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A Framework for Integrating Reputation Risk Into the Enterprise Risk Management Process

Author

Listed:
  • Regan, Laureen

    (Temple University)

Abstract

Reputation risk is becoming a serious concern for financial services firms, yet is poorly understood and not well-managed. This article develops a five-step process to enable firms to integrate reputation risk management into their enterprise risk management structures. Firms should set a strategy for reputation risk management, define the objectives,and set the metrics by which reputation damage is measured. Risks to reputation are then identified, prioritized, and treated. Because insurance is not available to protect firms against the loss of reputation value after a reputation damaging event, communication with the media and key stakeholders is discussed as a risk mitigation strategy.

Suggested Citation

  • Regan, Laureen, 2008. "A Framework for Integrating Reputation Risk Into the Enterprise Risk Management Process," Journal of Financial Transformation, Capco Institute, vol. 22, pages 187-194.
    • Handle: RePEc:ris:jofitr:0946
    as

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    Citations

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    Cited by:

    1. Juan Pineiro-Chousa & Marcos Vizcaíno-González & M. Ángeles López-Cabarcos, 2016. "Reputation, Game Theory and Entrepreneurial Sustainability," Sustainability, MDPI, vol. 8(11), pages 1-13, November.
    2. Yan Shen & Shuo Bian & Xinping Song & Xia Geng, 2024. "Research on Risk Assessment of Enterprise Public Opinion in Cross Social Media Context and Sustainable Development Strategies," Sustainability, MDPI, vol. 16(4), pages 1-23, February.
    3. Eckert, Christian & Gatzert, Nadine, 2017. "Modeling operational risk incorporating reputation risk: An integrated analysis for financial firms," Insurance: Mathematics and Economics, Elsevier, vol. 72(C), pages 122-137.
    4. Nadine Gatzert & Joan T. Schmit & Andreas Kolb, 2016. "Assessing the Risks of Insuring Reputation Risk," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 83(3), pages 641-679, September.
    5. Heidinger, Dinah & Gatzert, Nadine, 2018. "Awareness, determinants and value of reputation risk management: Empirical evidence from the banking and insurance industry," Journal of Banking & Finance, Elsevier, vol. 91(C), pages 106-118.
    6. Danuta Szwajca, 2018. "Dilemmas of Reputation Risk Management: Theoretical Study," Corporate Reputation Review, Palgrave Macmillan, vol. 21(4), pages 165-178, December.

    More about this item

    Keywords

    reputation; risk management; crisis communication;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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