Much of the work in the field of risk management has been focused on defining and quantifying market, credit and operational risk. Recently, there has also been recognition that organizations should measure and manage the reputation risksthey are exposed to. In general, a reputation risk is any event that can potentially damage the standing of an organization in the eyes of third-parties. From a financial point of view, reputation information potentially affect firm stock value. Thus, the most important contribution of our analysis is to introduce the forward search to define lower and upper bounds (envelopes) which are likely to contain returns (at a pre-defined confidence level) when no reputation events occur.