ASIA PACIFIC, February 10, 2022 –There is considerable lack of confidence on the part of global executives in their own organisations’ approach to Reputational and ESG ‘risk readiness’. Many believe that only a moderate amount of assessment has gone into these areas states a report published today by WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company.
The survey was undertaken with 500 global executives from 250 top companies across 20 countries in retail; manufacturing; leisure and hospitality; transportation; non- government organisations (NGOs) and charities. In Asia Pacific, senior executives responsible for risk strategy across their organisations are based in Australia, China, Hong Kong, Indonesia, and Singapore.
In other key findings, the survey demonstrated:
Simon Weaver, Head of Corporate Risk & Broking, Asia and Australasia, and Head of Australasia said, “In an increasingly digital, service-oriented economy, reputational risk is firmly on the corporate agenda. However, our findings also suggest that organisations may have failed to accurately assess the length and severity of a potential crisis – or the scale of the financial impact. Most organisations appear to view reputational crisis as a short-lived media event. Few appear to have the level of modelling that would enable them to quantify the scale of financial losses. This means they may not be prepared for the full impact on their business if a damaging reputational event occurred which is why it is critical to look at reputational crisis insurance to mitigate potential reputational risk. It takes decades to build corporate reputation but takes minutes to ruin it.”
For more information and to access the survey – please visit Are businesses reputation risk ready?
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