Saudi Gazette - GCC companies beginning to put reputation before profit – survey

Saudi Gazette - GCC companies beginning to put reputation before profit – survey:

"Once the sole remit of the marketing and PR departments, reputational risk is now seen as a critical company-wide concern, according to a global survey by the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA).

The survey of GCC finance leaders who hold the Chartered Global Management Accountant (CGMA) designation, identified the demand for more transparency, competitor reputational failures and the rise in social media channels such as Facebook, Twitter and LinkedIn as key contributing factors to the increased global interest on the topic.

Despite this, nearly 70 percent of organizations surveyed admitted to not always using feedback from these channels to help them anticipate and manage risk to their reputation. Similarly, 52 percent of those surveyed had no formal processes or models in place for calculating the financial impact of not managing reputational risk. "

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