Crisis Management

Topics: Crisis management, Crisis, Management Pages: 3 (1051 words) Published: March 4, 2015
CRISIS MANAGEMENT
The secret of crisis management is not good vs. bad, it’s preventing the bad from getting worse. -Andy Gilman.
The key characteristics of a crisis are that you cannot control it – that’s why it is called Crisis “management.” You have to understand, in real time, when to yield and when to tilt. And even if you navigate to perfection the threat could be existential. Crisis management is the process by which an organization deals with a major event that threatens to harm the organization, its stakeholders, or the general public. The study of crisis management originated with the large-scale industrial and environmental disasters in the 1980s. The unexpected, by definition, can come at any time. And no business is bulletproof. If you're unprepared, the unexpected can be your business’s greatest vulnerability. A natural disaster such as a hurricane, flood, wildfire or earthquake could arise and destroy the company’s physical assets. Or a theft, a sudden death of a key executive, a bad investment, a scandal or a social-media crisis could damage a company’s financial health. How a company responds to a crisis or an unexpected event affects its credibility and resilience. Can it bounce back quickly without much intervention? Will restoring to its pre-crisis status require aggressive tactics or will the business fail to survive? Developing a crisis-communications response plan is essential for any business.  Crisis management consists of different aspects including;

Methods used to respond to both the reality and perception of crises. Establishing metrics to define what scenarios constitute a crisis and should consequently trigger the necessary response mechanisms. Communication that occurs within the response phase of emergency-management scenarios. A crisis mindset requires the ability to think of the worst-case scenario while simultaneously suggesting numerous solutions. Trial and error is an accepted discipline, as the first line of defence might...
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