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THE MANAGEMENT OF REPUTATION RISK AND AIRLINE SUSTAINABILITY
Triant FLOURIS, Ph.D.
Dean, School of Aviation Sciences,
Professor, Aviation Management,
Daniel Webster College, Nashua, NH 03063-1300, USA
Email: tflouris@yahoo.com
Ayse KUCUK YILMAZ, Ph.D.* (Author for Correspondence)
Assistant Professor, Department of Civil Aviation Management,
School of Civil Aviation, Anadolu University,
26470 Eskisehir, Turkey
+90222 3350580-6962
Email: akucukyilmaz@gmail.com
Abstract:
Corporate reputation is one of the most critical management topics in strategic airline
management as reputation has a direct link to sales. Corporate reputation is impacted by
company value drivers. Furthermore, reputation drivers can create value to a company. Also,
every crisis is unique and every company is different. For these reasons, crisis and
specifications of the company should be considered by management to be linked to an
effective reputation risk strategy. The management of a company’s reputation should be taken
into consideration very seriously by air transportation (airline and airport) managers. This
paper’s main research question is: “how fundamental is the integration of the management of
reputation risk with the enterprise risk management (ERM) function of an airline?” The article
argues that the integration of the management of reputation risk with enterprise risk
management (ERM) functions in the airline can help airlines, just like other industry
participants, achieve high triple bottom line concept based performance (financial, social and
environmental) and develop a clear understanding of the industry’s competitive dynamics.
Leading global airlines are concerned across economic, social, and environmental parameters
in their quest for sustainability. Implementing a triple bottom line concept in the management
of an airline supports a company’s reputation. We assume that environmentally friendly
management (based on the holistic management concept focusing on the economic
environment, social environment, and the natural world environment) and sustainability based
efforts help accomplish the ultimate goal of airline business sustainability. This study aims to
make a contribution to the literature on the management of reputation risks to airline
sustainability by providing an enterprise risk management based perspective and a new
systematic approach.
Key Words: Airline, business and management, enterprise risk management, management,
reputation, risk, sustainability.
JEL Classification Codes: M100, M140, M190

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1. Introduction
Crises can strike any company at any time. Microsoft, ValueJet, Chrysler, Pepsi and the
tobacco industry are some of the most recent companies that can attest to this fact, but they
are not the only ones. Crises do not discriminate based on a company’s size or reputation, and
they can hit when a company least expects them. They come in many forms - strikes, layoffs,
product recalls or allegations of misconduct, but while some of these may seem small, every
crisis has the potential to damage the reputation of a company (Soopertutorials, 2009).
Schreibe (2008) suggest that there are two definitions of reputation, one from the perspective
of the company and the other from the perspective of stakeholders:
i. From the perspective of the organization, reputation is an intangible asset that allows
the company to better manage the expectations and needs of its various
stakeholders, creating differentiation and barriers vis-à-vis its competitors.
ii. From the perspective of stakeholders, reputation is the intellectual, emotional and
behavioral response as to whether or not the communications and actions of an
organization resonate with their needs and interests.
Reputation is an intangible and vulnerable asset to any company. The management of
reputation is crucial to create and maintain value advantage. Company reputation is a critical
risk since it can be destroyed very rapidly. Both realities and perceptions can impact corporate
reputation. Reputation risk is often not incorporated into risk management practices in a
holistic fashion. Airlines in today’s globally warmed business environment should possess
effective ways in making reputation risk management part of their overall risk management.
According to Bayer "Although reputation is the quintessential intangible asset, a strong
corporate reputation yields concrete benefits - higher market value, stronger sales, and an
increased ability to hire the best and the brightest” (The Conference Board, 2009). Corporate
surveys illustrate that the management of reputation risk has recently started to be integrated
with their enterprise risk management (ERM) function or another risk oversight program by
executive managers in companies of diverse sectors.

