One of the most common wastes in the transportation of goods is empty transportation. In recent years, collaborative network models have shown promising results in reducing the waste caused by empty transport. However, despite the associated benefits, adherence to these logistical models is far from the expected due to the associated risks. In order to encourage new collaborators to join collaborative networks in the freight transportation sector, this work developed a model for assessing and managing reputational risk, with the aim of making the whole process of managing collaborative networks clearer, more efficient, and more predictable. The developed model was implemented in an illustrative case study in which collaborators of a collaborative network were prioritized according to their reputation risk. The results show that the developed model enables collaborators of a network to participate in the selection of their respective partners according to their reputational risk.