Industry experts have maintained that identifying and managing reputation risks is the key to effective protection of reputation and long-term success of organisations.
This was the conclusion from the webinar on: “Protecting Your Organisation’s Reputation: The Critical Role of Risk Identification and Management” that was hosted on Thursday by the National Planning Committee of the Nigeria Public Relations (PR) Week 2025 in collaboration with Drawbridge CM.
The online event moderated by Mojisola Saka of Boucles Africa, brought together PR and risk management experts to discuss the importance of risk management in safeguarding organisational reputation.
Ike Neliaku, president and Chairman of Council of the Nigerian Institute of Public Relations, set the context for the webinar, emphasising the importance of reputation management in contemporary times.
“So, does reputation matter? Yes, reputation matters indeed because it underpins stakeholder trust. It sustains brand identity. It drives customer dependability. For customers to depend on you, they will depend on you because they know that you have them at heart,” he said.
He noted that according to Cyber Magazine, companies can lose up to nine per cent of their annual turnover following reputation damage, arising from data privacy or ethics crisis.
He said: “Indeed, there is a global average loss of $79 million per incident of reputation, data or ethics crisis. So that gives you an idea of how strong the issue of reputation is and when it is affected. Integrating reputation risk management into broader enterprise risk management framework helps to strengthen our businesses and then facilitates continuity.
“The future of reputation protection lies in collaboration, proactive planning and strategic integration,” he said.
Ezekiel Oseni, President of the Nigerian Chartered Risk Management Institute, provided an in-depth analysis of the role of risk management in organisations.
“When you check your financials, your biggest asset could be your land and property. It could be something else which you can quantify, but reputation risk, you cannot put a figure to it. It can make the entire business to go down.
“So, it is the biggest, the most unvalued, the most unquantified, and the most expensive risk to manage,” Oseni pointed out.
Adetokunbo Modupe, Chairman and Group CEO of TPT International, shared real-world applications of risk management in different industries.
“Business owners should be concerned about reputation and risk because reputation is capital. As a major asset, reputation collapses without trust. Compromised reputation ultimately leads to loss of patronage. Negative impact on the bottom line – can erode profitability, revenue and stock value if a company is traded on the stock market.
“Reputational risk is ever present in all businesses, organisations and human activities. What it is important is our understanding and appreciation of these risks by minimising the risk potential and emplacing a culture or strategy of mitigation when it does happen. Some risks never leave room for remedy,” Chief Modupe pointed out.
Hassan Abdul, Lead Consultant at Drawbridge CM, concluded the webinar by emphasising the role of risk identification.
“Risk identification and management are critical components of reputation management,” said Abdul.
“Organisations must prioritise these areas to protect their reputation and maintain stakeholder trust.”
“We were pleased to host this webinar and share valuable insights with professionals,” said Abdul. “We believe that the knowledge shared will help organisations strengthen their risk management practices and protect their reputation.”
The webinar generated significant interest and engagement, with attendees participating actively in questions and answer sessions. Key takeaways from the webinar included the importance of integrating risk management into organisational culture, the need for proactive reputation management as well as the role of effective communication in mitigating reputational risks.
