Reputation, trust and risk management
Friday, February 23rd, 2007They’re all connected
Risk management is most successful when the regulatory authorities and their stakeholders trust that they can count on each other. When you’re the regulator, your reputation not only precedes you but can also determine how successful you are in achieving your objectives.
Reputation is what other people believe to be true about you. Reputation is built over time by walking your talk. Eventually (ideally) your stakeholders know they can count on you to perform what they think is your role. If you fail to meet those expectations, your reputation suffers. Trust goes down and regulation becomes less effective. (more…)