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Volume 32, Issue 2

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Monday, 13 May 2019 14:29

Is your crisis management plan good enough?

The aftermath of a global corporate scandal is a very messy affair. Firstly, there’s the breaking news, then the media frenzy, the plummeting share price, the evaporating confidence, the damage-limitation exercises and finally the grovelling executives. We live in a super-charged, hyper-connected environment, answerable to the 24-hour “churnalism” cycle and social media chatterati. Boeing, Uber, Nissan, Huawei, Airbus or Purdue Pharma, to name but a recent few, have all had to step up like Winston Churchill to their darkest hour. “Crisis management can be like dealing with an explosion,” explains Jo Willaert, president of the Federation of European Risk Management Associations.

Be quick, honest, open and, in such circumstances, be compassionate in communications, these are the key principles of crisis management

And with any explosion, corporate or otherwise, everyone ducks away from the line of fire for fear of getting hit. Damage limitation can trump open communication. Slow and myopic group-think can stymy a crystal clear, crisis management plan because the stakes can be excruciatingly high and the fallout unthinkable. No one really wants to spark the next Lehman or Enron crisis. It would be career suicide.

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https://www.raconteur.net/risk-management/crisis-management-plan