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Reputational risk management of a financial institution
(KNUTE, 2020) Zhenzherukha Petro
Relevance of research. Confidence in different financial institutions, especially banks, their shareholders and executives as well as in information they provided in public, has declined significantly after the global financial crisis. The attention of international financial institutions, supervisors and banks to the reputation risk has increased in way to restore it. In particular, the EBA (The European Banking Authority) document on SREP (Supervision and Evaluation Process; EBA / GL / 2014/13) emphasizes the need to consider reputation risk as an essential part of bank risk management. History has shown many examples of banks' reputational risk associated with a wide range of potential sources that can have serious business consequences. Taking measures to eliminate the consequences of losing your reputation requires enormous effort and resources. Usually, the cost of a damaged reputation is significantly higher than its maintenance, and therefore banks should avoid risk events that will lead to their unfavorable perception by stakeholders. In order to avoid spending a significant amount of money on reputation restoration, banks should take care to establish an effective system for managing this risk.