Protecting reputation tops business leaders’ list of priorities ahead of financial achievements and business leadership. That’s according to the world’s first benchmarking study of Organisational Resilience published by the British Standards Institution (BSI). The study finds that reputation is seen as the most important element in relation to the long-term success of a business, even more so than financial aspects, leadership and vision and purpose. Despite this key finding, no less than 43% of those practising professionals interviewed as part of the global study believe their organisation is strongly susceptible to reputational risk.
No fewer than 1,250 senior leaders of organisations across the globe participated in the study, which covers ten sectors across three regions: the UK and Ireland, the USA and the Asia Pacific region.
The magnitude of reputational risk was found to vary by geography. Globally, 62% rate their organisation’s current reputation as ‘Excellent’ or ‘Very good’, but this figure rises to 75% in the US and falls to 55% and 56% in the UK and Ireland and Asia Pacific respectively.
Out of the 16 elements that make up Organisational Resilience, the study found that the most and least important are as follows:
Most important Reputational Risk, Financial Aspects, Leadership, Vision and Purpose, Information and Knowledge, Management
Least important Horizon Scanning, Alignment, Community Engagement, Culture, Adaptive Capacity
The study also investigated how these elements ranked in terms of perceived performance. It found the following results:
Highest performing Financial Aspects, Alignment, Leadership, Vision and Purpose, Governance and Accountability
Worst performing Supply Chain, Innovation, Horizon Scanning,
Information and Knowledge Management, Awareness, Training and Testing