ABSTRACT
Awareness of the impact on reputation should be an implicit part of any business decision, however sometimes managers get too focused on a process to recognise the bigger picture. There are four basic approaches to integrating reputation risk: board review, risk department, HR department and communications. A manufacturer has a reputation for producing high quality products, these justify a premium price because they are well made and durable. A retailer has a reputation for stocking a comprehensive range of goods in a particular category. A local firm of solicitors enjoys a reputation for handling property transactions efficiently for their clients. A reputation enhancement strategy will aim to manage taxpayer expectations through demonstrating careful and considered allocation of council spending across public services. Integrating reputation risk cannot merely be concerned with internal controls, it must by necessity incorporate external factors such as competitor activity and the marketplace environment, which affect stakeholder expectations.
