Responsive Reputational Risk Monitoring (3RM)

Purpose and goal

The objective of the project Responsive Reputational Risk Management (3RM) has been to develop an easy-to-use software tool for the monitoring of risk indicators and general public opinion towards customer organisations, in order to manage reputational risks. This objective has in most regards been met, although the resulting product is not yet packaged and fully commercialized. However. the technical components have been developed and tested in live conditions with customers with critical societal functions, with satisfactory results.

Results and expected effects

The project has resulted in an expansion of the capabilities of the already existing risk management software platform Exonaut, developed by 4C Strategies, with technical components allowing the integration of external data streams for analysis and manipulation within the different modules of the software suite. The possibility to integrate external data, including sentiment analysis of social media feeds, in risk indicators will open up an abundance of new opportunities for new as well as existing customers to more efficiently manage reputational - and other - risks in real time.

Approach and implementation

The project was conducted in three parallel phases. A methodological research was undertaken to identify proper risk indicators for reputational risks, and how these could be modeled and operationalized. This phase also included identification of suitable providers of semantic analysis and social media intelligence. The software platform used to present the results was amended and prepared in order for it to receive incoming external data, and finally a separate software module was developed to manage the actual connection to external data sources.