Tag Archives: Deloitte

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3 Steps to Managing Reputation Risks

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Henry Ristuccia of Deloitte has some good advice for companies that are still behind the times when it comes to managing reputation risk: identify potential threats and monitor them vigilantly. He also notes that companies should be sure to focus on the upside of reputation as well as the downside. Most companies already engage in marketing efforts to improve how stakeholders perceive them, and that’s key: studies have shown that, once a company’s reputation becomes rosy, it’s likely to stay that way.

Ristuccia explains.

A highly positive reputation is itself a tool in managing risks to reputation. The PR firm Edelman’s 2011 “Trust Barometer,” an annual survey that “measures attitudes about the state of trust,” found that, when a company is trusted, 51% of stakeholders will believe positive information about the company after hearing it once or twice. And only 25% will believe negative information after hearing it once or twice. Distrusted companies, however, fare poorly by comparison: only 15% of stakeholders will believe positive information about a company they don’t trust, and 57% will believe negative information after hearing it once or twice about such organizations. This study also linked trust to customer purchases, investor share purchases, and people’s recommendations to others.

Head over to RMmagazine.com to read the rest.

Increasing the Board’s Risk Intelligence

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Here’s a good talk about risk at the board-level. (video via Deloitte)

An excerpt from Henry Ristuccia, partner at Deloitte and co-leader of its governance and risk management services division.

“What we’ve found as a result of lessons learned from the economic crisis and credit crisis is that major stakeholders feel that traditional risk management has failed or had shortcomings. What I mean by that is that when you talk to legislators and regulators … there’s a real focus on improving the corporate governance, the risk management-type activities in organizations. When you turn that to independent directors and boards, independent directors are looking for greater transparency, better mechanisms to manage risk at a very high level in the organization. Generally speaking, it’s the real critical risks that we call the ‘value-killer’ risks.”

Worth watching for anyone interested in raising the profile of risk management in their organization and how strategic risk management — the future of the discipline — can more quickly evolve.

Financial Institutions Further Embracing ERM: Deloitte

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The failure of numerous banks and financial institutions during the past several years has shown, in its harshest fashion, that such institutions did not fully embrace a strict risk management regimen. Things have changed since then, however, and Deloitte’s Global Risk Management Survey shows just that.

Deloitte surveyed 131 financial institutions from around the world with total assets of more than trillion.

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The following are a few key findings from the report:

  • Roughly 90% of institutions had a defined risk governance model and approach, and 78% reported that their board of directors had approved their risk management policy or ERM framework
  • 86% of institutions had a CRO or equivalent position, up from 73% in 2008 and 65% in 2002
  • 79% of institutions reported having an ERM program or equivalent in place or in progress, an increase from 59% in 2008 (see below)

  • For insurance institutions subject to Solvency II, 70% or more said they plan to focus over the next 12 months on program initiation, gap analysis, and planning; risk governance; and Own Risk and Solvency Assessment (ORSA)
  • 88% of institutions used stress testing for risk factors affecting their credit portfolio, an increase from 79% in 2008, while 74% conducted stress testing for market risk in their trading book
  • 60% of executives considered their operational risk assessments and internal loss event data to be extremely or very well developed, an increase of 40% in 2008 (see below)

In all, Deloitte’s report is optimistic. It clearly shows financial institutions (finally) taking certain aspects of risk management, such as ERM, capital reserves, governance and, to an extent, technology risk assessments, very seriously.

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This is promising and can provide a certain amount of relief to those worrying about another catastrophic financial collapse of the U.S. economy. Of course, we can never say never, but with financial institutions continuing to fully embrace risk management in all its forms, we can all sleep a little better.

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