What is it? Reputational risks are problems that come from customers, partners, employees. Any of them can slander or publish information that discredits the company's dignity. In such cases, there must be an action plan to maintain reputation.
What to do? It is better to prevent any problems than to deal with the consequences, so reputational risks need to be kept under control. This means monitoring statements and calculating the probability of a bad scenario.
The article explains:
What is company reputation?
Types of reputational risks
Examples of reputational risks
Life Cycle of Reputational Risk
Reasons for reputational risks
Negative effect of usa student data package deterioration of the company's reputation
Step-by-step management of company reputation risks
Services for tracking reputational risks
Tips for Managing Reputational Risks
What to do if your reputation is already damaged
Features of personal reputational risks
How to analyze and evaluate your business reputation
Frequently asked questions about reputational risks
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What is company reputation?
The public perception of a company, also known as reputation or image, is a key aspect that influences the perception of customers and competitors. It is the most important resource of a company. The reputation of a business can take both a positive and a negative form, often depending on the public perception of various aspects:
The level of quality standard set for the goods and services offered by a company.
Transparency of the company's activities.
Quality of customer service.
Relationships with competitors.
Marketing strategies used.
Impact on the environment and society.
The company's policy on diversity and inclusion of the workforce.
Availability of philanthropic and charitable programs.
Building a corporate reputation is a long-term process that often depends on customer interactions, marketing and PR campaigns, and the image created in the media. It is important for companies to manage their reputation carefully, as public opinion can change dramatically due to seemingly minor events.
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Types of reputational risks
Reputational risk is the possibility that public opinion about a company will change in a negative direction due to its actions or inactions.
Case study: In 2018, Vega Concern won a tender to implement the Safe City project in Bishkek. However, another participant in the competition did not agree with the results and tried to undermine the reputation of the concern in order to prevent the project from being implemented.
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The company's press service faced a competitor's massive dissemination of negative information in the media and social networks. This case vividly demonstrates the typical risks when opponents use the media to destabilize. Such actions can seriously affect both the company's overall reputation and the outcome of a specific transaction.
There are two types of reputational risks:
External risks that arise from actions beyond the company's control, including negative customer reviews on social media, contractor errors, natural disasters, and actions of investors and competitors.
Internal risks caused by reasons within the organization, such as equipment breakdowns,