The Intangible Asset Finance Society recently published Mission: Intangible, a book that advocates the careful stewardship of corporate reputation. Authored by IAFS Executive Secretary Nir Kossovsky with Todd Miller, the book explains how corporate stock prices and revenues are driven by effective risk management practices, ethical operating principles, quality assurance procedures, and safety and security practices.
The book contains many examples of best practices — and big mistakes — relating to the protection of consumer goodwill. From Johnson & Johnson’s weathering of malicious tampering with its Tylenol product, to the demise of Chi-Chi’s Restaurants after it failed to recover from a tragedy caused by tainted tomatoes, the book’s case studies serve as a useful guide for corporate executives who are charged with reputation and crisis management.
One practice that the book advocates is that companies adopt the examples of H.J. Heinz and Disney and create a position of Chief Reputation Officer. The CRO will oversee a variety of functions relating to risk management, markeiting, law, and security. For more details, read the book, which is available here.