How do you manage reputational risks?

1 Identify and assess your reputational risks

The first step to manage reputational risks is to identify and assess the sources, likelihood, and impact of potential reputational damage to your organization. You can use various tools and methods, such as SWOT analysis, stakeholder mapping, media monitoring, scenario planning, and risk matrices, to analyze your internal and external environment and identify the areas of vulnerability and opportunity. You should also prioritize your reputational risks based on their severity and urgency, and assign roles and responsibilities for addressing them.

2 Develop and implement a reputational risk management plan

The second step to manage reputational risks is to develop and implement a reputational risk management plan that outlines your objectives, strategies, actions, and measures for mitigating or preventing reputational damage. Your plan should be aligned with your organizational vision, mission, values, and goals, and reflect your stakeholder expectations and needs. Your plan should also be flexible and adaptable to changing circumstances and emerging issues. You should communicate your plan clearly and consistently to your internal and external audiences, and involve them in the process.

3 Monitor and evaluate your reputational risk management performance

The third step to manage reputational risks is to monitor and evaluate your reputational risk management performance and outcomes regularly and systematically. You should use various indicators and metrics, such as media sentiment, customer satisfaction, employee engagement, social media engagement, brand awareness, and market share, to measure the effectiveness and efficiency of your reputational risk management activities and strategies. You should also collect and analyze feedback and data from your stakeholders and sources, and use them to improve your plan and practices.

4 Build and maintain a positive reputation

The fourth step to manage reputational risks is to build and maintain a positive reputation for your organization that showcases your strengths, achievements, and values. You should use various channels and platforms, such as websites, blogs, newsletters, podcasts, videos, webinars, events, and awards, to communicate your stories, messages, and insights to your target audiences and influencers. You should also engage and interact with your stakeholders and communities, and demonstrate your commitment, credibility, and transparency.

5 Respond and recover from reputational crises

The fifth step to manage reputational risks is to respond and recover from reputational crises that may occur despite your best efforts and plans. You should have a crisis communication plan that defines your crisis team, roles, procedures, protocols, and resources for handling a reputational crisis quickly and effectively. You should also follow some key principles for crisis communication, such as acknowledging the situation, expressing empathy and accountability, providing accurate and timely information, offering solutions and actions, and restoring trust and confidence.

6 Learn and grow from reputational risk management experiences

The sixth step to manage reputational risks is to learn and grow from your reputational risk management experiences and outcomes. You should conduct a post-crisis or post-action review that evaluates your reputational risk management performance and results, identifies the strengths, weaknesses, opportunities, and threats, and generates the lessons learned and best practices. You should also share your learnings and recommendations with your organization and stakeholders, and incorporate them into your future plans and actions.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?