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.
Section - ONE: Rethinking
Chapter - 01: Introduction
Chapter - 02: Reputation Basics
Chapter - 03: How Reputations are lost
Chapter - 04: What is Reputational Risk?
Chapter - 05: The hole in Classical Risk Management
Chapter - 06: Stakeholder Behaviour
Chapter - 07: Risks from failing to communicate and learn
Chapter - 08: Character, Culture and Ethos
Chapter - 09: Incentives
Chapter - 10: Complexity
Chapter - 11: Board composition, Skill, Knowledge, Experience and Behaviour
Chapter - 12: Risks from Strategy and Change
Chapter - 13: Incubation and complacency
Chapter - 14: The special role - and Risks - of leaders
Section - TWO: Case studies
Chapter - 15: BP: Texas City Explosion
Chapter - 16: BP: Deepwater Horizon
Chapter - 17: Tesco PLC
Chapter - 18: American International Group (AIG)
Chapter - 19: EADS Airbus A380
Chapter - 21: Volkswagen
Chapter - 22: Mid Staffordshire NHS Foundation Trust (Stafford Hospital)
Section - THREE: Practicalities
Chapter - 23: The way forward
Chapter - 24: System Basics - Getting to `go'
Chapter - 25: Setting up the Reputational Risk Management System
Chapter - 26: Operating the Reputational Risk Management System