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Reputation Ranks as Executives’ Top Strategic Risk

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A report published this week by Deloitte shows that Reputational Risk is the number one risk for large companies. This adds further weight to De Wintern’s argument that companies are have yet  to improve their capability to recognise and manage this material business risk.
Company reputation and the fallout from reputational damage are the number one strategic risk for large companies, according to a global survey, Exploring Strategic Risk, released by Deloitte. Overall, progress on strategic risk management is evident, though most executives admit that their programs do not support their business strategy well enough.

Reputational risk was ranked third among strategic risk concerns three years ago, according to companies surveyed. Also back in 2010, brand and economic trends were identified by senior executives as the key strategic risks, though both have fallen since. In some industry sectors, reputation has risen from outside the top five strategic risk concerns to the top of the list. In the energy and resources sector, for example, reputation ranked only eleventh on the list of strategic risks in 2010, though three years later it has risen to the top spot.