A company's reputation is invaluable to its future, and risk managers need to become more involved in understanding and managing that risk, said an insurance broker.
Speaking today during the Marsh insurance brokerage seminar series "The New Reality of Risk," Larry Walsh, senior vice president with Marsh's Reputational Risk and Crisis Management practice, said managing reputation risk is not simply about crisis management of a single incident but identifying a problem and controlling it from spiraling into a worse crisis.
Few risk managers understand a company's reputational risk, and they need to in order to help manage it effectively, he pointed out.
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