Reputation risk has become a key concern for the businesses in the wake of the Great Recession and with the rise of social media. A damaging headline, lawsuit or unfortunate customer experience can severely impact financial performance and brand value. However, the vast majority of firms do not have a well-thought-out strategic approach to manage reputation risk.
Many times firms approach reputation risk as a crisis management issue, hastily reacting and focusing on damage control in the aftermath of an event. Oliver Wyman’s white paper, The Hidden Cost of Reputation Risk, offers firms a new methodology to identify and quantify potential risks before they materialize. Leveraging risk and public market data, Oliver Wyman presents a four step quantification framework to mitigate financial exposure and proactively manage reputational risks.
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