The Ceo Can't Afford to Panic

Topics: Decision making, Risk, Management Pages: 4 (1318 words) Published: February 18, 2012
In a Time of Disaster:

The CEO Can’t Afford to Panic

A disaster can strike at any time, but a crisis can only occur if one is not prepared. When a subway bombing occurs, CEO Gerald Smarten is faced with making an executive decision on behalf of Kaspa Financial Services and the community. However, he is not professionally or personally prepared for the challenge of deciding whether to allow their lobby to be used as a triage center and temporary morgue. In the event of an emergency, each organization should have a step-by-step contingency disaster-recovery plan and each leader should have the skills and training to implement emergency management. A step-by-step contingency disaster-recovery plan is specifically designed to assist financial institutions in the decision making process during an emergency or disaster. A plan might include: How to begin the process of assessing damage, taking inventory and measuring the impact on the business, and utilizing an emergency file back up system that would protect any internal records and recover data that might otherwise be lost (Kelly & Peckham, 2002). In the case of Kaspa Financial Services, Mr. Smarten and the executive staff used this type of plan when they reorganized their staff and their duties, assessed the company’s financial risks and dedication to their clients, and transferred their financial operations calls off site. When Mr. Smarten and his executive team are asked to consider Kaspa’s lobby for a triage center and temporary morgue, they would again go through the process of assessing the situation and reorganizing their staff. However, this time they will also have to rely on their ability to lead others toward what they believe would be the right thing to do. As a financial institution, I feel that Kaspa does have an obligation to their investors and customers. However, Mr. Smarten and his staff also have a responsibility to evaluate what is morally and ethically right....
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