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Handling the Risks is Key to Corporate Success

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The Protection of a Company’s Reputation through Risk Management

Risk management procedures facilitate the protection of a company’s reputation as the company’s involved often concentrate on ethical procedures when assessing and creating awareness on the potential risks in the company (Hopkin 2010). Internal and external communications done by companies are essential in protecting the reputation of such companies because of the results that such communications yield.

The results of risk assessment are often used to inform the decision of the highest policy makers in an organization. The policies that are made after risk assessment in the organization tend to focus on the social responsibility of the company to its stakeholders and the prevention of the impact of hazardous events that are linked with the activities of the company (Maux &Francoeur 2013). Organizations that are socially responsible to its stakeholders such as the employees are known to have a good reputation that may lead to an increase in productivity.

Risk management procedures comprise of public awareness strategies that require companies to implement communication strategies that would be vital in educating citizens and businesses about the hazards and threats facing the country (Hopkin 2010). The public awareness strategy as part of risk management is an opportunity for companies to provide guidance to its employees and customers on what they ought to do to prepare for major risks during their events and conferences (Vredenburgh 2002). The communication of the perceived risks and the necessary preventive measures is vital in protecting the image of the organizations as being considerate to the community health.

The reputation of the companies involved is also protected as such communication of wide risk assessment is of benefit to policy makers and emergency planners at the national and sub-national levels of the government (Culp & Christopher 2002). The risk management initiative by organizations provides an opportunity for the organizations to build and sustain public trust that is essential in the acceptance of extraordinary measures during times of crisis (Liberman and Woodruff, 1993). The companies earn wider public credibility because of the transparency in the risk assessment process.

The public awareness strategies require that appropriate risk communication techniques are used to reach the targeted audience. Information on hazard exposures and the vulnerabilities of the members of the public is communicated to the general public in a simplified way to ensure that there is the understanding of such data (Culp & Christopher 2002). Practical illustrations of necessary actions may also be used to create awareness on the risk reduction strategies that are realistic to the local conditions (Vredenburgh 2002). In spite of the existence inherent uncertainties in the understanding and prediction of events and conference hazards, stakeholders ought to be provided with clear, consistent, and persistent information that would help them to internalize basic information and take the required precautions (Maux &Francoeur 2013). The move to reduce emotional impact of hazards is significant in boosting the company’s reputation as safety-oriented.

Through risk management, companies earn public trust through the communication of clear and consistent messages to all the stakeholders. Influential stakeholders such as the government build a relationship with the companies on how to allocate the expected disaster costs and prevent the potential risks (Liberman and Woodruff, 1993). The stakeholders get the opportunity to share an understanding of roles and responsibilities that would stimulate individual and collective actions to reduce vulnerability and exposure to the risks of financial costs that result from various hazards during events and conferences.

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Handling the Risks Is Key to Corporate Success. (2018, December 11). GradesFixer. Retrieved January 22, 2021, from https://gradesfixer.com/free-essay-examples/handling-the-risks-is-key-to-corporate-success/
“Handling the Risks Is Key to Corporate Success.” GradesFixer, 11 Dec. 2018, gradesfixer.com/free-essay-examples/handling-the-risks-is-key-to-corporate-success/
Handling the Risks Is Key to Corporate Success. [online]. Available at: <https://gradesfixer.com/free-essay-examples/handling-the-risks-is-key-to-corporate-success/> [Accessed 22 Jan. 2021].
Handling the Risks Is Key to Corporate Success [Internet]. GradesFixer. 2018 Dec 11 [cited 2021 Jan 22]. Available from: https://gradesfixer.com/free-essay-examples/handling-the-risks-is-key-to-corporate-success/
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