All commercial organizations operating in the digital era exist within a challenging landscape. Underlying trust is weak; expectations of good, transparent governance are high; and acceptance of failure is low.
At the same time, communicating with stakeholders is becoming more complex as traditional addressable audiences fragment into ever-evolving, always-online socially-connected communities, guaranteeing that issues and crises play out very publicly and swiftly.
To navigate these challenges successfully and to protect value for shareholders as companies grow, it’s vital to enhance business resilience. Reducing risk and building trust should be as important as innovating and pursuing operational excellence.
What is a crisis?
The British Standard for Crisis Management (BS 11200:2014) defines a crisis as “An abnormal and unstable situation that threatens the organization’s strategic objectives, reputation or viability.” Understanding this definition is vital in helping an organization to prepare itself to deal with a crisis. Through worst-case scenario planning, organizations can identify what abnormal events they could be exposed to, the impact of abnormal events on the ability to execute strategic objectives, and the damage that could be caused to reputation and viability.
More of the Continuity Central post from Robert McAllister