REKT Partners

REKT RADAR: A Unique Reputational Risk Planning Tool For The Web3 Space

REKT RADAR risk planning tool header image

REKT Partners is proud to unveil RADAR, our proprietary data-backed risk planning tool providing unparalleled insight into the external reputational risk environment of Web3 businesses.

Measuring reputational risk can be challenging, particularly for in-house Web3 communications teams facing pressure to build their communities and promote their brands. Communicators can be tempted to de-prioritise reputational risk when pressed for time, leaving them exposed to mismanaging a crisis and prone to many a sleepless night.  

RADAR by REKT Partners seeks to help address this by providing instant and bespoke insights into the reputational risk landscape of any Web3 business. RADAR data can unveil short-term spikes in specific risks, such as emerging AI scams, as well as inform a more strategic approach to reputational risk planning over the longer term. Regulatory risks, for example, are not going away any time soon, and Web3 firms need to have a plan for managing them. 

These insights help to streamline the process of tracking risks while dramatically enhancing reputation risk management. Using RADAR data, REKT Partners can develop risk landscape reports tailored to specific businesses and Web3 subsectors. Knowing what your risk landscape looks like represents a vital first step in enhancing reputational resilience. 

How the RADAR risk planning tool works

REKT RADAR in numbers

Risk landscapes are ever-evolving and critical risks can change rapidly. It is therefore vital to keep monitoring for reputational risks and updating your reputational risk register to stay prepared for the most pressing risks of the moment. 

RADAR helps clients maintain a watchful eye over the risks that could have the most damaging effect on their reputation by tracking risks across over 40 Web3 sub-sectors on a daily basis. Risks are identified based on news events and are classified into one of seven different typologies. Each event is then assigned a risk category and specific risk label to provide a detailed and accurate picture of the current risk landscape across the Web3 space. 

Since January 2023, we have identified and catalogued over 240 individual risks within 34 risk categories. In September alone, we identified over 80 individual risks. The top three most frequently occurring risks during this month were legal proceedings, policy development and hacking, which reflects the ever-shifting regulatory sands and the need to maintain a strategic approach to risk planning. 

We know that quantifying reputational risk can be difficult, yet also crucial for identifying the most critical risks an organisation faces at any one moment. To help address this, each risk logged in RADAR is assigned a score based on the estimated likelihood of these events reoccurring within specific Web3 subsectors and their potential reputational impact if they were to occur.

This data-backed approach is unparalleled in our industry. Now we have hard data to complement our own knowledge of the evolving Web3 space and pinpoint exactly where our clients’ most critical reputational risks lie. 

Managing reputational risk through RADAR

Our three-staged RADAR process — identify, mitigate and manage — can quickly take you from risk to resilience.

  • Identify: data-driven analysis of risks using the RADAR tool. Pinpoint current and emerging risks specific to your business to create an initial risk landscape report.
  • Mitigate: using insights from the Identify stage, assess current levels of preparedness for known reputation risks and develop a reputation risk register.
  • Manage: development of a robust action plan to help mitigate reputation risks and build resilience in crisis and issues planning longer-term.

By using RADAR data as the basis for risk planning, we eliminate guesswork to build a much more accurate and detailed picture of your organisation’s risk landscape.

Clients can also subscribe to our RADAR-backed crisis insights package, which gives instant alerts to high-level or emerging risks, monthly risk landscape reports, as well as priority access to our crisis experts during live issues.

George Godsal, Founder of REKT Partners, believes the RADAR approach is a powerful and efficient way to help Web3 businesses not only understand the risks they face, but also know how to act should those risks become reality. “The Web3 sector is still nascent yet has already proved itself to be fraught with reputation risks,” says George.  ”Way too many businesses are effectively flying blind to these risks and are grossly ill-prepared for the many identifiable reputational risks that could strike, often with devastating and rapid business impact. With the launch of RADAR, we use our proprietary and extensive bank of insights to help any Web3 business take immediate yet decisive action to enhance reputation resilience. RADAR provides a powerful lens through which to view Web3 reputation risks, helping entities to identify, mitigate and manage reputation much more effectively.” 

To find out more about how RADAR can help enhance reputation resilience, and to discuss commissioning a bespoke reputation risk landscape report, please get in touch.