Bank reforms starting to reduce risk of reputational damage

Only immediate and wide-ranging action can stave off reputational damage after a crime is discovered, as banks – and other institutions – are now learning

Image enhancement: banks are finding ways to restore public image

Banks are today reaping the harvest of an era which damaged their reputations no less critically than it did their finances. With each new scandal, the perception grows more entrenched that, over the last two decades up to the financial crash of 2008, bankers sought self-interest at the cost of appropriate ethical behaviour. The dangers of loss of reputation have put into sharp and painful focus the area of reputational risk.

The institution that fails to manage its reputational risk endangers