A major challenge for businesses worldwide is preparing for the unexpected, and often reputational risk management is overlooked or underestimated. But the slightest unintentional error can quickly escalate into a major media incident, damaging reputation, costing you resources at hand and affecting your bottom line drastically.
Allianz Reputation Protect, ensures your company is equipped with the necessary resources to mitigate the effects of a reputational risk crisis, should one occur.
To help your company face this challenge head-on, Allianz Global Corporate & Specialty has devised a unique insurance solution, Allianz Reputation Protect, in conjunction with a leading media analysis consultancy and a select panel of international communications consultancies.
Sources of Reputational Risk
Several business elements can leave your company exposed to the threat of reputational risk:
- Health and safety incidents
- Operational crises and events (e.g. pollution)
- Product recalls and quality control errors
- Business and service interruptions
- Financial losses and irregularities
- Negative associations with third parties
- Management and governance topics
- Legal and regulatory investigations
- Allegations over business practices
- Ethical violations and challenges
Allianz Reputation Protect in practice
Allianz Reputation Protect covers a wide range of scenarios and provides the funding for crisis management for our clients in the event of a crisis.
Through the services provided from our expert partners, our clients receive the analysis and professional consultation necessary to deal with a potential PR situation.
A first reputational risk assessment is conducted by Media Tenor International, a leading media analysis consultancy, to gauge current perception by the media and public. During the crisis period, Media Tenor will continue to monitor media perception and work hand in hand with the client and a selected expert consultancy, who will support a tailored response to the crisis.
AGCS also has established partnerships with top consultancies Brunswick, CNC and Hill + Knowlton Strategies to act as expert advisors to our clients. The client pre-selects one of these partners (may also retain the services of an agency already in place), who will deliver an immediate and trusted response in the instant of a crisis, and continue to advise our client until a pre-determined threshold is reached.