Would reputational risk be more effectively addressed by insurers if someone within the company was appointed to be directly accountable for the exposure?
That's the question that came to my mind after only a few raised their hands when attendees at Deloitte's recent Enterprise Risk Management Forum were asked if they were involved in mitigation of reputational damage for their insurance organizations.
One of the problems in dealing with reputational risk is that insurers rarely address the exposure in a systematic way. In fact, if the risk is managed at all, responsibility is spread among a number of corporate bailiwicks, and as a result it often falls between the cracks.
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