Reputational Risk Management in Financial Institutions
First published:
ISBN: 9781782721017
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Governance as the Starting Point for a Reputational Risk-Management Process
Carsten Steinhoff and Rainer Sprengel
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
WHY REPUTATIONAL RISK NEEDS GOVERNANCE
The reputation of a company is clearly one of the main factors for its success. It needs hard work and a long time to build up a sound reputation in the market. Unfortunately, it can be destroyed immeditely by one single event. Examples of tragedy and misfortune can be found in the press on nearly every business and every day. With the increase in new communication technologies such as Twitter, Facebook and mobile computing, the environment has become more dynamic and dramas evolve much faster than ever before. To limit the damage, many of those cases need a highly flexible crisis intervention in case of a critical event.
Behavioural aspects and the impact of single people’s actions have continuously increased. An example of how unexpected a reputational effect can be is Josef Ackermann, the former CEO of Deutsche Bank, who made a two-fingered V-for-victory gesture on his first court appearance for the Mannesmann trial. That truly was a disaster for Deutsche Bank’s market perception. This example shows how different the causes of reputational damage can be and that, in future, risk awareness will probably be the most important factor for
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