Crisis Flashcards
What is a crisis
A serious threat to the structure of fundamental values and norms of a system which under time pressure and uncertain circumstances necessitates the need for vital decision making
3 stages of crisis management
Prepare respond recover
Prepare
Structure , governance , plan, decision making , experience
Response : five key stages
Initiate and declare
Observe
Orient
Decide
Act
Key tasks of crisis management
Sense making
Meaning making
Decision making
Terminating
Learning
Effect of media
Have he power to take an event and enlarge it significantly and turn it into bad news
And give the firm a bad rep
Problems faced by crisis management teams
Lack of commitment
Hierarchal control over self initiative
Info overload
Decision making bias
Maintaining a global view
Making plans that work
Thomas theorem - If a problem is considered real then it’s consequences will be
Recover
Going back to business as usual
It’s not over until it’s over
Accountability and crisis termination
Learning
Deloitte’s definition of a crisis
A catastrophic unforeseen incident
That jeopardises the critical assets, reputation
And/or financial standing of an
Organisation or community
New trends
Increasing regulations regarding private data protection
GDPR sets requirements related to processing of data
Non compliance results in a penalty of 5% global turnover
NIS directive - critical infrastructure
