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Following The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry our client needed better reputation risk management processes in place.
It had low levels of internal stakeholder buy-in and an executive communication team that felt unable to influence public perception.
With organisational change expected, and internal accountability unclear, proactive communication strategy, and a defined approach to reputation risk, was difficult.
Our primary objective was to design robust structures and processes for the strategic communication function. This included providing a clear understanding of how the strategic communications team should operate, how it would interface within and outside the business, and equipping it with the tools and resources to effect positive change.
We documented this in an Issues Management Playbook and then developed a suite of materials, tools and resources, to allow our client to move forward confidently.
A household-name Australian financial services company had come under intense scrutiny as a result of The Royal Commission, but had the will and intention to work hard to repair the damage and to create a higher level of trust in the industry.
Our passion for the financial services industry led us to take a deep dive into issues affecting the industry as a result of The Royal Commission. Of course, we had a lot to say, and our in-depth commentary on reputation damage and redemption attracted a well-known Australian financial services company which saw an urgent need to better equip itself to face future issues.
The client had no robust or formalised strategic communication function nor processes for capturing and responding to issues.
We saw this as a great opportunity for us to go back to the drawing board, to design and build a best practice strategic communication function completely from scratch.
Our first step was to understand our client inside and out. We conducted an extensive information gathering exercise around reporting, organisational structure, existing processes and parent company processes. We identified unique issues and unlocked tacit knowledge and ideas through executive team interviews, reviews and a workshop with key internal stakeholders.
With our research and data assembled, we worked with the client to review it, and to co-develop a strategic and operational framework to proactively address issues and be prepared for all situations. This became known as the Issues Management Playbook, and became the ‘Bible’ for how our client would manage issues going forward.
It was important to develop the Playbook alongside the executive team, to ensure buy in and acceptance.
The Playbook was comprehensive and included:
Level 2, 50 Bridge Street
TWP, Quay Quarter Tower
Sydney NSW 2000
(02) 9018 8600
