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Risk Management Success: The One Crucial Component Risk Managers Need To Know

 

This is a guest post written by Carol Williams, founder and principal consultant of ERM Insights by Carol. Carol helps mid-sized organizations prioritize resources to focus on the biggest threats and opportunities. Grab her free ebook on how enterprise risk management is different from traditional risk management.

All successful endeavors that stand the test of time look at the big picture. History is replete with examples. If Henry Ford did not think about the big picture of mobility and production, would the iconic brand still be around today?

The same principle is true for initiatives within an organization – if you do not consider the big picture of how it will deliver value and achieve long-term goals, the effort has a higher risk of stagnation and even failure.

Topics: ERM reputation risk big picture risk management

Reputation Management In A Crisis

 

Last week, we discussed the importance of reputation management and how risky it can be. Controlling public perception is always important, but it is absolutely crucial in a crisis situation. When something goes wrong in your organization, managing public perception will prevent a simple mistake from becoming catastrophic. Key sectors for crisis management include ethics, quality, safety, and security.

Topics: reputation risk reputation risk management crisis management plan crisis risk management planning for a crisis

6 Ways to Manage Reputational Risk

 

Every organization, no matter the structure, nature of operations, or size, has reputational risk. All risks are significant in and of themselves, but resulting reputation damage can be even more catastrophic, as a reputation is one of a company’s biggest assets.

Sometimes all it takes is a rumour to make the public lose confidence in an organization, ending it quite quickly. As Warren Buffet said, “it takes 20 years to build a reputation, and five minutes to ruin it”.

Topics: reputation risk importance of a reputation reputation risk management companies reputation reputation planning

The 6 Biggest Risks Concerning Small Businesses [Updated for 2018]

 

Small businesses are unique in many ways. They do not have the extensive resources or knowledge-base that multimillion dollar organizations may have.

Because of this, while small businesses may face similar risks to their larger counterparts, they may be more vulnerable and thus should employ more careful mitigation strategies.

Here are the six biggest risks to small businesses and what you can do about them: 

Topics: reputation risk top SMB risks social media risk small business risk

BP found its “Company Killer”: Do you know yours?

Time will tell if the Gulf of Mexico oil spill will kill BP or just severely cripple it, but whatever the case I’ll bet they didn’t see it coming! Will you?

It looks like this spill will be (if it isn’t already) the biggest man-made disaster ever. The extent of the spill, the scope of damage and the resulting impacts on the environment, marine life, economies, and people remains to be seen, but catastrophic sums it up. BP and all of the other world’s oil companies plan for spills. They build complex risk models, examine alternative worst case scenarios, look at maximum probable losses, and they are generally very good at measuring and managing risk. But what if the worst case scenario that you imagined turns out to be wrong?

Topics: reputation risk oil and gas risk reputation risk management company killer risk

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