Business Resilience In Crisis Management

Business continuity or business resilience is the ability to rapidly adapt and respond to business disruptions and to maintain continuous business operations. In simple terms, it is ensuring business and operational continuity by having proper planning, readiness, and the ability to respond quickly to any threat.

Focusing only on disruptions can lead organizations to work defensively, but a preemptive approach to business resilience helps empower your organization to respond to an unanticipated incident more swiftly and more economically. A strong business continuity program can help not only in crisis situations, but also for external audits of the organization and demonstrate compliance with regulatory requirements.

Business Continuity Management

The crisis management plan details the responsibilities in the event of a crisis of key individuals and unit heads within the organization. A crisis is not something you hope to experience, however if one were to strike, you would want your organization to have as much experience as possible in order to manage it quickly and effectively. In contrast to risk management, which involves assessing potential threats and finding the best ways to avoid those threats, crisis management involves dealing with threats before, during, and after they have occurred.

It’s natural to think of a crisis in enormous terms, physical catastrophe, international conflict, or sudden failure. But in practice, a crisis is any high-consequence event that has the potential to threaten an organization’s existence, value, reputation, or ability to operate. Crises can include malevolence, cyber assaults, misdeeds, financial crimes, financial distress, technological or industrial threats, supply chain failure, natural disasters, geopolitical confrontations, and other

We also need to comprehend the crisis response mechanism of the organization that is already in place. The process involves identifying crucial strategic, tactical and operational threats. It also involves identifying key stakeholders and decision makers.

The exercise later moves on to building scenarios, responses and respective outcomes of those actions. The entire exercise would be moderated by crisis management experts/consultants which would help the participants get a better understanding of the scenarios and help with decision making. However, the moderators would not be directly involved in the decision making.

The simulation can be observed by the higher management and the crisis management consultants who could then provide an analysis of the entire exercise and a feedback of how the simulation worked.

Need for a Crisis Management