We’ve said it time and again, but comprehensive, crisis management planning, while essential, is only the first step towards crisis preparedness. No matter how brilliant, dynamic, or intuitive your crisis plan is, when the time comes to execute, staff still needs to be comfortable performing assigned tasks. And that entails, regular training in crisis-like conditions. How, then, to create those conditions?
Over the last few years, companies have taken major steps to get their crisis preparedness house(s) in order. For instance, the 2016 Institute of Crisis Management (ICM) Annual Crisis Report found that only half of all global organizations had crisis management plans in place. Fast forward to this year, when Deloitte released the findings of its global survey of 500 crisis management executives. That study, “Stronger, fitter, better: Crisis management for the resilient enterprise,” showed that no less than 84 percent of companies had crisis management plans in place. Not the same sample set, to be sure, but still a major jump in crisis management preparedness. But though companies seem to have cottoned on completely to the crisis threat, they’re not out of the woods quite yet. That’s because the reality of crisis is completely different than the ersatz version you’ll find in crisis plans and simulations.
When compliance aims drive your crisis planning, they do so to your detriment. I know, sounds a little counter-intuitive, especially when regulators mandate that businesses prepare emergency plans for the workplace.
The crisis threat is here – most likely to stay. According to the ODM Group, nearly 80% of business leaders think their companies are only a year away from crisis. They’ve good reason to: roughly four in five Crisis Management, Business Continuity, and Risk executives have had to mobilize their teams at least once in the past two years.
A run-through of what happened
How prepared are organizations to tackle critical issues and major crises? That’s the question we at Noggin alongside our partner Deloitte posed to invited customers in an inaugural series of breakfast seminars exploring the theme of overconfidence and crisis preparedness.
If your organization has a crisis communication plan, your team has probably thought long and hard about what you’ll say, to whom, and through what channels. If your organization, like nearly half of those surveyed by Nasdaq, has no crisis communication playbook, these are key questions to explore.[i] But whether your crisis team is revising the plan or building one now, remember that communication is not just about what you say. It’s also about listening to stakeholders.
Show me an executive who thinks they’ve got crisis leadership down pat, and I’ll show you someone who doesn’t have the first clue about the nature of crisis. That’s right. Crisis is nothing like you think. Of unusual-and I mean unusual-frequency and impact, a crisis, especially novel crisis, forces business leaders to take decisive steps to respond to challenges they’ve probably never confronted, without understanding the provenance of the crisis in the first place or the longer-term consequences of the crisis intervention they’re about to take.
GDPR has officially been on the books for a few months now. So what do the new regulations mean for the world of finance?
When it comes to data breaches, no sector is more vulnerable than retail – that includes finance, insurance, and hospitality. In the U.S. alone, 75 percent of retailers have experienced some form of data breach since opening. A whopping 50 percent of retailers experienced a breach just last year. And that’s up from 19 percent the year before – a staggering year-on-year increase.
Let’s face facts. Features only improve products when actual customers use them. Too often well-intentioned features create more complexity than value. That’s never more so the case than when those features are introduced with cumbersome design elements, which users need to wade through in order to get where they need to go. After all, users are humans. And there’s only so much design stimuli we can absorb at any one time.