What are some famous reputational risk failures?

What are some famous reputational risk failures?

Some notable examples include the BP oil spill, Volkswagen's emissions scandal, and United Airlines' passenger removal incident.

What caused the BP oil spill?

The BP oil spill was caused by a blowout on the Deepwater Horizon drilling rig, leading to a massive oil leak in the Gulf of Mexico.

How did Volkswagen's emissions scandal affect their reputation?

Volkswagen's reputation suffered significantly, resulting in billions in fines, loss of consumer trust, and a decline in sales.

What can companies do to prevent reputational risks?

Companies can implement strong ethical practices, maintain transparency, and have crisis management plans in place to mitigate reputational risks.

Can you give me examples of companies that recovered from reputational damage?

Yes, companies like Johnson & Johnson after the Tylenol crisis and Starbucks after the racial bias incident have successfully recovered.