We live in a world full of high-stakes, high-profile corporate crises – environmental disasters, product liability issues, data breaches and government investigations, to name a few. No company is immune. Therefore, advance planning and preparation is the first key step toward weathering the crisis storm. In this Conversations on Governance, we pose some key questions regarding crisis management, with the hope that these questions might stir some crisis related conversations among public company directors and executives.
1. What do you mean by crisis?
- Any situation that:
o Poses a threat to health and safety of employees, customers or the public;
o Puts material business operations at risk;
o Creates significant financial, legal or regulatory risk; or
o Adversely affects or threatens reputation or goodwill.
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