Adam Zuchetti writing for My Business (Australia) on 17 November 2017 noted: “CBA’s apology a sign of real leadership at last”. The CBA is the Commonwealth Bank of Australia and one of Australia’s ‘Big 4’ banks. Adam noted: “After a string of scandals which have led to a major shareholder class action, CBA executives have finally taken responsibility for the bank’s failures and apologised to those affected.
The world began to spin when the news came through….that Australian bankers actually apologised for poor conduct.
At its annual general meeting (AGM), Commonwealth Bank chair Catherine Livingstone and outgoing CEO Ian Narev both apologised to shareholders for the spate of recent scandals, which they attributed to a ‘deficiency’ in compliance.”
Warren Buffett has reported noted: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Business continuity planning can assist businesses to prepare for reputational damage through crisis communications planning and other strategies that need to be in place before like the CBA, your business is reported ‘on the front pages’ of Australian media.