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We propose a new management process in regard to this concept. In our process, managing
reputation risk utilizing a fresh enterprise risk management perspective aims to make a
contribution in the following key issues and related literature:
• Understanding of the strategic value of corporate reputation to the airline.
• Integrate reputation risk management with ERM or other risk management programs.
• Identify and prioritize the main causes of reputation risk.
• Quantify the reputation risk together with all corporate risks.
• Treat risks holistically.
• Understand risk interrelationships within the business.
• Develop an understanding of and build relationships with key stakeholders and take
social networking and new media seriously.
This paper is organized into five main parts. The reputation risk management concept in the
global business management is presented in next part. The discussion of Reputation Risk in
Airline Business and Management takes place in part three. The developed conceptual process
to reputation risk management is presented in this part. Concluding remarks comprise the last
part of the paper.
2. Reputation Risk Management in Business and Management
Reputation is a key element for a successful business. Reputation is defined as the public’s
perception of the corporation. There are many things that can damage a corporation’s
reputation from true events to fictitious, or even malicious, gossip. In recent years, additional
research has been conducted in an attempt to understand what corporations can do to better
manage their reputation risk (Tonello, 2007).
Reputation risk management is one of the leading issues in contemporary business and
management field. The management of reputation risk is normally handled by managing the
primary risks. However, as soon as such a risk manifests itself, companies should have a

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damage control plan. It is all about the communication to stakeholders and giving
transparency regarding the risk event. The better the market is informed about the risk and the
taken actions the less reputational damage is to be feared. However, many managers hope to
get the curve in time, but crash against the reputation risk wall, since the public deems itself
not completely informed. The trust relationship with the stakeholders is then damaged (Gerrit
Jan van den Brink, 2009).
In leading organizations, risk management is viewed not as a process, but rather as a
“management competency”- a discipline that adds rigor and enables the enhanced
management of uncertainty and volatility, effectively minimizes threats and capitalizes on
opportunities. Companies at the height of performance in their respective industries have
embedded this competency into their business practices to effectively manage risk across the
continuum- moving beyond a traditional focus on controls and compliance, to create a
competitive advantage (Ernst & Young, 2009).
According to Rayner (2009) the key components of reputation risk management are:
Clear and well-communicated business vision, values, and strategy that set the right
ethical and stakeholder-aware tone for the business.
Supporting policies and codes of conduct that guide employee behavior and decision-
making so that goals are achieved in accordance with business values.
Extension of the business’s values and relevant policies to key partners in the supply
chain.
Dialogue and engagement to track the changing perceptions, requirements, and
expectations of major stakeholders continuously.
An effective enterprise-wide risk management system that identifies, assesses,
responds to, monitors, and reports on threats and opportunities to reputation.
A culture in which employees are risk-aware, are encouraged to be vigilant, raise
concerns, highlight opportunities, and act as reputational ambassadors for the business.
Transparent communications that meet stakeholder needs and build trust and
confidence.

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Robust and well-rehearsed crisis management arrangements.
In the current business climate, it is imperative for companies to form a strategic view of the
risks that they are facing and develop their thinking about the necessary actions required
should the event they fear actually happens. Risk management needs to be taken back from
the compliance function into the boardroom. Companies need to enhance their capability to
proactively identify these risks with a rigorous and disciplined approach. Management needs
to be alert and nimble, prepared to define their risk appetite and tolerance, and monitor it. It
should be cautious and focused. And it must be ready to take action. Based on this necessity,
the top 10 risks for global business is presented by Ernst and Young Research (2009) as
follows in Figure 1. This figure is entitled as “Risk Radar” by Ernst and Young. It is useful in
preparing a risk map of companies according to their situations, environment and objectives.
Figure 1. The top 10 risks for global business (Ernst & Young, 2009).
Factors influencing reputation risk (Gerrit Jan van den Brink, 2009) can be listed as follows:

