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

Fitzsimmons, Anthony; Atkins, Prof Derek

Softcover

ISBN 10: 0749477369 ISBN 13: 9780749477363

Publisher: Kogan Page, 2017

Synopsis

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.

About this title

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. He is a co-author of 'Roads to Ruin', the seminal Cass Business School report for Airmic.  With insights gained from the ringside and inside views of the crisis lawyer, coupled with the extensive experience of his partners, the Reputability team helps organizations and their leaders to find, see and deal with these risks.
Derek Atkins BSc PhD MIMMM CEng FCIM FCII Chartered Insurer is a visiting Professor at the Cass Business School, teaching risk management, reputational risk, and insurance, and a partner in Reputability LLP. He is co-author of a dozen books including 'Roads to Ruin', the seminal Cass Business School report for Airmic and the Chartered Insurance Institute text book Insurance Corporate Management.

From the Back Cover

From the front cover

• 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. Lord Owen CH FRCP, Former UK Foreign Secretary and author of The Hubris Syndrome

From the back cover

• Riveting. The discussion of industry affinity - the collateral damage and guilt by association inflicted on innocent members of an industry by the misdeeds of a few - is especially intriguing. As co-chair of the Presidential Commission on the BP Oil Spill, I learned how the billowing fire and flying shrapnel of the disintegrating Gulf of Mexico oil platform punctured the reputations of all off-shore oil enterprises. Hundreds of reputations and billions of pounds might have been saved through a close reading of this book. Senator Bob Graham, Co-chairman of the National Presidential Commission on the Deepwater Horizon disaster
• The authors highlight the role of culture and conduct and of the wider responsibilities of organizations to their customers and to the public. I much endorse their recommendations to business leaders. It is instructive to see the subject handled with such conviction and clarity. Sir Winfried Bischoff, Chairman, Financial Reporting Council
• This thoroughly enjoyable book is a must-read for leaders of all organizations at all levels, right up to the board and its leadership. Dr Kiyoshi Kurokawa, Chairman of the National Diet of Japan's Independent Investigation Commission of the Fukushima Nuclear Accident
• 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 organizations. Richard Bacon MP, Deputy Chairman, House of Commons Public Accounts Committee
• 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. John Hurrell, Chief Executive, Airmic
• 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. Colin Melvin, Global Head of Stewardship, Hermes Investment Management
• The authors provide excellent, practical insight into the forces which undermine trust
  and challenge the sustainability of organizational life.Margaret Heffernan, author of Wilful Blindness
• "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. Professor Andrew Hopkins, author of Risky Rewards: How company bonuses affect safety

From the Prelims

• The authors have examined trust in business through the lens of reputational risk and identified themes that really matter. Their well-illustrated commentary is a good read for business leaders at all levels. Dame Alison Carnwath, Company chair, Audit Committee chair, NED and Supervisory board member
• Rethinking Reputational Risk is a helpful book not only for those involved in business
  but for all organizations and institutions, including the Church. It highlights the
  inevitable vulnerability of all personal and corporate leadership and the common
  inability of such leadership to recognize and act on the possible consequences of such vulnerability. The themes of this book are timely and pertinent for all. John Stroyan, Bishop of Warwick
• This publication does indeed rethink reputation risk. It provides an accessible,
  readable discourse on the subject and, unlike many of its ilk, combines expertly
  theory, example and practice. The latter is key to help companies improve, and the
  addition of practical questions does this. Philippa Foster Back CBE, Director, Institute of Business Ethics
• This book is a must-read for all risk managers. It covers the critical issue of human
  behaviours and culture and how inappropriate behaviours can seriously damage an
  organization's reputation and therefore the organization itself. This way of looking at
  the matter is new to the repertoire of books on reputation risk. Trevor Llanwarne CB, UK Chief Government Actuary 2008-2014
• This excellent book plugs gaps in and is a much needed contribution to our
  understanding of how reputational damage can wreak havoc on a business and its
  stakeholders. Simon Osborne, Chief Executive of ICSA: The Governance Institute
• Rethinking Reputational Risk serves as a powerful and timely reminder for all
  organizations not to use their risk management systems and processes to provide a
  false sense of security. If just one of the many questions to mull included in the book
  encourages you to stop, reflect and act on potential vulnerabilities in your organization, it will have helped you on the journey to build greater resilience.' Charles Tilley, Chief Executive, Chartered Institute of Management Accountants
  (CIMA), 2001-2016
• It can be difficult to identify reputational risks because perceptions are subjective. However, no organization can or should ever be risk-free because innovation should be encouraged and human fallibilities are inevitable. Leaders need to walk this precarious tightrope, and this book offers valuable insights to help them. Michael Izza, Chief Executive of the Institute of Chartered Accountants in England and Wales
• This is an inspiring, insightful and definitive guide for both companies and their
  investors. A deeper understanding of human behaviour is at the heart of a deeper
  understanding of corporate and investment resilience. Andy McNally, author of Debtonator and Chief Executive of Equitile Investments
• Take well-researched insight into the anatomy of reputational risk, add a dash of
  social anthropology, a handful of provocative questions and you've got a recipe for
  success. This book will give you the academic rigour behind the latest thinking on
  reputational risk as well as the practical advice you need to start applying what you
  learn. Jennifer Janson, author of The Reputation Playbook
• How refreshing to find a book on business that recognizes from the start that we as
  human beings , and especially as leaders and managers, do not behave rationally and have an infinite capacity to fool ourselves into complacency. Fitzsimmons and Atkins speak from experience and their powerful array of examples and war stories should get your attention. Mark Goyder, CEO, Tomorrow's Company
• This book provides a fascinating bridge between individual-based psychological principles and an understanding of organizational systems. This opens up a wealth of opportunities for the application of psychology into an area where it has perhaps been undervalued. Dr Lizzy Atkins, NHS Consultant Clinical Psychologist
• Effective use of traditional management metrics is a given for many organizations, but Derek and Anthony's valuable reference work illustrates that sustainability requires an equal focus on the risks associated with people and their behaviours. This fresh thinking is most welcome. Diane Walker MBA, FCII, Managing Director, InTouch
• There was a time when the whole business world was based on long-lasting, pure and undefined ethics and reputation. This is a great book bringing to the surface what this business world we live in has tried to ignore and hide away for so long, thus creating so much damage in the process. Stavros Stavrou, Former Chairman of Cyprus Airways, MD, Oilinvest BV and Executive Vice President of the Cyprus National Hydrocarbons Company Ltd
• This new highly readable book, with its forceful stories of board shortcomings, is a timely reminder of directors' responsibilities. Bernard Cook OBE, portfolio chairman

Edition details

• Publisher: Kogan Page
• Publication date: 2017
• Language: English
• ISBN 10: 0749477369
• ISBN 13: 9780749477363
• Binding: Paperback
• Edition number: 1
• Number of pages: 336