Best practice in risk management and reputation

Abstract

The 21st century brings with it profound changes in the relationship between business and society, and the implications for the way in which companies communicate are significant. In the era of the triple bottom line the stakes are much higher for companies in their dealings with the outside world — accountability and responsibility have become the watchwords of modern business, and external perception of the way in which companies behave is becoming a more and more tangible risk issue. Best practice in managing a range of non‐financial risks requires companies to develop an adaptive and intuitive approach based on ‘outside‐in’ thinking. Failure to do so can result in irreparable reputational damage.