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Insight Corporate Excellence
In order to keep in good health, one should undergo regular medical checks. And if one wants to maintain a good reputation, it is essential to track related risks. But what can be done to integrate management of reputational risks into overall management of corporate risks?
According to Alberto Castilla Vida, Senior Manager of PricewaterhouseCoopers’ Consulting Division in Spain, integration of reputational risks into overall management of corporate risks is essential for anticipation and prevention of these risks. However, this integration is impossible without a strong risk awareness culture or sensitivity.
This culture of awareness of the company risks should include one more element: sensitivity to reputational risks. This will constitute a full picture of risks that have to be managed by an organisation and will finally lead to integration and fusion of these aspects.
A decisive role in this process will be played by the Board of Directors as well as the Executive Committee of an enterprise, which will be responsible for identifying events that may affect the organisation, keep related risks under control, and ensure reputational security in the process of achieving corporate objectives.