Given the high-profile disasters of recent years, it is surprising that most banks think they have reputational risk under control. Banks must learn that investor relations officers cannot be expected to make an editorial silk purse out of the sow’s ears of IT disasters, unearned bonuses or egregious cases of customer exploitation. The Basel Committee has noted that “the art of protecting reputation is poorly developed and understood” and there is much that banks could draw from practices in other industries. Continue reading »
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