The Hardest Risk to Manage – Your Reputation

Written by Michael on . Posted in Business News

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According to a new study conducted across many countries in the Europe, Middle East and Africa region, the most difficult risk to manage is the reputational risk. When studying and examining the new emerging risks, it was found that more than 80% of the companies and businesses felt that their reputation as their most significant asset and they were always struggling to protect it. There are a good number of reasons as to why companies often found it very challenging to manage reputational risk

Majority of the companies are not able to assess the financial impact of reputational risk on their business. They felt that there was little information and practical advice on how to manage the risk. It was more difficult to measure the risk as compared to the other traditional ones. There is a sense of confusion and uncertainty prevailing regarding the managing of the reputation risk. About 65% of companies felt that they were insufficiently covered for reputational risk from an insurance perspective. They also believed that the social media had an important role to play in the reputation of their business. They need to sharpen their crisis management so as to keep pace with the faster paced times.

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