Effective management of reputation risk involves several strategies: - Proactive Communication: Regularly engage with stakeholders through transparent and honest communication. Use public relations strategies to maintain a positive image. - Crisis Management Plans: Develop and implement crisis management plans to address potential issues swiftly and efficiently. - Corporate Social Responsibility (CSR): Engage in CSR activities to build goodwill and demonstrate commitment to ethical practices. - Monitoring and Response: Use tools to monitor social media and other platforms for negative mentions and respond promptly to address concerns. - Employee Training: Train employees on ethical behavior and the importance of maintaining the company's reputation.