Reputation Risk Management Forum
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Examples Of Bad and Good Reputation Risk Management
— Risk Manager (@ERMuk) February 20, 2018
Bank of England Acts Like An “Unreliable Boyfriend”
Mark Carney, governor of Bank of England BoE, has been portrayed in the media as making the BoE behave like an unreliable boyfriend.
When he first flew in from Canada, he set out his stall. He was going to keep British business decision-makers fully informed about BoE policy direction and planning. One key performance indicator Mark Carney and BoE would use initially would be unemployment rate. When unemployment rate fell below 7% interest rates in UK would start to rise. Well unemployment relatively swiftly fell below 5% and the rate in UK is now 4.3 percent, the lowest for forty years, but we have really only seen one rate rise and than was to reverse a 0.25 percent cut Mark Carney disgracefully imposed on UK to hide his blatant misrepresentation of the UK economy post a vote to leave the EU.
Mark Carney and BoE move the goalposts more frequently than a professional football team during training, yet his reputation is somehow just laughed-off as being like an unreliable boyfriend.
His reputation as an unreliable boyfriend stems from his constant hinting of interest rate movements that never materialised. The hints were supposed to help business leaders plan for their strategic future, but as the rate rises didn’t normally turn up he got the reputation of behaving like an unreliable boyfriend.
Mr Carney’s intervention in the pre-Brexit vote in June 2016 with wrong negative UK forecasts for the immediate aftermath of a vote to leave the EU will be many people’s memory. However, whether you like or dislike Mark Carney’s interference in politics of UK, you have to admire his Teflon durability in the face of BoE doing the opposite of what Mr Carney set out to do.
Instead of the BoE keep British business leaders fully informed of BoE direction and policy he has been all over the road like a drunken manic. He is however, far from drunk or stupid. He is very calculating for his own benefit and that of the city, not the UK economy.
When he fly’s back to Canada he will do so trying to make everyone think he has done a hard job well, when in fact he made an easy job more difficult for himself and the UK. Coming in after the financial crisis, he has done little to prevent another financial crisis, and barely contributed to the recovery from the last one. Yet he will walk into his next job with his reputation enhanced. Beauty is in the eye of the beholder! Reputation protection and development can be as much about luck and bad luck rather than an exact science. Mr Carney is the ultimate example of that. As the story goes, its better to be a lucky manager than a good one!