Elucidate the following: Reputational risk management.

Reputation is the trust that an organization has gained over the years by the products, services, brands it has provided to the society. Reputation Risk is the risk arising from negative perception on the part of customers, counterparties, shareholders, investors, debt-holders, market analysts, other relevant parties or regulators that can adversely affect a bank's ability to maintain existing, or establish new, business relationships and continued access to sources of funding (eg through the interbank or securitisation markets). Reputation lost will damage brand value, share price, strategic relationship, regulatory relationship, recruitment / retention. Components : Reputational risk is multidimensional and reflects the perception of other market participants. The components of Reputation Risk Management are: Management of Reputation risk Preparation for Reputations Crises Handling of Reputation Crises Management of Reputational Risk : For managing the reputation risk, the following principles are worth noting: Integration of risk while formulating business strategy. Effective board oversight. Image building through effective communication. Promoting compliance culture to have good governance.