Reputational Risk Management in Financial Institutions
First published:
ISBN: 9781782721017
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An Asset–Liability View of Banks’ Reputation
Introduction
Reputational Risk: A Short Introduction
What History Teaches Bankers about Reputation Management
An Asset–Liability View of Banks’ Reputation
Reputational Risk in the Universe of Risks: Boundary Issues
Corporate Governance Changes Following Reputational Damage in the Financial Industry
Reputational Risk and Prudential Regulation
Managing Stakeholder Expectations
Environmental and Social Risks from the Perspective of Reputational Risk
The Relationship between Reputational Risk Management and Business Continuity
Tracking Reputation and the Management of Perception at UniCredit
Successful Recovery from Reputational Crises: Legitimate versus Illegitimate Risk Case Studies
Reputational Risk Management Across the World: A Survey of Current Practices
Governance as the Starting Point for a Reputational Risk-Management Process
Managing Reputational Risk in a Major European Banking Group
The Implementation of the UniCredit Group Approach
Promotional Banks: An Introduction to Reputational Risk Management
Reputational Risk Management in a Global Insurance Company
Reputational Consequence Management: The Future
“If the confidence of the public in the integrity of accountants’ reports is shaken, their value is gone.”
Arthur Andersen, 1932
In this chapter we examine the role played by reputation during and after the financial crisis, as a fundamental factor in some high-profile demises – therefore not only, as it is usually discussed, as a consequence of other risks, but as a primary cause – as well as a driver in the shaping of the governance of the financial system of today and tomorrow, at a time when many of the current and future legislative and regulatory developments are being and will be influenced by the reputation of the most high-profile institutions and of the financial industry as a whole.
BANKS’ REPUTATION AFTER THE CRISIS
How important is reputation for a bank today? If you ask any practitioner, if you survey the academic literature, if you read trade magazines or listen to consultants’ presentations, the answer seems univocal and straightforward: it’s not just important, it is critical. Banking is an industry based on confidence and trust; reputation is fundamental for building a franchise, retaining customers, and attracting employees. When reputation gets harmed, the
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