One of the greatest risks facing companies relates to reputation. This means boards are no longer content to hear about how the corporate affairs team is addressing the latest issue, they want the corporate affairs leader to proactively identify the reputation risks, then outline a plan to address these potential issues.
How do companies proactively identify their reputations risks?
Companies that want to truly understand their reputation risks and how they are perceived, interrogate those best placed to know, their key stakeholders. These include the customers and suppliers that deal with them, the rivals that compete against them, sector partners who seek to collaborate with them, the communities that live with them and clean-up after them, the regulators that police and investigate them, the lenders that finance them, analysts that cover them, think tanks that challenge them and the people that work for them.