A company's reputation is one of its most valuable assets, and reputational risk is high on the agenda at board level and amongst regulators. Rethinking Reputational Risk explains the hidden factors which can both cause crises and tip an otherwise survivable crisis into a reputational disaster. It uses case studies such as BP's Deepwater Horizon oil spill, Volkswagen's emissions rigging scandal, Tesco, AIG, EADS Airbus A380, and Mid-Staffordshire NHS Hospital Trust.
Reputations are lost when the perception of an organization is damaged by its behaviour not meeting stakeholder expectations. Rethinking Reputational Risk lays bare the actions, inactions and local 'states of normality' that can lead to perception-changing consequences and gives readers the insight to recognize and respond to the risks to their reputations. Through case studies and analysis of failures, this hard-hitting guide also applies lessons drawn from behavioural economics to the behavioural risks that underlie reputation risk. An essential read for risk professionals, business leaders and board members who need to understand and deal with business-critical threats to their reputation, this book presents a new framework that will be invaluable for all involved in safeguarding an organization's reputation.
Anthony Fitzsimmons is Chairman of Reputability LLP and an authority and leading thinker on reputational risk and the propensity of behavioural and organizational risks to cause reputational damage. Derek Atkins BSc PhD MIMMM CEng FCIM FCII Chartered Insurer was a visiting Professor at Cass Business School, London, teaching risk management, reputational risk, and insurance, and a partner in Reputability LLP. He was the co-author of a dozen books.
ONE: Rethinking 01: Introduction 02: Reputation Basics 03: How Reputations are lost 04: What is Reputational Risk? 05: The hole in Classical Risk Management 06: Stakeholder Behaviour 07: Risks from failing to communicate and learn 08: Character, Culture and Ethos 09: Incentives 10: Complexity 11: Board composition, Skill, Knowledge, Experience and Behaviour 12: Risks from Strategy and Change 13: Incubation and complacency 14: The special role - and Risks - of leaders TWO: Case studies 15: BP: Texas City Explosion 16: BP: Deepwater Horizon 17: Tesco PLC 18: American International Group (AIG) 19: EADS Airbus A380 21: Volkswagen 22: Mid Staffordshire NHS Foundation Trust (Stafford Hospital) THREE: Practicalities 23: The way forward 24: System Basics - Getting to `go' 25: Setting up the Reputational Risk Management System 26: Operating the Reputational Risk Management System