Four Steps to Managing Reputational Risk

Effectively managing reputational risk involves four steps: assessing the company’s reputation, evaluating the company’s real character, managing reputation-reality gaps and monitoring changing beliefs and expectations.

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  • Why?
  • How is the reputation in every area compared to peers and competitors?
  • Second, executives assume their company has a good reputation if there is no indication of a bad reputation, when in fact the company has no reputation in that area.
  • Finally, expectations get managed. Sometimes they are set low in order to ensure that performance objectives will be achieved, and other times they are set optimistically high in order to impress the market.

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