Just as a matter of interest, The new draft King Code 3 on Corporate Governance,states in “Principle 4.14: The board should ensure that the company’s reputational risk is protected”

Worldwide reputation risk is seen as the highest-order risk and most dangerous to organizations, because of its volatility and unpredictability.

Part of the problem is that some regard it as a strategic risk whilst others see it as a consequence of a risk. The way an organization therefore defines it, will have a material impact on how it will be mitigated and treated.

This will affect whether the CSO will be able to execute his tasks effectively. I for instance define Reputation Risk in 4 different ways. Each of these has a strategic bearing on how reputation risk should be mitigates and protected.