Which function is the custodian of Reputational Risk Management Framework? Which of the following best describes a proactive approach to managing reputational risk?
Understand the Problem
The image contains two multiple-choice questions related to Reputational Risk Management. The first question asks about the custodial function of the Reputational Risk Management Framework, and the second question seeks to identify the best approach for managing reputational risk proactively.
Answer
Enterprise Risk Management; continuously monitoring and addressing potential reputational risk events.
The custodian of the Reputational Risk Management Framework is Enterprise Risk Management, and a proactive approach to managing reputational risk involves continuously monitoring and addressing potential reputational risk events before they escalate.
Answer for screen readers
The custodian of the Reputational Risk Management Framework is Enterprise Risk Management, and a proactive approach to managing reputational risk involves continuously monitoring and addressing potential reputational risk events before they escalate.
More Information
Enterprise Risk Management is generally responsible for managing overall risk, including reputational risk. A proactive approach ensures issues are mitigated before causing harm.
Tips
It's a common mistake to address reputational risks reactively rather than proactively. Continuously monitoring can prevent potential crises.
Sources
- A Practical Guide to Reputational Risk - Metricstream - metricstream.com
- Reputational Risk Management Framework: Strategy Guide - sharedassessments.org
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