Reputation Risk | Blue Ocean Global Technology

Reputation Risk

How We can Help You Protect Your Business ?

Businesses constantly face risk. If you put out a bad product, accumulate too much debt, or fail to anticipate a change in the market, you put yourself at risk, though there are ways of anticipating, and mitigating, those risks. But how does a company protect against potentially damaging rumors? Or bad reviews? Or malicious people on the internet spreading lies? These kinds of threats fall under the umbrella of Reputation Risk. And if Reputation Risk isn’t one of your top concerns, it should be. Moreover, if you don’t have a partner on your side such as Blue Ocean Global Technology, who is experienced in preventing, navigating, and overcoming such risks, you need to get one. Now.

All businesses today have an online presence, whether they know it or not. This includes your company, even if you don’t want one. People might have reviewed your business on Yelp, posted about it on Glassdoor, or discussed (or defamed) it on any number of websites or blogs, without your even knowing. Word of mouth spreads like wildfire. And Reputation Risk goes hand in hand with having a digital presence.

Reputation Risk (sometimes called Reputational Risk) is the possibility that damage caused to your or your business’s reputation will have a negative impact on your bottom line. The challenge, to be perfectly frank, is knowing exactly what it involves and how it can affect you is difficult. Increasingly, business value is held in intangible assets, such as branding and public perception. As a result, harm done to a company’s reputation can have greater repercussions than ever before. And that risk will only grow as we conduct more and more of our lives online.

Reputation Risk is tied to, though not the same as, Online Reputation Management, which concerns continuously monitoring what is said about you online and managing it for the benefit of your company. Managing Reputation Risk requires assessing the specific ways that damage to your reputation can harm you, analyzing the complex issues surrounding your reputation, and predicting the most likely threats to it.

As Robert G. Eccles, Scott C. Newquist, and Roland Schatz note in Harvard Business Review :

Reputation risk management is not about dealing with the reputation problems you already have—that is crisis management. Reputation risk management is proactive and anticipatory, assessing the potential dangers of various scenarios a business might encounter and preparing strategies for handling those scenarios.

A Preemptive Strike Against Risk

Any thorough assessment of your company’s Reputation Risk will involve taking an honest, sometimes brutal, look at where your company may have opportunities for improvement and therefore where the biggest risks lie. This often ties in closely with public perception; one of the greatest sources of risk is the difference between what people think you are and what you actually are. And bridging that gap can be challenging for a company to do consistently.

Potential Risks To Your Reputation

1Hot Topic Issues:

Sometimes, an otherwise small problem can result in an oversized large hit to a company’s reputation if that problem relates in some way to an issue currently in the news or buzzing across social media. Here are two examples:

Data Breaches

Just the words “data breach” in association with your company can cause major damage, so any such instances must be addressed quickly and disclosed correctly. So many large data breaches have been in the news by now that any business facing a problem with unsecured data could see the public turn against it—permanently.

Ethical Issues

Customers are increasingly making consumer choices based on environmental or social considerations and turning away from companies that fail to meet certain standards. In addition, the public’s definition of what is “ethical” changes over time, sometimes very quickly. Businesses must be able to identify where their old policies and practices might have become lacking or regressive before correcting them.

2Broken Promises:

Risks to your reputation come primarily from the gaps between what is expected of your company and what is actually true. If your company promises to be environmentally sound but doesn’t follow through on that promise, you are at greater risk of eroding trust than a company that made no such promise in the first place. That doesn’t mean you should never make promises, however, just be conscious of not making empty ones.

3Being Reactive:

If your idea of managing Reputation Risk is just dealing with what’s in front of you, you will always be playing catch-up. A company with a comprehensive Reputation Risk strategy will periodically assess the areas where its reputation could be weak or vulnerable and address potential problems before any damage can be done.

An expert consultancy such as Blue Ocean Global Technology is necessary in making an honest, clear assessment. Getting an outsider’s perspective can be an optimal way to accurately understand where you might need help.

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The Right Way to Address Risk

Many businesses have thorough, though often complicated, ways of planning for and addressing risk that involve logistics, employee morale and retention, and public relations. The perils of not proactively accounting for Reputation Risk are no different, though they can be much more difficult to contend with directly. Because you are dealing with numerous intangibles such as perception and satisfaction, your strategy should be created in conjunction with a knowledgeable authority. Specialists such as those at Blue Ocean Global Technology can help you focus your reputation efforts exactly where they need to be.

