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Risky Business

May  2014

People on Hand
 

We take pride in once again being assessed as one of Australia's Top 30 Elite Insurance Brokers. Hence the new medallion that we have pinned to this newsletter.

It costs no more to deal with an Elite Broker, but the savings can be substantial.

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Protecting your Reputation Risks

 

We are finding Reputational Risks are at the top of concerns for many corporate businesses. This is filtering down into small to medium business as we recognise the importance of our brand image.

 

In a survey by the insurance group ACE, 81% of companies consider reputation to be their most significant asset. That same survey also found 92% of companies believe it is also the most difficult area of risk to manage. Also 68% said information and advice on how to manage it is hard to come by.

 

CPR Insurance Services can advise you about these risks and how to manage them.

 

There are many reasons it has become an important risk to manage. For a start social media and the 24 hour news cycle have raised awareness and the significance of it. It was a much simpler risk to manage before the instant news cycle came along. A public relations consultant with crisis management skills used to have more time to handle it. Now the damage can be instant.

 

Your reputation can be affected by the impact of other risks. A Products Liability claim, or a Medical Malpractice claim. Even Unfair dismissal or bullying or sexual harassment claims can get negative publicity.

 

It is essential to understand how external stakeholders view your company. To manage reputational risk, organisations need to monitor and measure their reputation on an on-going basis in all channels and in different markets. However, it is the expectations of these stakeholders about your company which is vital in managing your reputation.

 

 So if you have done something to a client that has annoyed them. If you also have not identified that problem and fixed it. Then they are probably telling other clients in many different ways. It might never make a headline but you are probably going to lose business as a result, because your reputation is being damaged.

 

For advice on this, please talk to us.

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No Accounting for the Truth

 

What is the definition of an accountant? 
Someone who solves a problem you didn't know you had, in a way you don't understand.  
 
When does a person decide to become an accountant? 
When they realise that they do not have the charisma to succeed as an undertaker.  
 
What does an accountant use for birth control? 
Their personality.  
 
What is an auditor? 
Someone who arrives after the battle and bayonets all the wounded.

 

See you next month.

Regards,
 
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