Reputation is the sum of individual perceptions, experiences and beliefs in the mind of a company’s stakeholder. Therefore, synchronous stakeholder communication and interaction has to respect the needs of all parties involved. Reputation management is the total of concepts, processes and structures that are directed towards the effective management of reputation within a company. It covers all activities to establish, preserve, improve and defend reputation systematically. Private banking is a highly sensitive and trust requiring business. A strong bank brand and a healthy reputation are its key success factors. Private banks concentrate on prosperous clientele therefore, they know that the loss of the good name is one of the major business risks. Although the significant role of reputation in private banking is commonly clear, a systematic management of corporate reputation is rarely. This book investigates the current status of reputation management in private banking and identifies reputation drivers. Consequently, a survey on German private banks is being conducted. Based upon the findings, a structure for corporate reputation management under aspects of good corporate governance will be derived. Regarding corporate reputation management as a consulting product, opportunities for the consulting industry are presented in conclusion.

Text Sample: Chapter 2.1.4, Reputation management: The authors of the three indicatory definitions of reputation and reputation drivers present individual reputation management approaches. Although the concepts vary in structure, they focus on the same objective: the establishment, maintenance, improvement and protection of corporate reputation. The following paragraph presents the main aspects of Frombrun’s approach. His concept is deemed to be standard literature. Bauhofer basically shares Fombrun’s view Rayner concentrates on the risk management perspective. Cornerstone of successful reputation management is a continuous auditing of the reputational profile. Fombrun structures a reputational audit into three principal components (Figure 10: Reputation audit). A reputational audit starts with an examination of the company’s current status. This status contains stakeholder groups, identity, image and reputation. The review aims to obtain an overview of how a company sees and presents itself, how it projects itself and the match between both perspectives. Tools for this step are e.g. identity analysis, image analysis, coherence analysis and stakeholder group analysis. Objective of the second step is the design of a company’s future state. Basic prerequisite is a clear understanding of the company’s strategic intentions and competitive circumstances. Therefore, a strategic analysis of trends, plans, and competitive positioning has to be made by e.g. scenario planning, trend analysis, and competitive analysis. These findings help to derive the desired future status. The first two parts of the reputational audit usually lead to a gap between current and desired status. The final step aims to minimize these differences. Transition management contains a program of change. Successful change management requires the involvement of key persons, intensive communication and a high degree of awareness.

• Reputation

• Stakeholder

• Private banking

• Corporate governance

• Brand

Verena A. Knipp, born 1979, project manager and change agent in private banking since 2003. MBA 2009 at Institute for International Management Consulting, Ludwigshafen University of Applied Sciences. First degree Diplom-Kauffrau (FH) 2003 at Göttingen Private University of Applied Sciences, studies in Business Economics. Tutor for study course Bachelor of Science - General Management since 2008.