Reputability is the leading consultancy for educating Boards and senior leaders about the importance of behavioural, organisational and reputational risks, and guiding them in how to respond to these issues. Reputability is outstandingly effective in this because of our unique blend of research, experience and expertise.
Our research demonstrates that most big problems are predictable and avoidable, particularly to well-informed outsiders. This is where our insights will bring you valuable foresight.
Our research shows that the root causes of most reputational damage and many corporate failures are behavioural, organisational and board risks. These fundamental vulnerabilities evade conventional risk analysis. Long-term success depends on leaders who understand, and deal with, these risks.
Using eight case studies, our new book ‘Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You’ explains and illustrates these risks, before outlining how to deal with them.
The latest guidance from the Financial Reporting Council (FRC) expects companies it regulates to pay attention to behavioural, organisational and reputational risks. Such companies are expected to disclose and describe in detail Principal Risks, which will include reputational and other risks arising from behavioural and organisational risks.
The FRC also expects boards to consider whether they, board committees and management have the skills knowledge and experience to assess the risks the company faces.
Boards will need to consider how to comply with this guidance and bring these risks within their risk management systems.
It is common to find that vulnerabilities with the potential to threaten the survival of a firm are well known to people within the firm - whilst the leadership remains in the dark. Internal politics, hierarchies, taboos, culture, incentives and glass ceilings often obscure these risks. This situation is made worse by the inability of people and organisations to see themselves as others can – what psychologists call cognitive biases.
We call this the ‘Unknown Knowns’ problem.
Our report, ‘Deconstructing failure – Insights for boards’ confirms that previously unrecognised classes of behavioural and organisational risks both cause crises and tip them into reputational catastrophes. The report goes further, finding patterns and concluding that these potentially lethal risks typically have their origins in the board.
It is especially difficult for boards to uncover these destructive risks because classical risk management hasn’t evolved far enough to find them. That is how boards find themselves with a dangerous hole in the risk management systems for which they are ultimately responsible. And it is why the widely promoted 'Three Lines of Defence' risk management model gives boards a dangerous delusion of security.
Board Vulnerability Evaluation is a new tool designed to help boards to see into this foggy area.
We combine confidential peer review with the know-how we have accumulated from extensive research into reputational risk and its behavioural and organisational drivers. We add the experience each of us has gained in senior roles, in diverse fields over many decades, to bring you fresh and compelling insights.
We use two main approaches. First, we provide tailored education for boards and risk professionals so that they gain the skills needed to meet the FRC’s expectations.
Second, we help boards to develop an 'informed outsider' perspective which can reveal previously unrecognised risks and opportunities.
Our multi-disciplinary team shares deep and broad know-how which has been accumulated through diverse careers and thought-leading research. Each partner brings to bear a lifetime's experience and a different perspective to consideration of your issues.
Together we can offer clear insights and an attractive and persuasive proposition to all those who are seeking protection from, and mitigation of, reputational risk.
View the biographies of our team to see more:-
Anthony read engineering at Cambridge, then became a solicitor specialising in international liability and insurance law.
During two decades as a partner in one of the leading legal specialists in the handling of international disasters, he refined strategies to prioritise and reconcile the reputational, humanitarian, commercial, legal and insurance issues arising in crises. He also advised major brands in the wake of severe adverse events.
Following his retirement from the law, Anthony founded Reputability, of which he is Chairman. Anthony is a co-author of ‘Roads to Ruin’, the Cass Business School report for Airmic and, with Derek Atkins, of "Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You"
Professor Derek Atkins has 30 years’ experience in the insurance industry. Formerly UK Strategy Director for Royal and Sun Alliance, he has co-authored many books on risk analysis, risk management and insurance, notably the Chartered Insurance Institute textbook on insurance company management. He was a co-author of ‘Roads to Ruin’ and is, with Anthony Fitzsimmons, co-author of "Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You".
He currently teaches risk management, reputational risk, and insurance on the Cass Business School MSc course. Derek is chairman of a City insurance broker, chairman of the Board Risk Committee for Trust Re and a partner at Reputability. He was also a member of two UK government working groups on risk related issues, and was awarded the Exceptional Service Medal of the Chartered Insurance Institute.
After graduating as an aeronautical engineer, Mike flew fast jets for the RAF and went on to become the UK’s Chief Test Pilot.
As Group Safety Director and Executive Board Member of the Civil Aviation Authority, he was responsible for all safety regulation in the UK aviation industry and built a global reputation for aviation and safety assessment. He also worked in the design of safety cultures and implementing design changes with aircraft manufacturers worldwide.
