I have talked about how corporate reputation risk is on the rise. This is a high risk area because it can take years to build up a reputation, and it takes no time to destroy it.

The problem is that few businesses have tackled the issue in a comprehensive and strategic way. They tend to tackle it as a public relations, rather than a strategic issue.

The Conference Board has put together a check list for managing corporate reputation that might help corporations tackle it in a more strategic way. And the approach turns corporate reputation into a matter of corporate governance, not public relations.

According to the Conference Board, directors need to reach a common understanding what corporate reputation means and how it can be used to improve relations with stakeholders, from employees, customers, suppliers and the community to investors. They need to oversee the design and implementation of a strategic, top-down risk management program where all business events with potential consequences on the firm's reputation capital are identified. That list should look at risk in their operations and it should not treat risk as something separate. And they should also be wary of any attempts to restore a Shattered reputation through smooth PR. "In a well-designed ERM (enterprise-wide risk management) program, communication tactics and better disclosure should be seen as tools to corroborate and complete a business risk response strategy, not to replace it," says the Conference Board.