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Your company is facing a crisis. How can you ensure that you're prepared for the worst?

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A crisis can strike any company at any time, whether it's a natural disaster, a cyberattack, a product recall, or a scandal. How you respond to a crisis can make or break your reputation, your customer loyalty, and your bottom line. That's why you need to have a solid risk management plan in place, before the worst happens. In this article, we'll share some tips on how to prepare for a crisis, how to communicate effectively during a crisis, and how to recover from a crisis.

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Vikrant Bhalerao

30 years International Banking experience|Wealth Management, Private Banking and Investment Management|Executive Level…

1 Identify potential risks

The first step in risk management is to identify the potential risks that your company faces. This can be done by conducting a risk assessment, which involves analyzing your internal and external environment, your stakeholders, your processes, your assets, and your objectives. You can use various tools and techniques, such as SWOT analysis, PESTLE analysis, scenario planning, and risk matrices, to help you identify and prioritize the most likely and impactful risks.

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Shyam Prasad P.

Vice President - Core Compliance at MUFG | Ex- StanChart | Ex-Deloitte | Ex-HSBC | Ex-MCX-SX
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From a financial markets standpoint, apart from identifying the given People and Operational risk, additional risk identification includes - - assessing market volatility, - liquidity risks, - interest rate vs exchange rate risks - regulatory compliance - credit risks etc. and many more Understanding the potential impact of these factors is crucial for effective risk management in volatile market environments.

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Eduardo Humberto

CEO | CFO | Diretor | Executivo | Controller | Administrativo-Financeiro
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é essencial desenvolver e implementar um plano de contingência abrangente. Identificar e avaliar os principais riscos, estabelecer protocolos claros de comunica??o e tomada de decis?o, treinar a equipe em procedimentos de emergência, garantir redundancia em sistemas críticos, manter reservas financeiras para tempos difíceis e realizar simula??es regulares de crise para testar a eficácia do plano.

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2 Develop a crisis response plan

The second step in risk management is to develop a crisis response plan, which outlines how you will handle each type of risk. This plan should include a crisis team consisting of key decision-makers and experts from different functions and levels of the organization, as well as a crisis leader who is responsible for coordinating the team and communicating with stakeholders. Additionally, the plan should include a crisis protocol defining the roles and responsibilities of the crisis team members, escalation procedures, communication channels, and contingency plans. Finally, it should contain a crisis toolkit with resources and tools such as contact lists, templates, checklists, and guidelines.

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Shyam Prasad P.

Vice President - Core Compliance at MUFG | Ex- StanChart | Ex-Deloitte | Ex-HSBC | Ex-MCX-SX
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In addition to the general crisis response plan as mentioned here, incorporating a few extra elements is crucial. This includes - - Accurate information of team members to contact them in case of crisis or business continuity - Periodic testing of the crisis management plan - Sharing the key contact details with the team, categorically calling out the SPOC - Creation of a RACI Matrix to delineate the responsibilities effectively - Ease in accessing the contingency plan (as now we have hybrid models of working) - Clear-cut plan of action in case of Crisis or Business disruption, etc.

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3 Train and test your staff

The third step in risk management is to train and test your staff on how to implement the crisis response plan. This can be done by conducting regular drills, simulations, and exercises, which can help you test the effectiveness of your plan, identify gaps and weaknesses, and improve your skills and readiness. You should also provide ongoing training and education to your staff on risk awareness, prevention, and mitigation.

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Shyam Prasad P.

Vice President - Core Compliance at MUFG | Ex- StanChart | Ex-Deloitte | Ex-HSBC | Ex-MCX-SX
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Regular training sessions and simulations (scenario-based well) are essential to ensure staff readiness in executing the crisis response plan. These exercises not only familiarize employees with their roles and responsibilities but also allow for real-time evaluation of the plan's efficacy. Periodic education on risk management enhances staff awareness and equips them with the necessary skills to identify and address potential threats proactively. By investing in comprehensive training programs, organizations can bolster their resilience and minimize the impact of crises on operations and reputation.

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4 Communicate clearly and transparently

The fourth step in risk management is to communicate effectively and openly with stakeholders during a crisis. Doing so can help maintain trust, credibility, and reputation, as well as reduce confusion, anxiety, and misinformation. To ensure successful crisis communication, it's important to be proactive rather than reactive. Don't wait for the media or public to ask questions or spread rumors; be the first to inform your stakeholders about the situation and the actions you are taking. Additionally, you must be honest and admit mistakes, apologize sincerely, and take responsibility for the consequences. Furthermore, it's essential to be consistent with your messages and not send mixed or conflicting messages to stakeholders. Finally, show empathy towards your stakeholders' feelings and concerns by demonstrating that you care about their well-being and are actively working to resolve the crisis.

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Shyam Prasad P.

Vice President - Core Compliance at MUFG | Ex- StanChart | Ex-Deloitte | Ex-HSBC | Ex-MCX-SX
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Indeed, effective communication is paramount in crisis management. Establishing a feedback mechanism ensures that information flows seamlessly, allowing for timely adjustments and improvements to the crisis management plan. Moreover, fostering trust between the crisis team and management cultivates an environment where open dialogue and collaboration thrive, enabling swift and coordinated responses to emerging challenges. Recognizing the pivotal role of communication and trust underscores the importance of nurturing strong interpersonal relationships within the organization, reinforcing the resilience of the crisis management framework.

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5 Recover and learn from the crisis

The fifth step in risk management is to recover and learn from the crisis, which can help restore normal operations, rebuild relationships, and enhance resilience. During this process, you should evaluate the impact and effectiveness of your crisis response by collecting feedback, data, and evidence. Measure the outcomes and results of your actions to identify what worked well, what didn't work, and why. Additionally, you should implement corrective and preventive actions to address root causes of the crisis. Make changes and improvements to processes, systems, and policies, and monitor their performance and compliance. Finally, review and update your risk management plan with lessons learned from the crisis. Incorporate these into your risk assessment, crisis response plan, and crisis toolkit. Test and refine your plan before communicating it to staff and stakeholders.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Vikrant Bhalerao

30 years International Banking experience|Wealth Management, Private Banking and Investment Management|Executive Level Leadership|Dedicated to Delivering Exceptional Results|Author of 'Egypt Wealth Report'
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- Develop a crisis management plan - Establish clear communication protocols - Identify key stakeholders and establish communication channels - Conduct regular training and drills - Create a designated crisis response team - Establish relationships with external partners and experts - Monitor and assess potential risks and vulnerabilities - Maintain up-to-date contact lists and resources - Review and update the crisis management plan regularly.

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Your company is facing a crisis. How can you ensure that you're prepared for the worst?

1

2

3

4

5

6

1 Identify potential risks

2 Develop a crisis response plan

3 Train and test your staff

4 Communicate clearly and transparently

5 Recover and learn from the crisis

6 Here’s what else to consider

Risk Management

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Your company is facing a crisis. How can you ensure that you're prepared for the worst?

1

2

3

4

5

6

1 Identify potential risks

2 Develop a crisis response plan

3 Train and test your staff

4 Communicate clearly and transparently

5 Recover and learn from the crisis

6 Here’s what else to consider

Risk Management

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