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Practice paper

Reputational risk in banking and finance: An issue of individual responsibility?

Ingo Walter
Journal of Risk Management in Financial Institutions, 7 (3), 299-305 (2014)
https://doi.org/10.69554/KAPG9142

Abstract

This paper considers the changing impact of reputational risk in financial services, notably since and during the financial crisis of 2007–2009. It begins by identifying the reputational risks that firms in the industry encounter, defining what constitutes that risk and the variety of losses and business damage that are wrought by reputationally harmful incidents. It goes on to examine the ‘special’ nature of financial services and why the reputation of financial institutions is particularly important. The paper then considers the role of personal responsibility and cultural factors in the creation of robust corporate governance. It examines the changing methods by which regulators and the industry itself are now looking to address these cultural issues to create a framework that is more resilient to reputational risk and conducive to personal liability for breaching regulations. It concludes by discussing the role of managerial leadership in achieving sound corporate governance.

Keywords: reputational capital; financial services; financial regulation; banking governance; banking culture; financial ethics

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Author's Biography

Ingo Walter is President of the SimCorp StrategyLab, a private research institution sponsored by SimCorp. He is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at New York University Stern School of Business. His principal areas of research include international banking and capital markets, corporate governance and risk management. He has authored numerous papers in most of the professional journals covering these fields and is the author, co-author or editor of 27 books. He earned his undergraduate degree summa cum laude at Lehigh University and received his PhD degree from New York University.

Citation

Walter, Ingo (2014, June 1). Reputational risk in banking and finance: An issue of individual responsibility?. In the Journal of Risk Management in Financial Institutions, Volume 7, Issue 3. https://doi.org/10.69554/KAPG9142.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 7 / Issue 3
© Henry Stewart
Publications LLP

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