Managing Reputational Risk: Curbing Threats, Leveraging Opportunities(Institute of Internal Auditors Risk Management Series)

Managing Reputational Risk shows how any organisation can apply simple risk management principles to build stakeholder confidence and safeguard and enhance reputation. It positions reputation and its associated threats and opportunities where they rightfully belong: in the domain of the board room, at the heart of good corporate governance, leading–edge strategy development, effective risk management, corporate responsibility, comprehensive assurance and transparent communications. Illustrates, through numerous examples of good – and not so good – business practice, the importance of respecting and nurturing reputation as a critical intangible asset. Demonstrates how mastery of reputation risks can enable an organisation to be seen as responsible and responsive, as well as equipping it to meet the challenges that lie ahead.

Table of Contents:
List of Figures. List of Tables. Preface. Acknowledgements. Chapter 1. Reputation Unravelled. Chapter 2. The Business Case for Reputation Risk Management. Chapter 3. Risk Management: An Overview. Chapter 4. Identifying, Prioritising and Responding to Risks. Chapter 5. Making Reputation Risk Management Everyone's Business. Chapter 6. Managing Threats and Opportunities to Reputation. Chapter 7. Reputation in the Spotlight. Chapter 8. Peace of Mind Through Audit and Assurance. Chapter 9. Bolstering Reputation Through Transparent Reporting and Communications. Chapter 10. Maintaining Momentum. Chapter 11. Towards a Sustainable Reputation. Chapter 12. Future Challenges and Opportunities. Appendix A: The Hermes Principles. Appendix B: Appendix to the Turnbull Report. Appendix C: BP's Policy Commitment on Ethical Conduct. Appendix D: Twelve Steps for Implementing a Code of Business Ethics. Glossary. Index.

About the Author :
Jenny Rayner is an independent UK-based consultant. In 1999 Jenny founded Abbey Consulting to provide consultancy and training on the positive management of risk to improve performance and protect and enhance reputation. Her previous corporate career spanned over 20 years in a wide range of sales, marketing, purchasing, logistics, supply chain and general business management roles, latterly as a Chief Internal Auditor with ICI. Jenny writes and lectures extensively on risk management, corporate governance, corporate social responsibility and reputation. She is executive editor of the Business Risk Management Handbook and joint executive editor of the Corporate Social Responsibility Monitor. Her study, Risky Business: towards best practice in managing reputation risk, was published by the Institute of Business Ethics in 2001. Jenny lives in Cheshire with her husband Keith and daughters Jo and Dani.

Review :
"?Managing Reputational Risk demystifies reputation risk management, making it accessible to the board?" (ACCA Newsletter) ?? brings together the latest ideas for helping companies tackle the growing list of reputational risks.? (Economist, 22nd Jan 04) ?? extremely thorough and careful coverage of managing reputational risk?? (Change Management Monitor, May 04) "In this timely volume, Jenny Rayner demystifies the concept of corporate reputation and shows that a good reputation rests ultimately on good management. Directors, executives and managers will appreciate her comprehensive and practical guidelines for building reputational capital and managing reputational risk." Professor Lynn Sharp Paine, John G. McLean Professor of Business Administration, Harvard Business School and member of the US Conference Board's Commission on Public Trust and Private Enterprise. "This is an important book. Reputation is a key driver of shareholder value, yet very few companies manage it with anything like the competence they accord to their tangible assets. The great strength of Rayner's approach is that she shows that effective risk reputation risk management must be at the heart of effective governance and leadership, and emphatically not something that should be left to the PR spin-doctors." Dr Craig Mackenzie, Head of Investor Responsibility, Insight Investment, HBOS plc and Deputy Chair, FTSE4Good Advisory Committee. "Reputational risk and the protection of brand are becoming ever more important, demanding attention at Board level. The impact of reputation on investor sentiment means that excellent reputation management should be a top priority...a good reputation requires strong leadership from the top...This book will be a necessity for directors and managers...it demonstrates how simply any organisation can apply risk management principles." The Right Hon Lord Hunt of Wirral, Senior Partner, Beachcroft Wansbroughs Solicitors and former Cabinet Minister "This book contains practical reasoned advice that business leaders who are fearful of losing their personal or corporate reputation would do well to read. Building trust through setting the tone based on consistently held values is the right starting point to build reputation." Philippa Foster Back, Director, Institute of Business Ethics "Risk reporting and management is a bit of a new frontier for accountants. And it is a frontier that seems to constantly expand to embrace new aspects. Post-Turnbull, the management of reputational risk ought to feature strongly on the professional development agenda of all accountants. So this is a timely publication. In the UK, a mandatory Operating and Financial Review statement will soon be with us and finance directors are going to need a route map through the reputational maze. This book provides one." Roger Adams, Executive Director, Technical, Association of Chartered Certified Accountants "Reputational risk is becoming increasingly important to a wide range of organisations. The Institute of Internal Auditors - UK and Ireland welcomes this publication, which gives excellent guidance to help organisations identify, assess and manage these risks." Terry Cunnington, IIA Deputy President "If reputations are valuable assets, then companies have to learn to manage, not only the upside potential of gain from building good reputations, but the downside risks of reputation loss. Rayner's book makes a convincing case for boardroom-level focus on reputation risk based on analysis and understanding of the value drivers of reputation. A must-read at the top!" Charles J. Fombrun, Executive Director, The Reputation Institute, and Professor Emeritus, Stern School of Business, New York University