68% of clients surveyed have no framework in place for reputational risk
ARLINGTON, VA, January 21, 2021 – In its 2020 Reputational Risk Survey published late last year, Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, revealed that 86 percent of clients are concerned about loss of income and a reduced customer base due to reputational risk.
In a world where social media allows views and opinions to be shared globally in a matter of seconds, an organisation’s reputation can change very quickly. With less stringent checks in place compared to traditional media outlets, it is easy to see why organisations are concerned about protecting their hard-won reputations.
Key findings from the survey of 200 global organisations include:
“Reputational risk is increasingly of concern to our clients with most Risk Mangers now having some responsibility for risk mitigation in this area.”
Garret Gaughan,
Head of Global Markets P&C Hub, Willis Towers Watson
Garret Gaughan, Head of Global Markets P&C Hub, Willis Towers Watson, said “Reputational risk is increasingly of concern to our clients with most Risk Mangers now having some responsibility for risk mitigation in this area. As a previously difficult to insure risk it is unsurprising that all of the survey participants agreed it would be helpful to them to have access to a reputation platform. Willis Towers Watson in partnership with Polecat, a leader in technology and reputation intelligence, have designed a platform that will allow organisations to monitor reputational threats in real time and provide them with reputational impact scores against their peers for issues and risks. To compliment this platform, Willis Towers Watson will soon be launching a risk transfer solution for this previously uninsurable risk. We believe that this combined approach will deliver reputational risk solutions to address our clients’ needs.”