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Recent examples of corporations (and individuals) in the media spotlight facing reputational issues show how this topic can increasingly affect a brand, sales and even the stock price. The cause may vary from product problems and recalls – through environmental issues and accidents – to employee fraud and malpractice – but the impact can be enormous.
ARM is the central repository to hold these reputational risks – linking them with the potential impacts, the controls put in place to prevent them happening and the mitigation plans to reduce the impacts. ARM can ‘monetize’ the reputational risks to clearly show which pose the greatest threats and allow these to be compared against the costs to reduce those risks.
ARM is an enterprise-wide, web-based system and so if any of the reputational risks actually occur then the plans and fallbacks can be accessed immediately and globally. This would be impossible if spreadsheets and a patchwork of systems were involved.
A good Corporate Social Responsibility (CSR) program is not only a good thing for an organization to have but can act as one of the strands in the mitigation of reputational risk.
