REPUTATIONAL RISK – ARE YOU EFFECTIVELY MANAGING IT? Michel Bergeron Senior Vice President, Marketing & Public Affairs Business Development Bank of Canada.

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Presentation transcript:

REPUTATIONAL RISK – ARE YOU EFFECTIVELY MANAGING IT? Michel Bergeron Senior Vice President, Marketing & Public Affairs Business Development Bank of Canada (BDC)

“It takes 20 years to build a reputation and five minutes to ruin it.” —Warren Buffet

PLAY VIDEO VIDEO: CENTERPLATE

REPUTATIONAL RISK Why is reputational risk important? What is reputational risk? Why a conversation on reputational risk is more timely now than ever? How to manage reputational risk to prevent a crisis from happening? How to manage a crisis?

WHY IS REPUTATIONAL RISK IMPORTANT? 1

Revenues/ Earnings Loss of brand value Regulatory investigation 87 % of executives rate reputational risk as the top strategic business risk Source: Deloitte, 2014 global survey on reputation risk

Negative reputation impacts both your brand and your bottom line.

Important economic value associated with reputational risk. 25 % of a company’s market value attributable to reputation* * Source: World Economic Forum, 2012

WHAT IS REPUTATIONAL RISK? 2

A reputational risk is an event that has the potential to negatively impact stakeholder perception.

55 % Ethics/Integrity 45 % Security 43 % Product/Services TOP 3 AREAS OF CONCERN Source: Deloitte, 2014 global survey on reputation risk

WHY IS THIS A VERY TIMELY TOPIC? 3

NUMBER OF HOURS WE SPEND ONLINE EVERY DAY RISING POWER OF SOCIAL MEDIA

Shareholders Community Customers, suppliers, media, NGOs Employees STAKEHOLDERS’ TRIANGLE

PLAY VIDEO VIDEO: GREENPEACE - KITKAT

LESSONS LEARNED?

Mettre images United breaks guitar

ORGANIZATIONAL DILEMMAS

GLOBALIZATION COMPLEX ECONOMIC REALITY

PLAY VIDEO VIDEO: JOE FRESH

LESSONS LEARNED?

HOW TO MANAGE REPUTATIONAL RISK TO PREVENT A CRISIS FROM HAPPENING? 4

Build reputational equity

HOW TO BUILD REPUTATIONAL EQUITY

Build reputational equity Put in place reputational governance mechanisms

HOW TO BUILD RISK GOVERNANCE MECHANISMS AccountabilityMonitor Contingency planning

How comfortable are you with being on the front page of the newspapers in the middle of a crisis?

Protecting your healthFirst aid VS

HOW TO MANAGE A CRISIS? 5

DO’s OF EFFECTIVELY MANAGING A CRISIS 5 Fix the problem 5 Be honest and genuine 4 Involve your CEO 3 Get out there and own the message 2 Be fast. Fight organizational paralysis 1 PLAY VIDEO

DON’Ts OF MANAGING A CRISIS 5 Don’t think about your interest. Think public’s interest. 5 Don’t lie 4 Don’t deny 3 Don’t wait 2 Don’t ignore it (hoping it will go away – big mistake) 1

CONCLUSION Reputational risk is an important risk with important economic value

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