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The attitude of stakeholders towards companies changed over time. Nowadays companies are
more seen as “corporate citizens” which behavior is checked for conformity. A famous
example was the public reaction on the disposal of the Brent Spar by Shell. The public started
boycotting Shell by purchasing fuel by other companies. Some groups even demolished some
fuel statements. The problem did not stay in just one territorial area, but swapped over to
other countries as well. Since the media are organized globally and internet is also emerged as
a separate distribution channel, it only takes minutes to publish reputation damaging
information around the globe. Globalization in such cases is to be seen as a risk factor. Social
stakeholders also organized themselves in order to give the voices more impact. Attac is a
well known organization with clear ideas regarding cultural values. However, some violent
groups attach themselves to demonstrations causing problems. Trust in politicians and in
board members is reducing and therefore some issues may be discussed in sharper words than
before. Companies sometimes have problems regarding the top manager’s salaries, which are
seen as far too high. In Germany especially the pay-offs after the takeover of D2 by Vodafone
was prosecuted. People are currently more and more using the internet in forums, films
(YouTube), etc. These films are easily distributed and may contain content, which can be
damaging for the company’s reputation. However, it is almost impossible to screen the
internet for such material.
Risks are categorized into four main sections for the purposes of this research. Compliance
threats originate in politics, law, regulation or corporate governance. Financial threats stem
from volatility in market and the real economy. Strategic threats are related to customers,
competitors and investors. Operational threats impact the processes, system, people and
overall value chain of a business (Ernst & Young, 2009). Also, every risks are marked with
symbols as up from 2008, up down 2008 and new entry. Risks are changes in time. Top risks
for companies change continuously. Some risk change their shape, some risks are combined
with other.
Reputation is number 10 on Ernst & Young’s “Risk Radar.” Not only the reputation of firms
but those of entire industries are increasingly under threat. Environmental and climate
concerns threaten oil and gas and utilities companies; pressures to provide wider access to
life-saving drugs threaten funding for innovation in life sciences; and the credit crunch is
weakening public trust in banking and asset management companies. Reputation risks, ranked
22nd in the 2008 report, rose dramatically on the global list primarily as a result of the

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financial crisis. This crisis elevated a firm’s financial reputation to a matter of survival in
many cases, and threatened the reputation of entire sectors such as asset management and
banking. In addition, the ongoing trend of escalating compliance requirements continued to
drive the importance of this risk, because compliance failures are perhaps the most common
source of serious reputational damage (Ernst & Young, 2009).
Reputation is a key element for a successful business. Reputation is defined as the public’s
perception of the corporation. There are many things that can damage a corporation’s
reputation from true events to fictitious, or even malicious, gossip. In recent years, additional
research has been conducted in an attempt to understand what corporations can do to better
manage their reputation risk. Benefits of a positive public image include (Tonello, 2007):
Public perception of reputation can positively affect profitability, market-to-book
value, and total sales
A higher reputation is linked with an average annual stock price increase
35 percent of investment decisions are made based on reputation and image
A premium is paid for strong reputation capital in the mergers and acquisitions market
In many sectors, such as oil and gas, the nature of reputation risks has changed little since
2008, but the intensity of ongoing public debate has increased. The most dramatic reputation
risk development in 2009 was the financial crisis and resulting credit crunch. With great
uncertainty regarding the nature, extent and disclosure of losses, and the business strategies
and management oversight associated with these losses, a good financial reputation became a
matter of survival. Credibility, built on financial strength, transparency and honest
communication with the market, was a critical component of value. Reputation has always
had a link to market capitalization, but the credit crunch made this link obvious, “Reputation
relates to confidence. When damaged it can spiral out of control,” wrote one commentator.
Allegations of fraud, insider trading and other ethical lapses that have been associated with
the crises further eroded the tattered reputations of many institutions (Ernst & Young, 2009).

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Reputation risk management to corporate sustainability becomes ever more important for
companies in the context of today’s volatile markets given presures for more intense
competition. Otherwise, companys faces risk losing the trust of stakeholders.
Reputation has become increasingly important to businesses as the world becomes more
complex. It is important because the intangible factors of business (talent, brand strength,
patents, knowledge, technology, leadership, etc.) are rapidly replacing the tangible factors
(real estate, machinery, inventory, etc.). As such, understanding what drives an industry’s
reputation is important for companies and especially senior management to ensure the long
term viability of their organization (World Economic Forum, 2009). It is not always the case
that a crisis proves damaging to an organization’s reputation, and businesses have emerged
from unexpected incidents with their reputations intact and sometimes even enhanced.
Nonetheless, corporate reputations are fragile, and careful management, combined with
decisive leadership, are required to minimize the damage that may impact on shareholder and
stakeholder confidence (INCE&CO, 2009).
3. Reputation Risk in Airline Business and Management
Contemporary business and management models to corporate sustainability are highly
considered by airline managers in today’s business environment. Corporate reputation is a
fundamental element of sustainable and efficient contemporary business management.
The aviation business sector has a complex and fragmented structure as it includes multiple
players as different sizes. The complex industrial structure of aviation coupled with its
dependence on the economic and social structures of recipient nations and its vulnerability to
global economic, social, environmental and health shock factors, increases the reputation
management pressure of the sector (World Economic Forum, 2009).
Specifically, the airline industry is highly competitive. Airline profits are sensitive to even
slight changes in fuel costs, average fare levels, and passenger demand. Passenger demand
and fare levels historically have been influenced by, among other things, the general state of

