For the second year in a row, a survey of members of corporate boards found that their major concern, aside from financial risk, is reputational risk.

Two-thirds (66%) of the directors on the boards of more than 190 public and privately held companies surveyed by the accounting firm EisnerAmper reported reputational risk remains their biggest nonfinancial concern, down slightly from the 69% who said the same thing last year.

EisnerAmper partner Steven Kreit, one of the study's authors, says he was not surprised at the concern board members expressed about reputational risk. “Particularly with all the news relating to reputational risk we've seen—the BP well blowout, the security breaches of customer credit data, and so on—it's understandable,” Kreit says. “Before we did this third annual survey, I was thinking that risk meant product risk, and you know, if the product was good, then the corporation had no problem. But with all these other things that can happen, it's obviously a much bigger issue.”