In every crisis, the case studies shared recently demonstrate that speed is now critical in effective crisis management whether the event is large or small. It is an important reminder that in these days of ubiquitous smartphones, everyone is a potential news reporter.
Practical risk management implementation in the organization depends on how the corporate structure is arranged.
As a follow up to our case studies on crisis management, it’s now time to turn to media and communications.
A CEO who buckles under a crisis takes the whole company along for the ride. An unfortunate example of getting the tone and approach wrong comes from the BP Deepwater Horizon oil spill and crisis.
Following on from the last newsletter on crisis management, it is critical we also address broader media management issues, in particular social media.
Why should companies follow good management practice? Well here are five really good reasons that should leap off the page to any experienced business leader:
The Asian CEO who hasn’t provided a substantial return on shareholder investment during this time must have been pretty unlucky, incompetent, or both.
It can be highly effective to think through potential crisis timelines in advance and prepare a response.
In business crises are inevitable. When a crisis occurs, every CEO would like to consider his business resilient. A resilient business can handle hard knocks like a rubber ball.