Risk and Reputation Management Posted by Simfoni July 2nd, 2018

Risk and Reputation Management

The right data will make your risk and reputation management planning more efficient and effective.

Risk and Reputation Management

In the constantly changing and sometimes volatile environment and conditions that most businesses function in these days, risk and reputation management is not a luxury or afterthought; it is an absolute necessity.

Any business that does not clearly identify and understand the operational and reputational risks it faces is heading into dangerous territory. For example, increasing globalization and a trend towards offshore production exposes many modern businesses to potential production disruption and logistics failure risks. Ever-increasing usage and power of social media networks by consumers (and competitors) also poses significant reputational risks for many organizations.

Just understanding and quantifying risks is not enough, though; this knowledge needs to drive action in the form of plans. Ideally, these risk and reputation management plans should be divided into two broad categories:

  • Plans to reduce or eliminate the organization’s exposure to specific risks, and
  • Contingency plans that spell out how the company should respond to any unplanned, catastrophic event

It is usually not possible to cover every single possible event or factor that might impact on the business in planning, but having a solid framework of policies and countermeasures, coupled with a mindset among management and staff that constantly assesses risk and thinks about to do in an unexpected situation helps to ensure that appropriate responses and actions will take place when something does happen.

An important part of understanding the risks an organization faces and formulating plans to deal with these risks is gathering, analyzing, understanding and acting on the right data.

Our Virtuosi Analytics technology platform, together with our other related solutions and support services, will give you the tools and expert assistance to formulate comprehensive and effective risk and reputation management plans for your business.

At Simfoni, we are a leading provider of analytics and enterprise apps (and associated support services) for businesses.