
•Post-event analysis 
•Reputation crisis plan development 
•Scenario planning 
•Tabletop exercises 
•Live simulation 
•Ongoing monitoring 
•Stakeholder analysis 
•Reputation risk assessment 
•Risk training for comms team 
•Reputation training for risk team
21 
Where to begin: Incorporate reputation into risk management processes 
Reputation resiliency platform 
Develop mitigation strategies 
Set the agenda: Identify key risks 
Monitor; report to c-suite/board 
Build risk competency at strategic level: Internal alignment
22 
What Enterprise Risk Management teams require 
Deliverables: 
• Distinct, quantified reputation risk assessment 
• Baseline measurement 
• Integrated reputation risk reporting 
Outcome: • Defining reputation resiliency for organization • Expanding view of risk to include non-market, non- operational issues with impact to reputation • Addressing broader issues of concern to board
•Business units that understand reputation risks shift planning and design to accommodate stakeholder perceptions 
•Strategy that addresses drivers of reputation deepens trust – and supportive behavior – among stakeholders 
•Data that measures the reputational impact of crisis response helps improve response next time 
•Engaged c-suite and boards can focus investment on managing, avoiding and mitigating risk 
•Expands the number and influence of reputation champions in the enterprise 
23 
Reputation risk planning drives organizational resilience
24 
Managing Reputation in Three Steps: Understand Perceptions of Stakeholders
25 
Understand How you are Perceived Relative to Competitors
26 
Understand the drivers that impact perceptions
Antecedents of Risk 
27
28 
Stakeholders expect companies to share their values
29 
Stakeholders expect companies to share their values 
Gluttony 
Sloth 
Lust 
Wrath 
Hubris 
Envy 
Greed
30 
Values, vulnerabilities and outrage (See Business and Its Environment, David P. Baron, Pearson/Prentice Hall) 
Hubris 
Greed 
Gluttony 
Wrath 
Envy 
Sloth 
Lust 
Young 
Elderly 
Human Error 
Media-Attractive 
Abuse of Power 
Lack of Responsiveness 
Impoverished
The causes of outrage 
“Do I put up 
with this?”
“Do I put up 
with this?” 
Pressure Groups “Have I noticed pressure groups focusing on it?” 
Awareness 
“Was there a problem? Did you let me know about it?” 
Choice 
“Did I choose to take the risk or 
was it imposed on me?” 
Nature 
“Is the risk natural 
or man-made?” 
Dread “Do I fear this risk?” 
Detectability 
“Can I touch/see it? 
Is it quantifiable/ 
Containable?” 
Media 
“Have I read about it/seen it in the news?” 
Equity 
“What does the risk do for me? Is anyone bearing the risk who doesn’t benefit from it?” 
Scientific View “Do experts understand it? Do they agree/disagree about it?” 
The causes of outrage 
Source: Regester Larkin
33 
Lest we forget…
34 
Our ultimate goal is trust 
Be trusted 
by the stakeholders 
who matter
Building, protecting and restoring reputations
The risk of risks reputation risk and resiliency Linda LOCKE

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The risk of risks reputation risk and resiliency Linda LOCKE

  • 1. The Risk of Risks: Reputation Risk and Resiliency Linda LOCKE
  • 2. The Risk of Risks: Reputation Risk and Resiliency Linda Locke Senior Vice President November 2014 llocke@standingpartnership.com Twitter: Reputationista
  • 3. •The Economist Intelligence Unit survey: ‒“Reputational risk emerged as the most significant threat to a business.” ‒Reputation is prized, and vulnerable ‒Major source of competitive advantage ‒Difficult to categorize and quantify ‒http://www.acegroup.com/eu-en/assets/risk-reputation-report.pdf •Zurich: ‒70% of consumers say they avoid buying a product if they don’t like the company behind it ‒Consumers are 350% more likely to purchase products from companies they like and trust ‒Executives say 60% of a firm’s market value is attributable to reputation ‒http://static.knowledgevision.com/account/idgenterprise/assets/attachment/Zurich_092012_RiskManagement_KV/Reputational_Risk1.pdf 2 The Risk of Risks
  • 4. •Reputational risk a top concern for boards ‒63% of directors see reputational risk as top concern…and concerns are growing ‒Primary concerns cover product quality, liability, customer satisfaction ‒Secondary concerns: integrity, fraud, ethics ‒Three-fourths of directors seek broad-based risk assessment… and they want to know more Third Annual Board of Directors Survey 2012 - Concerns About Risks Confronting Boards – EisnerAmp 3 It’s what keeps boards up at night
  • 5. 4 Why? A strong reputation can bring long- term sustainability Based on: Financial stability Accounting conservatism Corporate integrity Transparency Sustainability Source: Trust Across America
  • 8. •The intangibles can comprise more than 60% of a company’s value •Public perception impacts profitability, book value, sales •Strong reputation can result in strong stock price growth •Investors use reputation in purchase decisions •Companies with a strong reputation can: ‒Charge premium prices ‒Hire the best candidates ‒Attract the best business partners •A strong reputation can be a competitive differentiator 7 Why focus on reputation?
