Reputation is like a ticket to the big game. Show it at the door, or you won’t get in. It is also irreplaceable. Lose it, and it’s game over. Protiviti’s Jim DeLoach offers four tips for nurturing and preserving your company’s most precious asset — its reputation.
A company can tarnish and even ruin its reputation with a single exercise of poor judgment. While some may define reputation differently, everyone agrees it’s important. In addition, most of us can recognize a reputation that has been damaged beyond repair. As explained by one author, reputation risk is “the loss of the value of a brand or the ability of an organization to persuade.” In a previous article, I described 10 keys for managing reputation risk arrayed among five categories: strategic alignment, cultural alignment, quality commitment, operational focus and organizational resiliency.
Below are some thoughts about reputation and how to nurture and preserve it.
Adopt an end-to-end process view: You can’t pass the buck
Managing reputation risk is inextricably tied to risk management and crisis management processes. It begins with an effective risk assessment process that considers an end-to-end, extended view of the value chain, requiring consideration of looking upstream to supplier relationships (including the Tier…
