WHEN THE GOING GETS TOUGH, THE TOUGH GET GOING: THE IMPORTANCE OF SOLID CRISIS MANAGEMENT
The ongoing COVID-19 pandemic is having a profound impact on humanity, as well as the global economy, and is posing unprecedented challenges to leaders and organisations worldwide.
The rapidly evolving landscape has highlighted the need for a new, flexible and pragmatic approach to crisis management to best preserve long-term value chains and workforces, and to build organisational resilience for the future.
Every day, organisations face risks which can have a severe impact on their operational activities, value creation chains and their reputation.
The sources of many of the risks a business can face can be linked to criminal acts, third-party issues, internal causes, natural disasters and geopolitical tensions, among others. And while some of these challenges are foreseeable, it is often difficult to predict when a crisis will occur or its potential impact.
Companies should take steps to identify and minimise potential risks to their business by ensuring they have an integrated risk management, business continuity and crisis management framework in place.
While business continuity management focuses on identified risks by preventing events from happening and providing a rehearsed and structured response when they happen, crisis management provides the initial response to events with the goal of recovering and returning to normal as quickly as possible, minimising the impacts on the organisation.
Flexible and pragmatic crisis management
Crisis management consists of a quick, safe and coordinated response to emergencies in order to re-establish control and to safeguard relations with key stakeholders and maintain, or even enhance, the company’s reputation.
Apr-Jun 2021 Issue
Novartis International AG