Managing Reputation Risk Online and Off
The Conference Board Reputation Risk Research Working Group issued a new report on Reputation Risk. They concluded from the working group and a survey among 148 large company risk management executives that risk management needs to be better integrated into the enterprise risk management (ERM) function. Only about one-half (49%) highly integrate the two. The report provides insights into how some companies are measuring reputation risk and new tools that deliver on this need. Reputation Institute and Evolve24 are both cited. One of the findings that parallels ours is that social media is gaining traction in the corner suite but many executives are overlooking its risks. According to the Conference Board report, only 34% of respondents stated that they extensively monitor social networking sites and an even fewer 10% actively participate. As I have said, the good news is that executives are no longer asking their assistants to print out their emails to read but they still have far to go in terms of understanding the new media and making it work for their companies in identifying opportunity and yes, early warning signs.