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the economy, international events, industry capacity, seasonality, and pricing actions taken by
other airlines. The principal competitive factors in the airline industry are fares, customer
service, routes served, flight schedules, types of aircraft, safety record and reputation, code-
sharing relationships, capacity, in-flight entertainment systems and frequent flyer programs.
(JetBlue, 2008)
To best manage reputation, this risk should be embedded on enterprise risk management
process in a holistic fashion. To achieve the following objectives, airlines should be
implementing enterprise risk management models:
- Network optimization
- Cost Control and Productivity
- Revenue Maximization
- Improved relationship with stakeholders via identifying and prioritizing of
stakeholders
- Risk optimization
- Seizing opportunities.
Risks to reputation should be integrated into the business enterprise risk management (ERM)
framework so that they receive attention at the right level and appropriate actions are taken to
manage them (Rayner, 2009). Many of the recommendations by the Conference Board
emphasize the importance of an enterprise risk management (ERM) strategy in business. The
following are a few of their recommendations regarding managing reputation risk (Tonello,
2007):
The Board of Directors should reach a consensus about their corporation’s reputation
risk
The Board of Directors should be in charge of determining the importance of
stakeholder relations for the company
A full-fledged ERM risk management program should be put in place for the company
and management of reputation risk should be embedded into this program
Directors should oversee the development of the top-down risk management program

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Business risks that impact reputation capital should be integrated into the risk
management program at the top of the organization
In this article, we are integrated SWOT analysis into current reputation management model
with based on enterprise risk management perspective.
The basic aim of the reputation risk management process model is to support an airline’s
management to handle reputation risk as one of the both financial and non-financial business
risks. Implementation of reputation risk management can increase productivity and improve
business opportunities in areas such as economic, environmental and social impact.
The RRM framework provides a clear, pragmatic process for managing risk which has
potential to impact corporate reputation throughout the company. We assumed that, this risk
management based methodology will provide a proactive and holistic framework to the
reputation management process. Managers will achieve a current corporate risk map owing to
a risk management based management system.

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Figure 2. Reputation Risk Management Process (Adopted from Resnick, Jeffrey T., (2006)
Reputational Risk Management: A Framework for Safeguarding Your Organization’s Primary
Intangible Asset, Opinion Research Corporation, Retrieved 10/08/2009 from
http://www.carma.com/Reputational_Risk_White_Paper.pdf.
A SWOT analysis tailored according to the reputation risk management for airlines is the first
phase of the reputation risk management process. To do a SWOT analysis correctly vis-à-vis
the abovementioned objective, reputation risk management is incorporated with the Harris
Interactive Reputation Quotient SM (RQ). The RQ instrument rates a company’s reputation
on 20 attributes (each measured on a 7-point scale) that fall into six key dimensions:
Emotional Appeal, Products & Services, Social Responsibility, Vision & Leadership,
Workplace Environment, and Financial Performance (Harris Interactive, 2008) (see Figure 3
below). The first phase of the reputation risk management process is the SWOT analysis
which is applied according to the issues of the Harris Interactive Reputation Quotient. This
phase aims to create useful results to identifying and prioritizing of reputation risks.
Figure 3. 6 Key Dimensions and 20 Attributes Measured in the Reputation QuotientSM

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The most crucial stage of the reputation risk management process is identifying the factors
that could impact reputation. Risks have to be recognized and understood before they can be
managed. Considering the seven drivers of reputation is a useful starting point, as these are
also fertile sources of threats and opportunity to reputation (see Figure 4 below) (Rayner,
2009)
Figure. 4. The seven drivers of reputation
Once risks to reputation have been identified, they can be evaluated, appropriate risk
responses developed, and the risks monitored and reported. Risks to reputation can be
evaluated in the usual way by considering the likelihood of the risk occurring and the impact
if it does. The reputational impact of such risks should be considered explicitly, alongside
financial or other impacts. This can be done by the use of a word model which explains
reputational impact in a way that is relevant and meaningful for a given business. The table
below (Table 1) provides an example of a four-point reputation impact scale that caters for
both threats and opportunities (Rayner, 2009).

