Battling the Waves: How a Crisis Communication Playbook Keeps Your Organization Afloat
From FTI Consulting…
They say “failing to prepare is preparing to fail”, but in today’s world of growing and varied crises, what does real preparation look like? We’re told to “expect the unexpected,” but how does that translate into tangible actions to protect businesses and organizations when the stakes are so high?
In Turbulent Waters, Trusted Anchors: The General Counsel’s Evolving Role in Navigating Crises, an Economist Impact report sponsored by FTI Consulting, a “preparedness paradox” has emerged –almost a third of survey respondents ranked reputational crises as one of the top three risks faced by general counsel (“GCs”), yet also one of the top three risks they feel least prepared for.
As daunting as that finding initially is, the reasons behind it may not be as sinister as it first appears – aren’t all crises reputational to one degree or another? Take cybersecurity, which is listed in the top eight risks, this could be look at instead as a purely technology or operational risk, with internal knock-on-effects if systems are down or you’re threatened with a having to pay a ransom. However, there are huge reputational ramifications around cyber-attacks when it comes to public opinion concerning trustworthiness and safety of data – particularly if it’s not the first data breach you’ve had.
Whilst reputational risk is its own category, it bleeds into others very easy, which can feel all-encompassing and too large in scale to prepare for. Typically, a reputational issue can pose risk in one or all of the following areas: commercial, regulatory and legal, as well as impact any ongoing or future initiatives. That makes the need to prepare for it effectively even more important. But effective preparation isn’t just about determining the various crises and their various risks, it’s essential that preparation moves forward into implementation, even before a crisis hits – building tools that are readily available when the time comes.
The Deciding Factor: A Crisis Communications Playbook
Another reason why reputational crisis is something GCs feel least prepared for could be that only 33% of respondents have a prepared crisis communications playbook. This is a vital and invaluable tool that goes well beyond just a set of pre-prepared factual statements to provide to press and employees.
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Want to talk about a crisis communications plan? Give Hennes Communications a call at 216-321-7774 or visit us at www.crisiscommunications.com.