Is your crisis management plan robust enough?
In today’s volatile and demanding business environment, organisations in Asia must prepare for a range of possible threats that could jeopardise their growth, success and survival. When a crisis event occurs, the organisation that is ready to execute a well-designed crisis management and contingency plan will be best positioned to avoid serious impact on its business reputation and stakeholders.
However, many organisations may be falling short in their crisis management approach. The common mistakes are not having a crisis management action plan that is designed to address the reputational aspect of business disruption; failing to identify and manage stakeholders throughout the crisis life-cycle; and neglecting crisis management training and preparation for business leaders, which are necessary for effective and efficient execution of their roles and responsibilities during a crisis.
What makes a robust crisis management framework?
A robust crisis management framework adopts an end-to-end approach with a focus on embedding processes, best practices and knowledge within the organisation. Supported by a partner risk advisor, organisations rely on the framework as the foundation to develop crisis management procedures, plans and actions to effectively manage disruptive conditions such as a pandemicand acute risk events such as natural disasters. The crisis management framework developed by Marsh is centred on four pillars:
- Assess: Measure current maturity and assess external threat environment, leveraging Marsh’s expertise in insurance broking and risk advisory, extensive data and modelling, and proprietary assessment tools and diagnostics.
- Develop: Curate a bespoke crisis management framework tailored to your business that encompasses impact analysis, information escalation, decision making protocol, stakeholder management and communications strategy.
- Test: Effectively train business leaders on their roles and responsibilities, as well as facilitate realistic scenario-based exercises to ensure crisis management action plans can be executed smoothly when the need arises.
- Respond: Deliver real-time, on-ground support to the client’s crisis management team, followed by post-incident analysis and enhancement recommendations.
Marsh’s team of risk advisors tailors the framework to your organisation and establishes a streamlined procedure and process optimised for the detection and management of issues that have the potential for crisis.
Marsh Advisory: Your trusted partner in business continuity and risk resilience
As the world’s largest insurance broker and risk advisor, Marsh Advisory’s Strategic Risk Consulting team has a long-standing track record in helping businesses in Asia and beyond accurately map their risk exposures and improve their risk resilience. Our global network of advisors have extensive experience in crisis preparedness and responding to real-world incidents, working effectively across industries and collaborating seamlessly across geographies.
Importantly for your organisation, our experience extends across all areas of risk management, including property, casualty, cyber, strategic risks and enterprise risk management in addition to crisis management. This ensures that solutions can be adapted and tailored to your organisation’s business strategy and needs — not the other way round.
Testimonial
“With the support of Marsh, our company has implemented a robust regional crisis management framework that serves as a single guide for our business leaders in resolving crisis scenarios. Our company is well-prepared should there be any crisis in future.” – Marsh Advisory client
