Business Assurance Thought of the Day, June 26, 2009 - Reputational Risk
26th June 2009 by Alex Briggs
Andrew Tunnicliffe, chief operating officer at Aon Global Risk Consulting, had a very clear message for delegates at a recent conference:
Even in the heartland of corporate capitalism there is a realisation that they must embrace a sense of responsibility to the individuals, communities and even the global markets they serve. Getting this requirement wrong introduces massive reputational risk which is impossible to cover through insurance.
Clearly, for organisations in today’s climate of mistrust, it is not enough to say you are doing the right thing, probably not enough to just do the right thing, you need to prove to your stakeholders that you are doing the right thing.