A Fellow of the Royal Aeronautical Society, Mike was awarded a CBE for services to UK civil aviation.
After graduating in economics from the LSE, Jane joined a team, which sold into Saatchi and Saatchi. She went on to head the Leedex PR Group, joining the board of its parent company, Birkdale plc.
One of only a few Chartered Communicators, Jane has 30 years’ international and award-winning experience. Republic, the corporate communications business she founded was sold to Engine, the UK’s leading independent marketing services consultancy.
Jane is a partner at Reputability, a fellow of the Chartered Institute for Public Relations, a founding Fellow of the Public Relations Consultancies Association, a trustee of Fair Trials International and a Quantum NED.
Vanessa started her professional life as a solicitor in a city firm specialising in handling multinational commercial and insurance issues.
She joined KPMG LLP as an in house lawyer and was rapidly promoted to General Counsel, a role she performed for 17 years. She advised on a wide range of legal, risk and reputational management issues, and as board secretary advised on, and managed board structures across UK and Europe. Having left KPMG, she is a charity trustee and a Council member and Chair of the Finance and Resources Committee at Goldsmiths College, University of London. In all of these positions she has led or played a role in governance and board effectiveness reviews.
After leaving Manchester University where he was a Research Fellow in Monetary Economics, John trained as an equity analyst at Philips and Drew, which later became UBS.
He has dedicated most of his working life as an investment analyst covering banks and financial companies. He was a partner at Laing and Cruickshank and was appointed as Head of European Research at Nomura, before moving on to Société Générale as senior bank analyst in London.
Today John is a partner at Reputability and Chairman of Blue Planet European Trust – a quoted Scottish Investment trust.
A Professor of Psychology at City University, Peter’s research centres on the psychological theories of judgement and discusses how people make decisions and judgements. His published books include ‘Subjective Probability’ and ‘Judgemental Forecasting’.
A member of the European Association for Decision Making, Peter has been a visiting Professor at the Anderson School of Business UCLA, Princeton and Carnegie-Mellon universities in the USA, as well as the Max Planck Institute in Berlin.
Educated at Harvard, Rick went on to become a Director and Executive Committee Member at the IMD Business School in Lausanne.
Later he was first Chief Claims Strategist at Swiss Reinsurance Company, one of the world’s leading reinsurers, General Counsel and COO of Touche Ross, and Global Director of legal and regulatory affairs for Deloittes.
Richard is currently Chairman of the Board of the Center for Capital Markets at the US Chamber of Commerce, a member of the Board of the Centre for the Study of Financial Innovation and Director of Liability Research for the Geneva Association.
Our services help boards to meet the latest standards good risk governance and to promote the long term success of their organisation. We use our minimally intrusive processes to help boards and leaders to see and appreciate what intelligent, experienced outsiders would conclude if only they knew what insiders know.
Board Resilience Evaluation provides both a more effective response to the Financial Reporting Council requirement for external board evaluation and evidence needed to fulfil the FRC‘s new obligation to report on reputational, behavioural and organisational risk. We assess board-level strengths and vulnerabilities in these fields.
Corporate Resilience Evaluation delivers the information the board needs to fulfil the new FRC obligation to report on reputational, behavioural and organisational risks. Working below board level, this complements board resilience evaluation.
Corporate Resilience Triage provides a preliminary ‘X-ray’ view of reputational, behavioural and organisational risks in your organization.
Insights from 'Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You' is a seminar distilled from the book. We explain:
- how unrecognised behavioural and organisational risks cause reputational damage;
- why these risks remain hidden so that their emergence shocks leaders, and
- how leaders can find and deal with these elusive but pernicious risks before they cause harm.
"Quite superb. You packed a great deal into the short period available."
''It exceeded my expectations and we now have something to build upon. As I said, the timing could not have been better''.
''Let me thank you cordially for your excellent workshop [for Chief Risk Officers] on organisational and behavioural risk management. We had planned your contribution to be the climax of the event, and so it was.''
''Many thanks again for your presentation.......we got very positive feedback from the Committee members, who found your presentation highly interesting, relevant and well presented.''
''I thought it was a (well moderated!) fascinating discussion and it was great to get so many different perspectives. ..This topic is obviously relevant to a large number of boards and I suspect we're at the beginning of a significant change in the way they address their duties''.
''Your presentations were uniformly well received and highly valued. We are most grateful to you all for making this event such an unqualified success......The feedback from delegates was uniformly positive. ''
Review: ‘Rethinking Reputational Risk’
Financial Times January 2017
When the workforce is the weakest link
Finanical Times November 2016
Corporate governance lessons of VW affair
Andrew Hill and Michael Skapinker
Financial Times October 2015
Martin Wheatley’s FCA exit raises questions
London Evening Standard July 2015
The ‘devil’s advocate’ directors who could wake up boardrooms
London Evening Standard July 2015
Give the Devil a Voice in the Boardroom
Financial Times July 2015
Learning from Mistakes
Financial Times April 2015
Time for a clean boardroom sweep?
