Intersecting Risk Management and Crisis Management

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Board Perspectives: Risk Oversight, Issue 45 - How to Prepare for and Respond to a Crisis: A Guide for Boards and Executives

Crisis management is an integral component of effective reputation management. A rapid and effective response to unexpected events can enhance reputation. Even the most respected organizations can be tested.

We often think, “What happened to them can’t happen to us.” Well, it can. Because most organizations are unprepared for a crisis, it is a management imperative to build a rapid-response crisis management capability for sudden and unexpected high-impact, high-velocity and high-persistence events. This issue stresses the importance of being prepared early for a potential crisis, which can improve an organization’s ability to respond to a crisis, reduce damage to a company’s brand image and reputation, and minimize regulatory sanctions, penalties or fines.

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