Physical risk is something that organisations of all sizes have to face, be it related to the health and safety of staff or a major incident, for example an oil spill or contaminating a water supply.
Whilst the physical risk is more tangible, managing the damage caused to the firm’s reputation can be more of a challenge.
Writing in Utility Week, BLM partner and head of the broker sector, Helen Devery, has examined how firms can protect their reputation.
“There are several steps that an organisation can take in order to minimise the damage once an incident occurs. First and foremost, they need to ensure there is an effective and tested crisis management plan in place. Such programmes, embedded within the business at all levels, place the company in a better position to manage a crisis head on and provide strategies for dealing with the reputational risks they inevitably create.
“Simple strategies like the early appointment of one single coordinator will avoid misinformation being leaked internally and externally, and create a consistent message and approach to the management of the event.”
You can read Helen’s article in full on the Utility Week website.