Managing reputation these days goes much further than just damage control, partly because reputational risk is more than an average threat these days. It can be a huge risk and must be considered before, or at least at the same time as, strategic, financial, operational and compliance risk. This means that a standard approach to risk mitigation is not sufficient.
Limiting risks and their effects on reputation is a worthwhile investment. We know like no other how important reputation is. Incidents can start easily where rules are convoluted. An incident can easily turn into a crisis in which the trust in a company and its managers are under pressure. The challenge is to keep your reputation high.
We take a two-pronged approach to risk mitigation. On the one hand we focus on financial management. Is the financial information in order and is there a healthy financial outlook? International compliance, expected behaviour and sustainable earnings are important factors.
On the other hand we work to rebuild trust in the governance and market position of organisations. Because reputations are all too easily damaged we naturally stimulate a high standard of ethics and morals. We also look at the way forward for restoring damaged reputations.
The fine balance between meeting expectations and restoring trust asks for a multi-disciplinary approach. Our services are geared to ensuring trustworthy data, systems and processes. By proactively working on the theme of reputation, we add value. Both for clients and for society as a whole. Deloitte works with clients across Financial Services, Consumer Business, Energy, Resources and transportation, Manufacturing, and Technology, Media and Telecommunications.