Publications

November 17, 2025

Empirical Evidence: Reputation Risk Disclosure Boosts Equity Returns

Risk governance disclosures boosted equity value relative to peers at 1, 28, 56, and 84 days by averages of 0.3%, 5.6%, 3.7% and 4.1%.

October 23, 2025

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Reputation risk is a threat to resilience

The shifting landscape of social and cultural norms have made reputation risk—which threatens liquidity—more prevalent, costly to firms, and personal to corporate leadership. Risk professionals are now describing reputation risk as a threat to resilience rather than a PR problem. Communications executives are using new reputation risk governance and management intelligence tools, and both the American Law Institute and the DCRO Risk Governance Institute are recommending reputation insurance for companies and their boards.

September 11, 2025

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Good governance does not shield directors from liability risk nor reputation risk. The former is the hard lesson learned by everyone in the mid 1980’s; the latter is being learned now. The reputations of board members have increasingly become targets in a time of heightened activism and social media activity. Read the article in Directors & Boards to learn what experts say directors should do.

September 10, 2025

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Personal attacks on directors are now a governance weapon

Personal attacks on directors are now a governance weapon – amplified by activists, media, and social platforms. Traditional protections (proxy advisors, board slates, collegiality) are eroding. Reputational harm can drive board turnover, litigation, and long-term career damage. Emerging responses: (1) Hazard pay for directors; (2) Reputation insurance alongside D&O coverage. Oversight of reputational risk is mission-critical. Boards must exercise foresight: how is reputational risk being integrated into risk management, who is responsible, and how is the company mitigating it?

June 26, 2025

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Reputation risk management and governance with insurance is now a best practice recommended by governance and legal authorities.

Reputation risk management and governance with insurance is now a best practice recommended by governance and legal authorities.

Sophisticated prospective/captive owners intent on launching a captive, or jumpstarting an expanded remit for an existing captive, may successfully overcome corporate inertia with a parametric cover for reputation risk. Reputation insurance is now a recommended best practice—Principle #9—for Reputation Risk Governance according to recently released landmark guidelines from the DCRO Institute. Reputation insurance and insurers are also recognized for their value in reducing compliance risk in America Law Institute’s March 2025 release of Principles of the Law, Compliance and Enforcement for Organizations. 

June 5, 2025

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Two recent lawsuits alleging director and officer liability have also called for board refreshment because of culpability.

Two recent lawsuits alleging director and officer liability have also called for board refreshment because of culpability. This emerging strategy to pressure directors to settle exposes directors to going-forward personal financial and reputation loss that is rarely covered with conventional liability insurance and is not yet widely covered with reputation insurance.

January 3, 2025

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Warhola: The Steel City Re Cocktail of the Year, 2025. Andy Warhol (nee, Warhola) claimed that “art is whatever you can get away with.” Does this foreshadow one of the unintended benefits of effective expectation management? Click on the image for the formula and mixing directions.

Warhola: The Steel City Re Cocktail of the Year, 2025. Andy Warhol (nee, Warhola) claimed that “art is whatever you can get away with.” Does this foreshadow one of the unintended benefits of effective expectation management? Click on the image for the formula and mixing directions.

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