Communications Strategies: Transparency vs Reputational Risk

Reputation matters, as the recent nominee to the U.S. Supreme Court has experienced just this week. It matters to your business, too. According to a report by Deloitte*, it accounts for 25 percent of any business’ market value. With such significant value placed on reputation, it’s not surprising that this is the number one strategic concern of business executives.

Reputational risks that business owners prioritize mitigating include:

1. Risks relating to ethics and integrity (including compliance, fraud, bribery and corruption issues).
2. Security risks (both physical and security breaches).
3. Product and service risks (relating to health and safety in the work environment).

The same report also outlined another issue that is emerging and rising in importance; and that is the reputational risk associated with third-party relationships. After all, in any client services field, the satisfaction of clients is a huge stakeholder in business success.

While investment in procedures, technology, and training helps in addressing the three reputational risks outlined above, reducing risk in this area isn’t as cut and dry and depends on establishing sound communications strategies. Even while being transparent in communicating with clients one-on-one, through marketing initiatives, and online.

To help tax and financial services professionals navigate this complex issue, all while meeting compliance requirements, Christina Fazio will walk you through strategies that work at this year’s Distinguished Advisor Conference. Join Knowledge Bureau, and Christina, Sr. National Sales Manager of Hometrust and learn more about what you should do when you face reputational risk.

Report by Deloitte*

Stay tuned to KBR for additional DAC speaker features! Read more about the importance of other sessions featured at DAC, and their connection to today’s news highlights, in our previous features:

• Alexsis Verganelakis: “An Advisor’s Duty: Protecting Seniors and Supporting Caregivers”
• Helene Chatelain: “The Secret to Engaging Millennials”
• Caroline Ouellette: “Thought Leadership from on Olympian: Diversity and Inclusion in the Workplace”
• Dean Smith: “Know Your Cross-Border Client: Avoiding Tax Consequences and Liabilities”
• Dr. Michael Geist: “Cyber-Attacks Increase 80%: Dr. Michael Geist Addresses the Risk at DAC”
• Dr. Jack Mintz: “DAC 2018: Dr. Jack Mintz to Address Canada’s Competitiveness”
• Sophie Orru: “Thank You to Our DAC Partner: Franklin Templeton Investments”
• Shoshana Green: “Canada’s Economic Future: Immigration is Essential for Growth”

Sign up for unique networking experiences and activities offered at DAC online, too!

Additional educational resources: In addition to attending DAC this year, expand your marketing and communications skills as a business leader, by enrolling or taking a free trial in Marketing Mastery for Business Builders. This certificate course contributes credits towards the MFA – Executive Business Growth Specialist Program.

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