4 Strategies to Lower Reputational Risk

EHD Insurance - Commercial

Health and safety incidents, product recalls and regulatory investigations are just a few of the incidents that have the potential to damage your reputation; and, since social media and other online sources have significantly changed the traditional news cycle, you may only have minutes to respond to a crisis and protect your reputation.

There is no such thing as complete protection from the risks to your reputation, but there are strategies you can use to limit exposure and respond to a potential crisis:

  • Create strong, relevant corporate values: Upper management should create—and regularly communicate—strong corporate values that permeate every level of the business.
  • Integrate a risk evaluation into business planning: Identify the opportunities, threats and assumptions that accompany your business’s plans and strategies.
  • Promote positive interactions with customers and other stakeholders: You can strengthen your reputation before a crisis occurs by aligning your goals and connecting with your customers and other stakeholders
  • Develop a reputation plan: Train everyone at your company on how to recognize a reputational crisis, and put together a response team. Your plan should identify all potential risks to your reputation and map out a response for each.

While the potential for damage your reputation will never go away, there are steps you can and should take to prepare. And that’s where we can help.