BulletProofBlog the blog on crisis communications

This week, the largest gathering of risk managers in the world came together for the Risk Insurance Management Society's 2009 Conference and Exhibition.

I had the opportunity to join fantastic thought leaders Ray Alletto and Jeff Lattmann for a lively and thought-provoking discussion of reputational risk management in the Digital Age.

Having returned from the conference this morning, I thought I might share several of the insights discussed and provide a recap of what reputational risk management entails at a time when digital and social media are driving public discourse like never before.

Because the digital revolution has given rise to a 1440 news cycle in which every minute counts, it is more important than ever for risk managers to use the Internet to anticipate risks before they occur. For example, blogs maintained by plaintiffs' firms reveal what hot litigation issues are likely lurking around the corner. Studies of blogging patterns will also provide valuable intelligence as to what issues are likely to emerge on Capitol Hill, for new regulatory enforcement, or amongst traditional journalists - three quarters of whom now monitor the blogosphere for story ideas.

By using the Internet as an early warning system, risk managers can anticipate likely areas of risk and assist corporate teams in mapping out likely responses before they are needed.

It is also important to know the terms that the public will use to search for information related to your anticipated risks and optimize your Web efforts for maximum exposure so that you can get your narrative into play, should any of these risks come to fruition.

Recent research conducted by my firm found that Google searches for the terms "pistachio lawsuit," "product liability class action," and "asbestos lawsuit" returned a minimum of eight plaintiffs' bar sites in the top ten of each exposure. That means the plaintiffs' bar controls these terms - and many others like them - in cyberspace. When a risk explodes into a crisis, journalists, politicians, potential litigants, bloggers, and regulators using search engines for their first impressions will be overwhelmingly directed to the sites of your likely adversaries. They will control the narrative, not your company.