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Low Moderate High Very high
Local complaint or Local media National media National headline/
recognition coverage Moderate coverage Significant international media
Minimal change in change in change in stakeholder coverage Dramatic
stakeholder stakeholder confidence Impact change in stakeholder
confidence Impact confidence Impact lasting more than confidence Impact lasting
lasting less than lasting between three months Attracts more than 12 months or
one month one and three regulator attention or irreversible Public
months comment censure or accolade by
regulators
Table 1. Four-point reputation impact scale
If we chart up the prioritized risks on a pre-prepared matrix and a clearer picture will emerge.
The priority risks will be seen in the top right hand corner – high likelihood and high impact.
For an airline, the risk of a crash would be in this part of the matrix. With this information,
steps to prevent and prepare for crises can begin. The first job is to consider if any action can
be taken to reduce the likelihood or impact of a particular risk. This could involve new
procedures, training, contingencies or communication. In some cases it could even mean
ceasing to do the thing that is causing the risk (Hemus, 2006).
In assessing reputational impact, the view of relevant stakeholders should be considered to
ensure that the impact is not underestimated. That is why understanding stakeholders and
what they regard as current and emerging major issues lies at the heart of reputation risk
management (Rayner, 2009).
Stakeholder value, based on a company’s economic, environmental, and social performance,
is a new and largely untapped source of competitive advantage that is likely to grow in the
years ahead. A disciplined approach that integrates stakeholder considerations into core
business strategy and operations can help senior executives and line managers create above
average returns. By identifying and acting on stakeholder-related business risks and
opportunities, companies can reduce costs, differentiate products and services, enter new
markets that serve unmet societal needs, enhance corporate reputation and influence industry
“rules of the game.” Success in capturing these opportunities requires new leadership and the
courage to understand and engage a diverse set of constituencies, including those previously
considered adversarial or marginal to the business. (Laszlo et al, 2005).

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4. Conclusion
Successfully managing reputation risk is both an inside-out and an outside-in challenge. The
inside-out component requires business leaders to establish an appropriate vision, values, and
strategic goals that will guide actions and behaviors throughout the organization. The outside-
in component requires the business to continuously scan the external environment and
canvass stakeholder opinion to ensure it is on a track that will secure the continuing support,
trust, and confidence of its stakeholders. Active and systematic management of the risks to
reputation can help to ensure that perception is aligned with reality and that stakeholder
experience matches expectations. Only in this way can a business build, safeguard, and
enhance a reputation that will be sustainable in the long term (Rayner, 2009).
Reputation management is critical to organizations and it continues to grow more
complicated. Companies in the past could earn reputations as good corporate citizens by
making philanthropic contributions without significant alignment with a business strategy.
Today, continuous access to information means companies are scrutinized nonstop by
stakeholders and the general public. Furthermore, the current recession has caused trust in
business to decrease dramatically. These conditions make companies increasingly vulnerable
to reputational issues that can destroy market capital and viability. Organizations that are able
to build and maintain trust are better able to meet reputational challenges (Stuller, 2009).
Companies are recognizing the importance of reputational risk and placing a greater emphasis
on reputational risk management. A survey by The Conference Board found that 82 percent of
risk managers responding indicated their companies are making a “substantial” effort to
manage reputational risk, and 81 percent stated their focus on reputational risk has increased
during the past three years (Jackson, 2009).
We believe that our study contributed to the literature reputation risk management tied to
airline sustainability by providing an enterprise risk management based perspective and a new
systematic approach by which airlines can manage their risk on this topic. Further research

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and broader applications and empirical case studies are needed to help develop this key area
of study.
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