Definition: Crisis Management is the process by which an organization deals with a major event that threatens to harm the organization (or its stakeholders, or the general public).
CM deals with threats before, during and after they have occurred.
Typical for a corporate crisis are:
1. Threat to the organization
2. Element of surprise
3. Media attention
4. Short decision time
Through contingency planning and strategic risk management companies prepare themselves by assessing potential risks and finding the best ways to avoid them before they occur.
CM is typically handled by the CEO and corporate communications.
© 2020 MBA Brief - Last updated: 21-1-2020 - Privacy | Terms