Mastering Risk Management

SUMMARY – THE POSITIVES

If you get it right, then the positives are enormous:

• ■reduce tension between business and shareholders and customers (stakeholders); establish trust and credibility with stakeholders
• ■attract best recruits, suppliers and partners
• ■secure premium pricing for products and services
• ■reduce share price volatility
• ■minimise the threat of increased regulation or litigation
• ■reduce the potential of crises.

In the end, Warren Buffet, chairman of Berkshire Hathway, has put it well in a memo to staff, ‘Our reputation is our only asset – without it we are worthless.’

Let Shakespeare have the last word:

‘The purest treasure mortal times afford

Is spotless reputation: that away,

Men are but gilded loam or painted clay’.

(Richard ...