Managing Reputational Risk in an Age of Accountability
Warren Buffett famously said that a reputation takes twenty years to build and five minutes to ruin, and that notion is truer today than ever before. Many executives consider their enterprise’s reputation to be their most valuable intangible asset, even more than intellectual property.
And why not? Manufacturers, food processors, retailers, energy companies, service firms: All have a reputation to uphold to their clients, their internal stakeholders and a public that passes judgment on their daily behavior. Every year, we see a major firm suffer a serious test to its reputation. Some fare better than others, riding through an operational setback or public embarrassment with relatively little lasting reputational damage, while others lose customer confidence, strategic partners and market share.
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