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Get a new perspective on the true nature of reputational risk and damage to organizations, and understand why its root causes trace back to individual and collective human behaviour.

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.

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Intro -- Contents -- Foreword -- Preface -- Part One Rethinking -- 01 Introduction -- Learning from crises -- Anthony’s story -- Derek’s story -- Combining our insights to reveal hidden truths -- Why study crises? -- Outsiders can see more clearly than insiders -- What is in it for whom? -- 02 Reputation basics -- What is a reputation? -- How is a good reputation valuable? -- The unrecognized role of heuristics -- Systems One and Two -- The value of a good reputation -- Whose reputation is it anyway? -- 03 How reputations are lost -- Stakeholders in crises -- Confidentiality evaporates in a crisis -- Crises as a public stress-test of leaders -- Crisis dynamics -- The trigger -- Stakeholders and media engage -- The back story -- Leaders are not necessarily trusted -- As stories develop, reputations evolve -- 04 What is reputational risk? -- Cognitive biases and their consequences -- How cognitive biases and heuristics lead us astray -- A better definition of reputational risk -- Follow those root causes -- Latent weaknesses incubate slowly -- Turner’s innovative equation -- Lessons from Three Mile Island -- Complex systems fail in complex ways -- ‘Normal’ accidents -- Overconfidence and optimism -- The role of human error -- The problem of systemic weakness -- Enter the Swiss cheese model -- 05 The hole in classical risk management -- Where ‘three lines of defence’ fails -- Normal human behaviour -- The hole in classical risk management -- The ‘Swiss cheese’ model has a hole! -- Boards in the dark: unknown knowns and the risk glass ceiling -- Unwanted incentives affect risk managers -- Protecting chief risk officers -- 06 Stakeholder behaviour -- How does this work in practice? -- Reputational capital and reputational equity -- Unduly good reputations -- Stakeholders in peacetime -- Stakeholders in a crisis -- Insiders are stakeholders too -- Licence to operate -- Stakeholder expectations -- If stakeholders overestimate you -- Stakeholders’ unreasonable expectations -- Owners and their proxies -- Regulators: stakeholders with multiple agendas -- 07 Risks from failing to communicate and learn -- Upward communication failures -- Downward communications failures -- Communication across the organization -- Risk blindness -- Failure to learn -- 08 Character, culture and ethos -- Character -- Culture -- Cultural leadership -- Failure to embed the desired culture throughout the organization -- 09 Incentives -- Financial incentives: bonuses -- Do large bonuses work? -- Penalties -- Non-financial incentives -- Notes -- 10 Complexity -- 11 Board composition, skill, knowledge, experience and behaviour -- Insufficient understanding -- Blindness from cultural maps, rules, taxonomies and social norms -- Diversity and skewed boards -- Biases, heuristics, board dynamics and challenge -- 12 Risks from strategy and change -- Strategy development -- Risks from large projects and change: the planning fallacy -- Risks from inadequate crisis strategy, pl.
anning, practice and management -- 13 Incubation and complacency -- Incubation can be surprisingly long -- Complacency -- Hubris -- 14 The special role – and risks – of leaders -- Risks from leaders -- Leadership charisma and dominance -- Who can risk-manage leaders? -- Part Two Case studies -- 15 BP: Texas City explosion -- Main risk event -- Company involved -- Brief note on company -- Date of event -- Background to event -- Description of event -- Post-event response -- Findings of investigations -- Consequences of event -- Risk management lessons -- 16 BP: Deepwater Horizon -- Main risk event -- Company involved -- Brief note on company -- Date of event -- Background to event -- Description of event -- Post-event response -- Findings of investigations -- Consequences of event -- Risk management lessons -- 17 Tesco PLC -- Main risk event -- Company involved -- Brief note on company -- Date of event -- Background to event -- Description of event -- Post-event response -- Findings of investigations -- Consequences of event -- Risk management lessons -- 18 American International Group (AIG) -- Main risk event -- Brief note on company -- Date of event -- Background to event -- Description of event -- Post-event response -- Findings of investigations -- Consequences of event -- Risk management lessons -- 19 EADS Airbus A380 -- Main risk event -- Company involved -- Brief note on company -- Date of event -- Background to event -- Description of event -- Post-event response -- Consequences of event -- Risk management lessons -- 20 Libor: Barclays Bank PLC -- Main risk event -- Company involved -- Brief note on the company -- Date of event -- Background to event -- Description of event -- Post-event response -- Findings of investigations -- Consequences of event -- Risk management lessons -- 21 Volkswagen -- Main risk event -- Company involved -- Brief note on company -- Date of event -- Background to event -- Description of event -- Post-event response -- Consequences of event -- Risk management lessons -- 22 Mid Staffordshire NHS Foundation Trust (Stafford Hospital) -- Main risk event -- Brief note on the organization -- Date of event -- Background to event -- Description of event -- Post-event response -- Findings of investigations -- Consequences of event -- Risk management lessons -- Part Three Practicalities -- 23 The way forward -- Introduction -- Implementing a reputational risk management process -- 24 System basics – getting to ‘go’ -- Process overview -- Understanding the nature of reputation and reputational risk -- Valuing your reputation -- Assigning ownership of reputation -- 25 Setting up the reputational risk management system -- Leadership in risk management -- Risk team skills -- A reputation committee? -- Giving the team sufficient authority -- Dealing with risks from board level -- 26 Operating the reputational risk management system -- Setting risk appetite and tolerance -- Identifying, analysing and evaluating reputationa.
l risks and their roots -- Analysing risks and impacts -- Evaluating risks and impacts -- Mitigating vulnerabilities -- Reporting and monitoring -- Coda -- Glossary -- References -- Acknowledgements -- The authors -- Index -- .