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In today's world, crises are becoming more prevalent and longer-lasting, presenting challenges to businesses and organizations worldwide. The 2023 Crisis Minds conference brought together experts in crisis and risk management to discuss the latest trends and strategies for dealing with crises effectively. Here are the key takeaways from the conference.
Physiology of a crisis
One of the main themes of the conference was the idea of permacrisis, or a state of permanent crisis. Crises are becoming more widespread and longer-lasting, making it difficult to control or fix the underlying issues. It is important to understand this inherent nature of crises when responding to them - read more about how to respond to a crisis.
Responding to a crisis
When responding to a crisis, it is crucial to focus on what is within our control and plan for the worst-case scenario including
Things get worse
Crisis is put down but there are "fatalities"
Stakeholders take actions against you
Then, decision-making should not be left to a committee, and crisis leaders should have all information converging to them. Crisis management is mostly about fast-tracking decision making and ensuring timely response. Legal counsel is also an essential part of the response team. It is also important to think about potential opportunities that may arise during a crisis; not everything is necessary bad!
Communication during a crisis
Clear and consistent communication is key during a crisis. It is important to understand the facts and control your response to the news and social media cycle. Holding statements should be delivered quickly and be simple and empathetic, with a focus on putting people first. The same message should be conveyed internally and externally, and external support should be adequate.
Cyber threats
Cyber threats are a growing concern for organisations and should be treated like any other aspect of the business. It is also critical to reduce the surface of vulnerability, only hold data you need and remove complexity wherever possible. Another aspect is to let your legal counsel determine when you became aware of data leakage and invoke relevant regulatory procedures - read more about how the Ion Trading Cyber Attack unfolded.
Preparation
Preparation is essential for effective crisis management. Training and education can help reduce fear and paralysis during a crisis. It is important to have a crisis response framework in place, with the same leaders in place for all situations and relevant subject matter experts brought in as needed. HR should also be involved in crisis management planning, and businesses should plan for potential leaks and self-inflicted crises.
Crisis function
The crisis management function should not become a single point of failure, and its impact should be quantified based on the crises averted or limited in time.
In conclusion, crises are becoming more frequent and complex, and businesses need to be prepared to respond effectively. By understanding the inherent nature of crises, focusing on what is within their control, communicating clearly and consistently, and preparing ahead of time, businesses can navigate through crises and come out stronger on the other side.