to corporate survival and successful, which means they are important enough to be prioritized to the leading place. These two stakeholders are just two extremes and each member in the whole stakeholders group can rank their status in power and significance, which determines their priority position in the corporate reputation management. It is also noticeable that the rank for each stakeholder group can be changed, depending on concrete situation. Normally such prioritization requires deep perception and understanding about stakeholders and is conjunct with stakeholder analysis. Stakeholder analysis is a process of profiling stakeholder, figuring out their opinion and expectation over issues and problem you wish to clarify, analyzing their mutual relation, predicting the actions and behavior of them over your target issues, assessing the capability of different stakeholders and groups to participate and support and assessing the appropriate type of participation by different stakeholders at successive stages in your project. Stakeholder analysis provides important information about stakeholders for priority and relevant strategy company can use for issue dealing. It is also important for reputation building, maintenance and protection. Stakeholder analysis should run through the whole stakeholder and reputation management process so as to maximizing corporate value. Stakeholder theory also merits the activities on stakeholder relation management. As might be inspired from statements above, stakeholders might be different groups from groups but still be integrated by certain network. A good reputation manager has to understand the network amongst stakeholders so as to design proper strategies and methods to maximize reputation value amongst them. Stakeholder relation management entails effective communication with stakeholders: gaining their attention; knowing their need, requirement, and expectation over company; tracing their demands changes; eliminating their misunderstanding about us; and under circumstance inviting them to participate our strategy design, decision making and those actions affecting them. In general, stakeholder theory provides us a new view on reputation management and reputation risk management. In the later chapters, the author would use such theory in reputation risk managing model design.
management department, the author starts his investigation at risk management department first to review its activities and strategy used for mitigating reputation risk. Considering the silo effect within the Vestas risk management, the author also investigated the communication department due to its closeness to the stakeholders. The investigation in two departments provides a vision over reputation risk management reality in Vestas, which provides a platform for model testing and implementation. 4.4.1 REPUTATION RISK MANAGEMENT IN RISK MANAGEMENT DEPARTMENT When investigating the risk staff in Vestas risk department, reputation risk seems to a new concept that has been under debate. Reputation risk from their perspective is link to corporate image, which is important for corporate growth but implicit in the mind. Their understanding of reputation risk is more inclined to be outcome of corporate operational risks which is the key risks they pay attention to. Therefore, good operational risk management is actually mitigating reputation risk. Based on such assumption, reputation risk in Vestas is not specifically defined into one category of risk. (Actually other risk categories such as financial risk, hazard risks, etc are not made yet, though in practice the factors of such risk have been noticed and tried to be mitigated) There is no method in practice to identify and measure them in quantity and no strategy for such mitigation. Reputation risk now is not on the risk register and there is no risk ownership for such risk. When they were asked the consideration of using stakeholder scanning to identify reputation risk, they denied the applicability of such action incorporated into the current daily risk management work within the risk department. From their perspective, the stakeholders behind the risk are implicit but clear in their mind. Currently the risk department has to serve for operational target of production BU s, which is explicit objective while conducting stakeholder scanning involves more paper work and is also out of the departmental capability. Measuring reputation risk via attitude analysis is also hard for the department. Especially nowadays; the Vestas is expanding quickly accompanied with the quick expansion of wind turbine market. In order to reach the target EBIT margin stated each year, Vestas production