reputational risk in order to prevent the situation from becoming a complex, perilous phenomenon. If such a programme is not in place, the effects of a poorly resolved reputation crisis are as follows (Vizcaíno-González, 2010):

Loss of trust and loyalty of employees

Reduction of consumer satisfaction

Higher capital costs

Increased volatility of company results

Greater difficulty in dealing with the crisis

Inability to capitalise on opportunities for sound management of intangible assets.

It is clear that the impact of a crisis on reputation is long-term, both on a quantitative and qualitative level. Bonime-Blanc talks about three possible outcomes of a situation of reputational risk in which the effects will vary depending on the level of prior preparation of the organisation and its leaders:

‘A death blow’: this occurs when the consequences of a poorly managed risk situation are devastating for people, pro-ducts, profits and/or performance. No recovery is possible. In these situations we find firms such as Lehman Brothers or WordCom.

‘Rectifiable blow’: in this situation, it is possible to recover and regenerate. As one example, this type of outcome has been experienced by Siemens, which overcame a corruption case and is an example of a company that has implemen-ted a global corporate anti-corruption programme.

‘A case of reputation enhancement’: this occurs when a situation suddenly leads to a crisis from which it is necessary to emerge masterfully, quickly, responsibly and systematically.

Managing reputational risk is not the same as working on reputation. Risk requires comprehensive, long-term, integrated uncertainty planning. As stated by Bonime-Blanc (2017), we are facing key strategic risks that all Boards of Directors should supervise, yet most do not. This is where much of the disconnection with the public and related problems arise when an organisation is hit by a crisis.

Reputational risk is considered to imply an expanding aspect because it joins with other risks, especially environmental, social and management risks, adding new problems to the one that already exists. Thus, reputational risk merges with others, which magnify and accelerate it, especially when the organisation is not well prepared or does not manage its underlying risks, and is not ready to deal with them when the inevitable crisis occurs.

In other words, during the confinement that resulted from Covid-19, the World Health Organization (WHO, 2020) warned of a major threat that has accompanied the pandemic, which has been an infodemic, or overabundance of information, rumours, hoaxes and false data that have spread disinformation among society.

However, good communication is not enough. Companies must anticipate the demands that might be posed by regulators, customers, employees and society. The flow of information is the key, but success depends on the way in which each organisation views itself (PWC, 2017), and on having a plan involving an interdisciplinary team that is transversal to