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Member, Beacon International Group, Ltd.
The Risk Insurance Management Society Inc. has released a new report, “Understanding Reputational Risk,” to help members better understand and evaluate what has become a top concern for many organizations, RIMS said in a statement Tuesday.
In the report, made available at the RIMS ERM Conference 2013 being held this week in San Francisco, RIMS defines reputational risk as opposed to brand risk, the organization said in its statement.
The distinction between reputational and brand risk lies with the risk origin, according to the RIMS report. Brand risk comes from distinct and recognizable products, services or processes owned, licensed or managed by organizations. Reputational risk comes from the organization through its management, governance, processes, markets served, or basic business mission or culture, according to the RIMS report.
The report goes on to explore reputation drivers and reporting indicators and provides an early-stage framework to help organizations manage reputational risk.
“This report is designed to give business leaders an introductory framework to best attack the daunting task of assessing, managing and monitoring corporate reputation,” said Carol Fox, RIMS’ director of strategic and enterprise risk practice, in the statement.
In addition to Ms. Fox, the report was written by Monica Merrifield, vice president of risk intelligence, YMCA of Greater Toronto and Ward Ching, vice president of risk management operations, Safeway Inc.; and includes contributions from the RIMS Strategic Risk Management Development Council.
“Understanding Reputational Risk” is available free to RIMS members here.