The results of a thorough risk analysis will be different for every company. What is an asset for one company could represent a deficiency for another. But in general, with respect to Reputation Risk, your business should emphasize the following in its strategy:

Prioritizing Intra-company Communication:
Often, the “broken promises” mentioned earlier are neither malicious nor intentional. They generally occur when one department makes a promise (to customers, the media, or even employees) that another department critical to its fulfillment can’t actually meet. One hand doesn’t know what the other hand is doing, so to speak. To reduce this kind of Reputation Risk, every department in a company must be on the same page.

Assigning Leadership:
Somebody must be in charge of managing Reputation Risk—that is a basic fact. Too often, companies place this responsibility on the CEO’s shoulders by default, hand communication to Public Relations, and call it a day. This is not an effective strategy. A leadership position at the executive level must be either created or assigned as specifically in charge of Reputation Risk, and this person must periodically assess anticipated risks and communicate those risks to all concerned parties.

Being Aggressive with the Good, Graceful with the Bad:
All the prep in the world can’t prevent every bad review, silence every rumor, or quash every crisis, but a Reputation Risk strategy can provide clarity about what needs to happen when an issue arises. Even small problems, such as a minor regulatory correction or misinterpretation of a recent comment, can quickly go viral. And being dismissive will only make matters worse. So, be positive. Acknowledge any mistakes. Be magnanimous.

Forgoing Cover-Ups:
No matter how embarrassing or damaging a mistake might be, a company should never try to cover it up or pretend it didn’t happen. Every cover-up attempt is doomed to fail in the internet age. Successfully hiding anything in today’s world is almost impossible, so just take that option off the table. You don’t want your company to be caught in an unethical position, and you certainly don’t want the moral hazard of asking your employees to act unethically—that can engender disloyalty or encourage them to take their concerns to regulators or the press. Both possibilities can destroy a company’s reputation. Be forthright, and the public will appreciate it.

Reputation Risk: How and Why

Blue Ocean Global Technology can assist you in determining the best way to integrate new expectations and responsibilities related to Reputation Risk into your leadership team and your company’s overall policies. Transitioning from a reactionary policy to a proactive one can be challenging, but simply waiting for the next crisis to come along before taking action will lead to wasted time and resources and could leave your reputation nearly as damaged as if you’d done nothing at all. You need to be aware of the most likely risks to your reputation ahead of time.

A good way to evaluate what your risks are is to simply ask. Surveying your stakeholders can throw into stark relief just what threats you’re facing. And of course, solicit your customers for their opinions. But not all risks are related to external reviews. Knowing how your employees honestly feel can reveal internal vulnerabilities. And while your competitors are not likely to respond to a survey from you, examining the dangers those companies face (or where they’ve failed) can help you in developing your Reputation Risk strategy.

Also, informing the public about steps your company is taking to prepare for risk can be useful. In addition, after a crisis, you could release a report on how your business anticipated, or failed to anticipate, the problem. Above all, your company needs to demonstrate that it cares. Perhaps the greatest risk to a company’s reputation in the modern business environment is indifference, so addressing this shortcoming must be part of your overall strategy.

Blue Ocean Global Technology is the best partner you could find for support and guidance in creating and implementing your Reputation Risk strategy.

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So, why go through all this trouble? Simple, the bottom line. Companies with strong, positive reputations foster customer loyalty with those who are often willing to pay a premium to be associated with them. Having a favorable reputation also helps businesses attract more clients, retain talented employees, and such companies are perceived to be more valuable and worthwhile overall. Who wouldn’t want all that?

Reputation Risk can feel a little overwhelming. And because it involves perception and planning into the future, it can perhaps feel too remote to worry about. Many companies still haven’t made the connection between how damage to their reputation can hurt profits. But this happens all the time, to companies both large and small. And the risks that come with having a digital presence will only increase in number and scope over the next decade. Blue Ocean Global Technology is the best partner you could find for support and guidance in creating and implementing your Reputation Risk strategy. Its experts have the experience and knowledge necessary to be able to protect you and your company, now and far into the future.

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        Reputations are everything.
        Let us help you control the online narrative.

        A positive reputation is a valuable asset. You deserve to be in control of what the internet says about you or your brand. We specialize in building, monitoring, and protecting digital reputations. Schedule time with our team to audit your existing digital presence and find ways to elevate and enhance your online impression.

        Reputations are everything.
        Let us help you control the online narrative.

        A positive reputation is a valuable asset. You deserve to be in control of what the internet says about you or your brand. We specialize in building, monitoring, and protecting digital reputations. Schedule time with our team to audit your existing digital presence and find ways to elevate and enhance your online impression.


            Brittney Bagiardi

            Business Development & Marketing Manager at Butler Weihmuller Katz Craig LLP February 4, 2020

            The Legal Marketing Association's Tampa City Group was honored to have Sameer come to speak with us regarding Online Reputation Management. Sameer is an energetic presenter who took the time to answer each and every one of our questions. His expertise was evident in his polished presentation, and our members were engaged thoroughly. All communications leading up to the event were timely and friendly, and I have enjoyed my time working with Sameer on this speaking engagement.

