We are in an age of liability and responsibility. Accountability, ethical, community and environmental issues are of primary importance. Words like ‘sustainability’ and the ‘triple bottom line’ are used. There is greater scrutiny and demand for transparency and governance. Integrity, accountability, transparency and inclusiveness are the new watchwords. Brainstorm these words to establish their definition and the parameters of these definitions.
Why is corporate reputation so important?
- People (Government) invest in companies based on reputation
- People want to work for a company with a good reputation
- People buy products or services from companies based on their reputation (community confidence/satisfaction)
- People give ‘pause’ and weigh incoming information against companies with good reputations
Risk:
- Are all risks identified, analysed and assessed? How can you manage them if you haven’t identified them?
- Aware of some risks
- Have to model others
- Risk:
- the possible loss of something of value
- any event that adversely impacts on the achievement of objectives
- a combination of vulnerability and a threat – how likely and how bad?
- Threat x Vulnerabilities x Asset Value = Risk
- Can be quantified, rated, assessed, mitigated and used as opportunities
- Can also occur as a result of the choices and decisions made by the organisation
- Focus on the source of the risk
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