Introduction: Crisis Management
As the business community has learned through the COVID-19 pandemic, it’s more important than ever for leaders to anticipate and plan for the possibility of an unplanned event. The more prepared you are to manage shocks, the less likely you’ll fall victim to the serious harm a crisis has the potential to inflict.
Whereas risk management is traditionally a proactive discipline, crisis management (CM) is reactive. CM can be viewed as a specialized discipline within risk management, where specific practices are instituted in response to unexpected events that threaten a company’s stability. Having an effective plan and resources in place mitigates the destructive nature of that ...
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