            Tamie Maffeo

            Marketing Manager at NEIRG Wealth Management. & Business Succession Advisers, LLC

            Working with Sameer and the team at Blue Ocean Global Technology has been such a positive experience! The ongoing communication combined with the efficiency of work of the team is very much appreicated. Sameer is quick to respond to any questions we may have. He and his team is quick to to resolve any questions that arise. They go above and beyond for us no matter what day or time we reach out. I have had many dissapointing engagements over the years with similar firms but must say that this is a refreshing experience. I am in a niche business with complicated regulations surronding our marketing platform. Having the peace of mind that the team at Blue Ocean is there to impliment and guide our firm gives me great satisfation. That being said, I give them my highest reccomendations and would gladly speak with anyone who has any questions regarding my experience.

            Jay Chong

            EVP, Head of e-Mobility Group at SK Group

            I had a chance to work with Sameer for several months, and he has been one of the most transparent and responsible people I have ever worked with. He has been highly responsive, always responding within a day despite the time zone difference, and thoughtful, which was a big relief for me as some I worked with in the past were "Catch Me if You Can". He has delivered all his promises and more. He has been genuine and results oriented. It has been a pleasure working with him, and I highly recommend his service.

            Vern Hayden

            Client Advocate at Sovereign Financial Group, Inc

            Sameer lives outside the cliche’s of life. Let me put it this way:

            If you were looking for someone totally committed to helping in a mission, a cause, or company you would want Sameer.

            If you were looking for someone who would drop everything to help you, who knows the best and worst about you, someone with empathy and understanding, in short someone you call a “true friend” , you would want Sameer.

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            If you need a George Gilder tech genius as a resource., Sameer knows the best and can bring innovative solutions to your challenges. ( the right wing radio host Rush Limbaugh said if he could choose another brain it would be Gilder’s.)
            If you need someone to trust with integrity and accountability you need to meet Sameer. I could go on but I think you know how I feel about this guy now. I have known and been a friend for over two decades.

            Najah A. Edmondson

            Marketing professional at National Center For College & Career Transitions (NC3T), The TASA Group and ASK For Tutoring

            Sameer Somal is a personality you cannot forget! I met Sameer one year exhibiting at the Delaware Valley Legal Expo in King of Prussia, PA. It was the end of the night and he came over to introduce himself to me and my colleague. We engaged in an amazing conversation about The TASA Group and about relationship management. He helped us take our belongings to the car at the end of the night. We all left with a new connection and a lifelong friend. So excited with meeting Sameer, we immediately figured out how we could work together - webinars, articles and in-person presentations to some of the organizations we are partnered with. It's been a few years since we met and Sameer continues to thrive in his field and in his expertise. The light he exudes is both infectious and comforting. I would recommend Sameer for any job!

            Walt Wiesenhutter

            Certified Small Business Mentor at SCORE Mentors Philadelphia. Taught at Harvard University Executive MBA & at Columbia Executive MBA & Northwestern Executive MBA

            My name is Walter J. Wiesenhutter and I am loyal client of Sameer Somal’s and Blue Ocean Global Technology. I founded Jay Associates in 1984 and served as president of our consulting company for several decades. Regretfully, our offices were in the World Trade Center in 9/11 and we lost key team members as a result of those tragic events. We persevered for the next few years to replace the seemingly unreplaceable. I met Sameer, one of the co-founders of Blue Ocean Global Technology in 2005. I was immediately impressed with his genuine character and commitment to serving others. The emergence of the internet and digital technology changed our business so much and our meeting couldn’t have been more serendipitous. I was quite fortunate to learn of this company’s world-class resources. Over the years, they were instrumental in improving our stellar reputation and building a digital presence that reflected the trust we had with our clients offline. As business partners, clients, and friends complained about their Google presence, disappointing web development projects, and digital marketing companies over promising and under delivering, I referred them directly to Sameer and his team at Blue Ocean Global Technology. Their needs and requirements were always handled with care; the feedback is always exceptional because they deliver results based on exactly what the companies want to help them grow. When Blue Ocean Global Tech did not feel they could provide the best service or guidance on a particular situation, Sameer and his colleagues are honest with me or anyone from my network. They then took the time to find resources and partners within their trusted network that were a better fit. Today, at 75, I am delighted to share and document my successful experiences with this team of excellent professionals. If you are looking for a global team that is diligent, honest, and transparent, you have found the right company in Blue Ocean Global Technology. Not only do I give them my highest and best recommendation, I feel fortunate to call many of their global team members my friends!