Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You

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. 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. Using 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, and analysis of their 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.

Table of Contents:
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

About the Author :
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.

Review :
"An exceptional book for learning at every level - whether you are a business school student or a chief executive; Prime Minister or a new recruit into the civil service." "The authors have examined trust in business through the lens of reputational risk and identified themes that really matter. Their well-illustrated commentary is good read for business leaders at all levels." "This book is written in the riveting style worthy of a subject often overlooked. The authors' discussion of collateral damage and guilt by association was especially intriguing." "The authors highlight the role of culture and conduct and of the wider responsibilities of organisations to their customers and to the public. I much endorse their recommendations to business leaders. It is instructive to see this subject handled with such conviction and clarity." "The authors show why the most valuable core competence for leaders everywhere is the ability to understand how people actually feel, think and behave, and how to manage risks from people effectively. This is just as important for government and the public sector as for private sector organisations." "This thoroughly enjoyable book is a must-read for leaders of all organizations at all levels, right up to the board and its leadership." "I very much welcome this book as a comprehensive and insightful study into one of the most critical but often neglected aspects of risk management - reputational risk." "Rethinking Reputational Risk is an excellent contribution to the understanding of reputation as a key indicator of the quality of a company's leadership, culture and material stakeholder relationships." "This book will be chastening reading for company board members. Other readers will be fascinated, and also horrified, by the systematic risk-blindness of those who oversee our largest and most powerful companies."