Please enable JavaScript.
Coggle requires JavaScript to display documents.
Crisis Management - Coggle Diagram
Crisis Management
-
Six parallels
-
Stabilize stakeholders
Most pressing concerns will be to reduce anger and extreme frustrations from some stakeholders. For example, goodwill payments to customers to stop them from going to other brands. Emergency financial package to ease pressure from suppliers, business partners or customers.
-
Repair the root cause
Repairing the root cause of any crisis is usually a multiyear exercise. Hiring fresh and objective talent onto the board is a tried and tested approach. Other initiatives include the creation of powerful new insight capability, the redesign of core risk processes and work to foster a new culture and mindset around risk mitigation
Restore Organisation
The seeds to full recover need to be planted as early as possible. This allows the organization to consider and evaluate big moves that will enable future recovery, and to ensure it has the resources and talent to capitalise on them.
Be prepared
Companies should consider defining the main black swan threats that may hit them, by conducting regular and thorough risk-identification exercises and by examining large crises in other industries as well as their own.
Lay out what the trigger may be and how a hypothetical scenario might unfold, based on patterns of previous crises. Once assessment is complete, company should train key managers at multiple levels on what to expect and enable them to feel the pressures and emotions in a stimulated environment.
-
-
-
-