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Reputational Risk Management in Financial Institutions

Edited By Thomas Kaiser and Petra Merl

Overview

Editors Thomas Kaiser (KPMG and Goethe University) and Petra Merl (UniCredit Bank AG) have assembled a team of industry experts who provide an introduction into the brave new world of reputational risk in the financial industry.

Reputational Risk Management in Financial Institutions charts the history and evolution of this relatively new discipline, discussing how it is managed, mitigated, and in particular regulated. Readers will receive practical guidance regarding how to use best practice to implement a reputational risk management framework, thus both anticipating possible regulatory requirements and improving the decision-making process of the bank or financial institution at which they work.

Scheduled publication date: 28 Nov 2014

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Book description

With the increase of regulatory scrutiny in this area (for example in the form of the Internal Capital Adequacy Assessment Process), the demand for a practical guide to the potential pitfalls of managing this very capricious and hard-to-quantify risk has increased. High profile events such as the London whale at JP Morgan and LIBOR rigging at RBS have led to greater scrutiny imposed on the reputation of banks and financial institutions. In Hong Kong the regulation of reputational risk has already been introduced, with the Hong Kong Monetary Authority issuing guidance in 2008 in the form of the HKMA Supervisory Policy Manual. Just recently in July 2014 the European Banking Authority issued their draft guidelines CP 14 on the supervisory review and evaluation process which asks for an explicit risk management process for reputational risk, linked to the operational risk management process.

Reputational Risk Management in Financial Institutions provides illustrative case studies, tracing the history of this risk type, demonstrates best practice methodologies and processes for managing it, examines the changing regulation requirements and compliance issues, and discusses what the future holds for reputational risk in banks and financial institutions.

Key chapters include:

  • Environmental and Social Risks from the Perspective of Reputational Risk
  • Managing Stakeholder Expectations
  • Reputational Risk Management Across the World: A Survey of Current Practices
  • The Implementation of the UniCredit Group Approach
  • What History Teaches Bankers about Reputation Management

Protecting reputation is now a significant component of risk management in banks and financial institutions, and can no longer be ignored.  Reputational Risk Management in Financial Institutions is an essential, holistic guide to the identification and mitigation of the risks that are now the responsibility of all industry players.

Book details

ISBN
9781782721017
Publish date
28 Nov 2014
Format
Paperback
Size
155mm x 235mm

Editor biography

Thomas Kaiser and Petra Merl

Thomas Kaiser
Thomas has been working in the risk management profession for more than 15 years. Through membership in several international and German banking organizations, he has been closely involved in the creation of the operational risk rules of the Basel II accord and their interpretation. Thomas is a director with the financial risk management practice at KPMG, and is responsible for operational and reputational risk management consulting projects across the globe. Together with Petra Merl, he has started a regular exchange of reputational risk management professionals of major German banks and insurance companies. Thomas is also honorary professor at Goethe University in Frankfurt, teaching risk management at graduate and executive level. He holds a master degree in business administration from Saarbrücken University and a PhD in financial econometrics from Tübingen University. Thomas is a professional member of the Institute of Operational risk and member of its German chapter’s inner circle.

Petra Merl
Petra has been working in the risk management profession for more than 15 years. Her career includes various roles in Risk Control, most of which were focused on counterparty and market risk control. She worked for Commerzbank AG and was Head of Market Risk in HypoVereinsbank AG, Milan. She joined the OpRisk community 3 years ago and has implemented the Reputational Risk Framework in HypoVereinsbank AG in 2012. Petra is a First Vice President with HypoVereinsbank AG, and is responsible for Operational and Reputational Risk Control in Unicredit Bank AG and has functional authority over all divisional Operational Risk Managers in the AMA Subgroup. Here responsibility encompasses governance, qualitative and quantitative aspects of those risk types. Together with Prof. Thomas Kaiser, she has started a regular exchange of reputational risk management professionals of major German banks and insurance companies, which also resulted in publications and conference presentations. Petra holds a Diploma in Mathematics and Business Administration from University of Regensburg. She is a professional member of the Institute of Operational risk and member of its German chapter’s inner circle. Petra is a Subject Matter Expert in the PRIMIA’s advisory group for Reputational Risk.

Table of contents

Reputational Risk Management in Financial Institutions

Introduction: Thomas Kaiser (KPMG and Goethe University) and Petra Merl (UniCredit Bank AG)

Section I: Reputation and Reputational Risk Management

Chapter 1: Reputational Risk: A Short Introduction
David Shirreff (The Economist)

Chapter 2: What History Teaches Bankers about Reputation Management
Richard J Parsons

Chapter 3: An Asset-Liability View of Banks’ Reputation
Sergio Scandizzo (EIB)

Chapter 4: Reputational Risk in the Universe of Risks: Boundary Issues
Hema Parekh (Federal Reserve Bank of Richmond)

Chapter 5: Corporate Governance Changes Following Reputational Damage in the Financial Industry
Ahmed Barakat (Nottingham University Business School)

Section II: Methodologies and Processes for Managing Reputational Risk
    
Chapter 6: Reputational Risk and Prudential Regulation
Mattia Rattaggi (UBS)

Chapter 7: Managing Stakeholder Expectations
Sandra Dow (Middlebury College)

Chapter 8: Environmental and Social Risks from the Perspective of Reputational Risk
Olivier Jaeggi (ECOFACT AG) and Nina Roth (UBS)

Chapter 9: The Relationship between Reputational Risk Management and Business Continuity
Alexander Klotz (UniCredit Bank AG), Tibor Konya (UniCredit Bank AG) and Abtin Maghrour (Transfer of Innovative and Integrative Management Solutions)

Chapter 10: Reputation and Management of Perception at UniCredit  
Armin Herla (UniCredit)

Chapter 11: Successful Recovery from Reputational Crises: Legitimate versus Illegitimate Risk Case Studies     
Steffen Bunnenberg (Bunnenberg Bertram Rechtsanwaelte)

Section III: Best Practice Examples

Chapter 12: Reputational Risk Management across the World: A Survey of Current Practices
Thomas Kaiser (KPMG)

Chapter 13: Governance as the Starting Point for a Reputational Risk Management Process
Carsten Steinhoff (Norddeutsche Landesbank) and Rainer Sprengel (Portigon Financial Services)

Chapter 14: Managing Reputational Risk in a Major European Banking Group
Davide Bazzarello (UniCredit)

Chapter 15: The Implementation of the UniCredit Group Approach
Thomas Beil (UniCredit Bank AG)

Chapter 16: Reputational Risk in Promotional Banks
Heidi Rudolph (KfW Bankengruppe)

Chapter 17: Managing Reputational Risk in a Global Insurance Company    
Claudia Meyer (Allianz SE)

Chapter 18: Reputational Consequence Management: The Future    
Mike Finlay (RiskBusiness International Limited)

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