Financial Times March 2015
Learning right lessons from FCA’s own goal
London Evening Standard December 2014
With great power comes great responsibility
Financial Times November 2014
"It is the board’s job to monitor behavioural risk"
Financial Times November 2014
Too Big to Jail
Evening Standard October 2014
Boards will Struggle to Manage Hidden CEO Risks
Financial Times October 2014
Boards need Trust
Financial Times May 2014
Big bonuses bring risks
Evening Standard April 2014
Getting real on reputation protection
Evening Standard January 2014
PR is not always the best response
PR Week 26 July 2013
Reputation at risk
Ace European risk briefing 2013 July 2013
There's no strength in ignoring flaws
London Evening Standard 17 July 2013
The risk of boards
Financial Times video June 2013
A new tool to sniff out boardroom risk
London Evening Standard June 2013
Deconstructing Failure - Insights for boards
Better Boards by Peter Whitehead
Financial Times June 2013
Embattled bank's troubles far from over
London Evening Standard July 2012
Common Core of Corporate Culture Risks
BBC Today Programme July 2011
Here's how firms can learn from Murdoch
London Evening Standard July 2011
Boards can be Blind to Risk
Sunday Times July 2011
When does a tax issue become a risk?
Ernst & Young Tax magazine May 2010
Rethinking Reputational Risk:
How to Manage the Risks that can Ruin Your Business, Your Reputation and You
Anthony Fitzsimmons and Derek Atkins
Understanding behaviour is key to protecting reputation
Anthony Fitzsimmons and Derek Atkins January 2017
Don't Overlook Human Fallibility
Management Today November 2016
Reputational Risk Revisited
Governance September 2015
Whitehall's neglect of people risks is wasting public money
Civil Service World April 2015
- Reputability Submissions to OECD Consultation on Corporate Governance January 2015
- Reputability Submissions to Basel Committee Consultation on Bank Governance January 2015
Behavioural and Organisational Risk: The New Frontier for Boards
EY Independent Intelligence November 2014
Risk for Chairmen, Chief Executives and Boards
International Corporate Governance October 2014
Behavioural Risk in the UK Government Service
Civil Service World October 2014
Behavioural and reputational risk for insurers
Journal of the Insurance Institute of London September 2013
Deconstructing failure - Insights for boards
Download the report by Reputability June 2013
Roads to Ruin, the Cass Business School report for Airmic
Download the Analysis July 2011
Roads to Ruin
Full Report by the Cass Business School for Airmic July 2011
Catastrophe risks - the Boardroom perspective
Governance December 2011
'Soft' risks - the risk managers' perspective
Geneva Association Risk Newsletter November 2011
Reputational Risk for Chairmen and Company Secretaries
ICSA International June 2010
- Policy and Governance for Risks to Reputation November 2009
Reputability LLP are pioneers and leaders in the fields of behavioural, organisational and reputational risk. We help business leaders to find the widespread but hidden behavioural and organisational risks that regularly cause reputational disasters. Our process also helps them to find unrecognised strengths.
Here are our thoughts on some recent stories which have captured our attention. We are starting to include views from guest bloggers. We are always interested to know what you think too.
ContactPlease get in touch if there’s anything you’d like to discuss – in confidence, of course.
You can call us on +44 20 3755 3309 or email us at firstname.lastname@example.org
Amadeus House, Floral Street, Covent Garden, London WC2E 9DP
T:+44 20 3755 3309
Finanicial Times reviews 'Rethinking Reputational Risk'04. 01. 2017In his review for the Financial Times, Stefan Stern wrote:
"Schadenfreude is ... rarely a wise response to other people’s problems. .... Th[is] book offers a thorough analysis of the many ways in which apparently unexpected crises can destroy businesses and reputations. Boards, chief executives and their managers may believe they have a firm grip on the risks they face. They should think again."
"The book contains a series of detailed case studies of some of the best-known corporate crises of recent years .... The authors draw more than 30 lessons from their schadenfreude-free research."
Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You03. 01. 2017"Rethinking Reputational Risk: How to Manage the Risks that can Ruin Your Business, Your Reputation and You”, the new book by Anthony Fitzsimmons and Professor Derek Atkins, was published today.
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. It uses 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.
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. Through case studies and analysis of 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.
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