In 2007 and 2008, media panels were presented at the Risk and Insurance Management Society conference. Geared to the corporate risk manager, these consisted of several members of the insurance trade press, including our Editor In Chief Sam Friedman, discussing issues ranging from how and why to talk to the media, to handling reputation risk. Attendance was good and feedback was positive.

While there are many differences in responsibilities of public and corporate risk managers, much of their focus is similar. Public entities are just as vulnerable to reputation risk as are private entities and like corporate risk managers, public risk managers need to have a detailed plan in place—and dealing with the media needs to be part of it.

No matter how sophisticated the entity is, mistakes can be and are made. Take for example New York Mayor Mike Bloomberg's gaffe yesterday—belittling a reporter for asking a question that the mayor didn't want to answer, about mayoral term limits.

While Mr. Bloomberg no doubt has an extensive press corps, all advice went out the window. He let his temper got the best of him, issuing a parting put-down to a reporter that he thought the mike wouldn't pick up. The mayor did send word of apology the next day, but the damage had been done. Talk about tarnishing a reputation!