Category Archives: Reputation Risk

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October Issue of Risk Management Now Online

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The October issue of Risk Management magazine is now online. The cover story, “Immovable Objects,” focuses on how complacent boards of directors fear change, often retaining CEOs past the expiration date of their effectiveness. We also cover food safety in a feature by John Turner, North America product recall manager at XL Insurance. And, as is tradition with our October issue, we highlight cyberrisk, this time in a four-part feature covering cyberattacks and critical infrastructure, the military and its vulnerability to hacking, the cost of protection and a guide to selecting cyber insurance.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter, “like” us on Facebook and join our LinkedIn group.

News Desk

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There are times when we search fruitlessly for a news piece to inspire a blog post good enough for you readers. And then there are the rare times when we log on to various news sites and are inundated with headlines relating to this industry. Today is one of those days.

  • It looks like Munich Re has gotten itself into some hot water over a raunchy party hosted by Munich Re-owned Ergo Insurance. Though the party was held back in 2007, the reinsurance giant is still feeling the reputational sting (and likely will for a long time to come) over a party that rewarded top salesmen with prostitutes. The management in charge of organizing that event are no longer employed at Ergo.

    • There were about 100 guests and 20 prostitutes were hired. A German business newspaper said the prostitutes had worn colour-coded arm-bands designating their availability, and the women had their arms stamped after each service rendered.

  • On the completely opposite side of the spectrum, it was announced today that executives at Lloyds Banking Group will be handing back bonuses. This is due to the ₤3.2 billion hit the bank took for “mis-selling payment protection insurance.”
  • In the world of insurance rates, Hardy Underwriting Bermuda Ltd. reports that insurance and reinsurance that renewed during the first quarter of the year saw “average rate increases of 1.5%.”
  • This morning, I stumbled across this management blog, which proves to be quite the resource for managers in any industry, listing the 50 people to follow on Twitter that will provide you with a windfall of information to help you succeed.

How to Avoid Reputational Harm

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Reputational risk is often overlooked and underestimated, but it may be the most potentially devastating threat to a company today. One only needs to look at the recent trials and tribulations of firms like BP, Toyota or Sony to see the impact that a scandal can have on public perception of a company and its overall revenue.

In fact in a session at RIMS 2011 Vancouver, entitled “Reputational Harm: Pushing the Envelope,” John Eltham of Miller Insurance Services, Kieron Russell of Lloyd’s syndicate RJ Kiln and Co. and Angela Matherly of Synder’s-Lance, Inc. pointed out that since the 1950s intangible assets like reputation have steadily become more important than even the tangible products that a company sells. Put simply, “reputation drives business results,” said Eltham. In a case like Toyota, while their recent recalls may have seemed to be strictly a product issue it was actually intangibles like bad governance and lack of citizenship in their awkward and slow response to the issues that were the keys to their damaged reputation.

Given that reputation is so important to the entire company, Matherly pointed out that it is a perfect risk for a ERM framework. Since the whole company can be affected, the whole company needs to help manage the risk. “Do sweat the details,” she said.

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This involves making sure that crisis management and crisis communication plans are in place, PR firms are engaged before an issue occurs, executives and spokespeople recieve media training and that a business continuity plan is in place.

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Companies can choose do it themselves or they can turn to an insurer to help transfer the risk. Either way, successful mitigation is all about “maximizing the ‘Golden Hour’,” said Russell–the time between when the event occurs and when the media gets a hold of it. (And these days, that “Golden Hour” can sometimes be more like “Golden Minutes.

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” ) By considering this important time period, which means being prepared beforehand, companies can the reduce the time it takes to regain whatever revenue might be lost because of a reputational event.

It may take a lot of good deeds to make up for a bad event, but considering the stakes, it seems that a sound reputational risk management program is essential to making sure that you will need fewer of those good deeds to make things right.

America’s Most Reputable Companies

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As a business asset, reputation is often overlooked in favor of the more easily quantified components of a typical balance sheet. But reputation may be the most important factor in determining whether or not a consumer chooses a particular product or service. And although it may be difficult to put a number on reputation, it’s not impossible, as the latest survey by the Reputation Institute indicates.

As reported in Forbes, according to the survey of more than 30,000 consumers, Amazon.com is the most reputable large companies in the United States.

“Amazon is the most reputable company in the U.S. in 2011 because consumers believe that it stands for more than what it sells,” says Anthony Johndrow, managing partner at Reputation Institute. “Its enterprise-wide story engages consumers in more than just delivering innovative products and services, a trustworthy and ethical customer experience or strong financial performance. The whole really is greater than the sum of the parts with Amazon, and this holistic perception creates a meaningful connection between Amazon and consumers, resulting in an excellent reputation score.”

The Reputation Institute gauged reputation by measuring how people felt about 150 of the largest U.S. companies in the areas of trust, esteem, admiration and good feeling. From there they were able to create a “RepTrakPulse” score that went from 0 (the worst) to 100 (the best). Amazon’s 82.7 score was 1.3 points higher than the second place company Kraft Foods. The next four companies  on the list–Johnson & Johnson, 3M, Kellogg’s and UPS–were the only other companies to score in the 80s.

On the other end of the spectrum, unsurprisingly, financial firms received some of the lowest scores. Freddie Mac’s 29.47 score put it at the bottom of the list with AIG, Fannie Mae, Goldman Sachs and Halliburton rounding out the bottom five. The highest charting insurer was State Farm, which was 48 on the list with a score of 72.7.

The following are the top 10 most reputable U.S. companies (the entire list can be found at the end of the Forbes article):

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