Tonight, May 14th, at the RAF Club, London, Genius Methods hosted the latest in its Panel Debate Series – this time on the fascinating and wide ranging topic of Reputational Risk that Boards and businesses have to take cognisance of.
The reality is that the unexpected will happen and given that communication is instant and unstructured, it is a minefield of risk for any executive to manage the outcome.
The panel of specialists from four different reputation perspectives, including Seamus Gillen, Senior Adviser to Reputation Institute UK, and Director of Policy at ICSA, debated the key issues around what an organisation’s reputation is and what the risks are to business profitability and to directors as individuals.
The panel discussed the reality of risk to a company’s reputation in the current world of instant information and unrealistic “benchmarking of acceptability” by Joe Public.
The discussion clearly identified that mitigation, planning and awareness begins in the Boardroom. It is not easy (to some impossible) to plan and prepare for unknown and unexpected events. Boards and management need to have a plan to immediately respond, be proactive, provide information, be honest, take responsibility and say sorry. This last one did cause a stir with the solicitors and Americans in the room!
Key is communication, to face to the media, know what social media is saying and use these mediums to manage, in real time, the company’s message to the world.
The Board needs to understand how stakeholders react and provide the required information to mitigate their fears and perceptions.
Each table discussed and shared experiences which were wide ranging in content and passion. A key focus of this part of the evening was around social media and the risk and opportunity this generates.
Some feedback from the evening:
‘Fascinating topic, great speakers and food for thought!’
‘Thank you for organising such an event. The breath of discussion and the diversity of the audience is a credit to your organisation.’
‘Many thanks for the opportunity to participate in such a well organised and topical event.’
Genius Methods will produce a White Paper to summarise the panel contribution, group debates and questions raised. This is a useful resource which we publish online for interested parties. Please watch this space.
For any further information, please email Sharon at firstname.lastname@example.org