Crisis management on the board's agenda
When the stakes are high and scrutiny is intense, the board has a unique role. Stepping in may be uncomfortable but stepping aside is not an option.
The board’s role in crisis management
These years, crises are ubiquitous. Just think of the last decade that has brought us the banking crisis, the Arab spring, debilitating cyber-attacks on government, on political parties and on private companies, terrorist attacks, not to mention high profile governance failures. Common to every crisis is that it can impact an organization’s ability to meet its objectives.
Boards are responsible for safeguarding the governance and viability of the organization. Therefore, crisis management should be a central preoccupation for the board of every organization, small or large, local or global. Why, then, do we see so few boards actively participating in, overseeing and assuring crisis management in the way they do other risks and contingency plans?
A good crisis response is about swiftly fixing what has gone wrong - but it is also about being externally focused, communicating to stakeholders, shareholders, regulators, and about making big decisions that have a significant impact on the future of the organization.
There are actions boards can take now to give themselves comfort that the organization is prepared to manage a crisis. Download our latest report and learn more about how your board can take the lead.
Stepping in: The board's role in crisis management
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