  • 9. •Strategic risks: Which risk areas had/have/will have the most impact on your business strategy? 8 World of strategic risk is changing: Deloitte 41% Brand 28% Economic Trends 26% Reputation 2010 40% Reputation 32% Business model 27% Economic trends/ Competition 29% Economic trends 26% Business model 24% Reputation/ Competition Today 2016
  • 10. 9 Reputation is the connective tissue between business strategy and stakeholder perceptions Financial stability Positive societal impact Responsible business operations
  • 11. 10 Two challenges to managing reputation Reputation is not owned by the company; it can only influence it Reputation is built by decisions made across the organization
  • 12. 11 Companies are often not well-equipped to manage reputation risk Reputation literacy not on the risk agenda Risk literacy not on the reputation agenda
  • 13. •Reputation = judgments and perceptions of others 12 Reputation is owned by stakeholders ‒Customers ‒Suppliers ‒Investors ‒Advocacy groups ‒Regulators ‒Policymakers ‒General public
  • 14. •Risk is predictable, if…. 13 The question is whether companies deliver on the expectations of their stakeholders ‒You know your stakeholders ‒You understand what drives their perceptions ‒You are aware of their values ‒You listen to them
  • 16. •Two sides of resiliency: ‒Prevent conditions of risk ‒Manage consequences of events 15 Resiliency: Ability to adapt to a continuously changing environment Source – Carnegie Mellon Software Engineering Institute
  • 17. 16 Risk = Hazard + Outrage (Peter Sandman) Source: evolve24
  • 18. 17 The most important objective of all Build enterprise-wide reputation competence
  • 19. A resilient organization manages all types of risk 18 Ability to manage risks and function/adapt throughout the lifecycle of operational disruptions Ability to maintain good stakeholder perceptions and supportive behavior at all times Operational Resiliency Reputation Resiliency
  • 20. •The Enterprise Risk Management, Business Continuity and Disaster Recovery teams all have reputation risk on their agendas. ‒They likely do not have data or baseline measurement ‒So they guess at the likely impact of risk issues on reputation. ‒Make them your allies. ‒Offer to participate in their planning sessions. ‒Help deepen reporting upward to include reputational risk data. 19 Likely internal allies: ERM and/or BC/DR Source: evolve24
  • 21. 20 How to bring reputation into corporate risk processes Crisis/ Emergency Management Business Continuity/ Disaster Recovery Plan Risk Assessment/ Business Impact Analysis •Reputation crisis live event management •Dynamic event monitoring and reporting •Message management •Post-event analysis •Reputation crisis plan development •Scenario planning •Tabletop exercises •Live simulation •Ongoing monitoring •Stakeholder analysis •Reputation risk assessment •Risk training for comms team •Reputation training for risk team
  • 22. 21 Where to begin: Incorporate reputation into risk management processes Reputation resiliency platform Develop mitigation strategies Set the agenda: Identify key risks Monitor; report to c-suite/board Build risk competency at strategic level: Internal alignment
  • 23. 22 What Enterprise Risk Management teams require Deliverables: • Distinct, quantified reputation risk assessment • Baseline measurement • Integrated reputation risk reporting Outcome: • Defining reputation resiliency for organization • Expanding view of risk to include non-market, non- operational issues with impact to reputation • Addressing broader issues of concern to board
  • 24. •Business units that understand reputation risks shift planning and design to accommodate stakeholder perceptions •Strategy that addresses drivers of reputation deepens trust – and supportive behavior – among stakeholders •Data that measures the reputational impact of crisis response helps improve response next time •Engaged c-suite and boards can focus investment on managing, avoiding and mitigating risk •Expands the number and influence of reputation champions in the enterprise 23 Reputation risk planning drives organizational resilience
  • 25. 24 Managing Reputation in Three Steps: Understand Perceptions of Stakeholders
  • 26. 25 Understand How you are Perceived Relative to Competitors
  • 27. 26 Understand the drivers that impact perceptions
  • 29. 28 Stakeholders expect companies to share their values
  • 30. 29 Stakeholders expect companies to share their values Gluttony Sloth Lust Wrath Hubris Envy Greed
  • 31. 30 Values, vulnerabilities and outrage (See Business and Its Environment, David P. Baron, Pearson/Prentice Hall) Hubris Greed Gluttony Wrath Envy Sloth Lust Young Elderly Human Error Media-Attractive Abuse of Power Lack of Responsiveness Impoverished
  • 32. The causes of outrage “Do I put up with this?”
  • 33. “Do I put up with this?” Pressure Groups “Have I noticed pressure groups focusing on it?” Awareness “Was there a problem? Did you let me know about it?” Choice “Did I choose to take the risk or was it imposed on me?” Nature “Is the risk natural or man-made?” Dread “Do I fear this risk?” Detectability “Can I touch/see it? Is it quantifiable/ Containable?” Media “Have I read about it/seen it in the news?” Equity “What does the risk do for me? Is anyone bearing the risk who doesn’t benefit from it?” Scientific View “Do experts understand it? Do they agree/disagree about it?” The causes of outrage Source: Regester Larkin
  • 34. 33 Lest we forget…
  • 35. 34 Our ultimate goal is trust Be trusted by the stakeholders who matter
  • 36. Building, protecting and restoring reputations