According to Warren Buffett, it takes 20 years to build a reputation and five minutes to ruin it. With today’s electronic media, the news cycle reporting on the downward spiral of an organization that has suffered reputation impairment is not a pleasant one to watch.
Applied to a business, reputation represents an interpretation or perception of an organization’s trustworthiness or integrity. While the truth ultimately prevails long term, reputation can be based on false perceptions in the near term. In this issue, we explore 10 pillars for managing reputation risk. Through strategic and cultural alignment, a commitment to quality, a strong operational focus and increased resiliency, companies can lay the foundation for building and sustaining a strong reputation.