Reputation the leading risk for companies
Organisations around the world are becoming more aware of the importance of maintaining a strong company reputation, according to recent research by Forbes Insights on behalf of Deloitte. The survey revealed that 87 per cent of respondents felt strategic risks are the most pressing threats that companies face across their operations. The biggest impact a loss of reputation…
Organisations around the world are becoming more aware of the importance of maintaining a strong company reputation, according to recent research by Forbes Insights on behalf of Deloitte.
The survey revealed that 87 per cent of respondents felt strategic risks are the most pressing threats that companies face across their operations. The biggest impact a loss of reputation can have is on revenue and loss of brand value (both 41 per cent), with these are both cited as issues for organisations.
While awareness of reputational danger is high among businesses, company strategies to handle these risks remain limited. Only 19 per cent of respondents awarded themselves an ‘A’ for their digital strategies, while 39 per cent described their strategies as either average or below average.
The areas where companies are least confident are mostly areas that are beyond their direct control. Almost half (47 per cent) are concerned about third-party/extended enterprise issues while attacks from competitors also ranked highly.
Henry Ristuccia, global governance, risk and compliance leader at Deloitte, emphasised the growing awareness of these issues among businesses.
“Companies are concerned about the consequential effects that escalating reputational issues can have,” said Mr Ristuccia.
“Both internal and external stakeholders, including regulators, shareholders, employees and customers, maintain a powerful foothold in a company’s overall brand value.”
To respond to these challenges, companies are investing in a variety of reputational risk management strategies. Almost two-thirds of respondents are pursuing new technology, while 50 per cent are choosing to invest in staff that can handle these risks.
With 57 per cent of companies also looking to increase their focus on reputational risks in the future, having the right staff and processes in place is going to be crucial for companies to maintain a strong reputation.
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