Reputational Risk Management in Financial Institutions
First published:
ISBN: 9781782721017
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The Relationship between Reputational Risk Management and Business Continuity
Alexander Klotz, Tibor Konya and Abtin Maghrour
Introduction
Reputational Risk: A Short Introduction
What History Teaches Bankers about Reputation Management
An Asset–Liability View of Banks’ Reputation
Reputational Risk in the Universe of Risks: Boundary Issues
Corporate Governance Changes Following Reputational Damage in the Financial Industry
Reputational Risk and Prudential Regulation
Managing Stakeholder Expectations
Environmental and Social Risks from the Perspective of Reputational Risk
The Relationship between Reputational Risk Management and Business Continuity
Tracking Reputation and the Management of Perception at UniCredit
Successful Recovery from Reputational Crises: Legitimate versus Illegitimate Risk Case Studies
Reputational Risk Management Across the World: A Survey of Current Practices
Governance as the Starting Point for a Reputational Risk-Management Process
Managing Reputational Risk in a Major European Banking Group
The Implementation of the UniCredit Group Approach
Promotional Banks: An Introduction to Reputational Risk Management
Reputational Risk Management in a Global Insurance Company
Reputational Consequence Management: The Future
INTRODUCTION
The Center for Strategic and International Studies has provided an outlook on the most important trends that will shape our world through to the year 2035. Seven areas of change have been identified: population; resource management; technology; information and knowledge; economics; security; and governance.11Source: Seven Revolutions, http://csis.org/program/seven-revolutions With these trends and in particular their interconnections as outlined in the research, businesses will face a higher number of potential threats and disruptions. Together with the growing complexity of business itself, each and every disruption may cause higher and more sustainable impact.
Within this fast-paced environment in particular, banks and financial institutions are more and more exposed to the failure of business processes and outages of IT or other crucial resources. The “outage” of IT refers to a period during which IT systems are not available. The reason for an IT outage can be technical failure, human error (caused, for example, by IT administrators) or power failure.
Additionally, increasing regulatory requirements call for stronger control, monitoring and management regarding
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