Biryani and Hyderabad are uniquely synonymous – nine out of ten times that one hears of Hyderabad, a picture of an aromatic steaming plate of this unique delicacy, comes to mind. Split across the middle the average Hyderabadi would generally fall into two distinct camps for marking favourites – Paradise or Shah Ghouse.
“… organizations that actually meet the expectations of their various stakeholders may not get full credit for doing so. This often occurs when a company’s reputation has been significantly damaged by unfair attacks from special interest groups or inaccurate reporting by the media.” (1)
In the past, certain incidents have squarely rested on inadequate or less-than-adequate attention being paid to this huge quotient of corporate risk management.
Having said that I, for one, deem Human Capital as the most valuable asset to any organisation followed by Reputation or Goodwill as a close second. Profits , Bottom Line, Cash Flows etc etc may begin to appear like small specks on the horizon once one has adequately dealt with challenges to both the above.
Take the example of malicious post(s) on Social Media with regard to the meat used in Shah Ghouse biryani first reported by the media somewhere at the end of 2016. This eatery predominantly & prominently renowned for its range of Biryani, amongst other servings, suffered hugely due to purportedly one message originating on WhatsApp, which in Social Media lingo went ‘viral’ thereafter. (2)
It took a humungous amount of time and possible irreparable trauma for the stakeholders to get the establishment to move and based on the samples drawn due to the vicious social media campaign, declare that no ethics were compromised, (3)
It is imperative that the brands built over months, years and in certain cases decades of flawless customer service are adequately protected by Risk Management experts who are adequately trained to respond to such crises so as to minimise reputational damage.
Risk Management and this facet protecting reputations by actively and constantly scanning the customer horizon excites me.
(The first from many to follow on the same theme – watch this space! )
- https://hbr.org/2007/02/reputation-and-its-risks
- https://www.deccanchronicle.com/nation/current-affairs/241216/dog-meat-in-biryani-prank-lands-youth-behind-bars.html
- https://indianexpress.com/article/india/no-dog-meat-in-top-hyderabad-eaterys-biryani-says-report/
#riskmanagement #reputationalrisks #prevention #mitigation #riskresponse #planningforrisks #corporatecommunications