In recent times, traditional marketing, business transaction models, and communication platforms have seen tremendous transformation. The dynamics of brand and reputation risks have therefore shifted, increasing the possibilities of public relations crises. One of the overarching factors impacting an organization's brand and reputation is the rise of social media, which has become a popular outlet for public opinion. Consumer touch points have proliferated, and potentially damaging information that influence consumer behavior and demand now spread quickly, leaving little time for remedial actions.
It is not surprising that efficient brand and reputation risk management has now become an essential part of day-to-day business operations. However, existing Enterprise Risk Management (ERM) strategy and frameworks are no longer sufficient to stem brand and reputation risks. Organizations must adopt advanced reputation management solutions to proactively monitor, evaluate and mitigate the potential impact of various brand and reputation related risks in real-time. They must accurately weigh their strategic, financial and operational decisions that shape their audience's perceptions about their brand, and leverage the latest tools and techniques to automate and streamline these processes.
MetricStream's Brand and Reputation Risk Management Solution
MetricStream's Brand and Reputation Risk Management solution, helps businesses protect their brand image, manage reputational risks, and prepare for potential crises, through ongoing monitoring and evaluation of an organization's reputation. By identifying, assessing, quantifying, monitoring, and managing risks in an integrated manner, the solution helps organizations significantly reduce the likelihood of unexpected disruptive business events.
The solution also helps organizations amalgamate disorganized big data from a wide array of traditional media as well as social media forums such as Facebook, Twitter, and Yammer, to keep track of popular opinions and information about the organization that are trending in the media. In addition to pre-configured standard reports, it offers ad-hoc and scheduled reports, helping organizations match pace with the current trends in the market, and track the progress of their brand and reputation risk management programs.
The key benefits of the solution include:
- Integrated workflows and controls to rigorously manage events such as supply chain disruptions, employee engagement, product recalls, geopolitical issues, franchisee non-compliance, illegal activities and security breaches
- Out-of-the box integration with MetricStream Enterprise Risk Management Solution, to incorporate social media risks into the organizational risk framework
- Effective brand and reputation audits to detect and manage potential issues and concerns
- Data repositories to filter key risk related information on an on-going basis, and integrate it with the enterprise risk framework for quick remediation
- Encompasses effective CAPA and issue management modules
- Access to training content from experts, and integration with external systems and sources for up-to-date market trends, and industry information
- Powerful risk assessment tools such as risk calculators and risk heat maps, which enable organizations to build an organizational risk profile and determine the right risk appetite
- An advanced analytics engine for real-time analysis of potential risks
- Advanced risk management tools such as heat maps and risk calculators to spot, evaluate, prioritize and mitigate reputation risks