"You never know how strong you are until being strong is the only choice you have." - Bob Marley
In the age of the coronavirus & day to day uncertainty, we will see a rise in the new role that might be common in the future to tackle crisis situation in organisations.
With the current increased pace of change & communication, we need to make decisions even faster as an organisation (at the same time minimising the risks & downside of decisions made) to ensure that the organisation continues to survive and thrive despite whatever market situations are dealt to us.
Risk Management - A Driver of Growth
As we can see in EY's 7 Drivers of Growth (Daring to Compete), that Risk Management is now seen as a Driver of Growth current times.
How efficient and effective is your organisation's methodology in managing risks - lowering cost of capital & improving business performance.
The Coronavirus pandemic and it's impact on the global economy is part of that risk (and therefore costs of running an organisation) especially when there is a lockdown & supply chain disruptions due to business disruptions - how is your organisation adapting with the situation?
How fast are you adapting to the situation?
Chief Crisis Officer
In light of the current situation, James Haggerty writes about the Chief Crisis Officer and shares with the world (given his experience and observation) a strategic approach on how organisations can develop a plan to deal with unexpected crisis that an organisation is facing:
Choosing the right Crisis Officer
Building the right Crisis Communications Team
Preparing a Crisis Plan that actually works
Using Technology in crisis
Managing legal crisis
An Example of a Crisis Response Plan
So eventually, your organisation would probably build something like this.
It will usually be broken down into the following categories:
Risk Stages (on the X-axis)
Some form of measurement/metric of the crisis (on the Y-axis)
Options of possible Responses (on the Y-axis)
Options of possible support/resource needed to activated (on the Y-axis)
We can also see this in how the different countries all over the world that are responding to the virus with different risk management/containment/mitigation strategies - from Italy, to China - based on different risk tolerances & government philosophies as well.
Question is: What are your organisation's strategies on crisis management to ensure that the business continues despite unexpected market situations?