Crisis Simulations with Management and Boards
Dan Moore, Partner at Joele Frank, joined us to discuss the importance of pressure testing crisis plans by simulating real-life situations with corporate communications/investor relations, as well as Boards and management teams.
It’s one thing to scenario plan and formalize a “playbook” for rapid response in a highly visible crisis, but it’s a whole different matter to practice in the context of a fictionalized situation, test unpracticed “muscles” and develop best practices in real-time. Establishing this practice while skies are blue will go a long way to being prepared while in the foxhole.
Organizations that make a habit of simulating crisis respond most effectively in real-life…and it also leads to best practices and the identification of both strengths and areas that need improvement/additional internal or external resources. Dan emphasized the importance of looking at things from a broad stakeholder perspective and receiving input across different teams….and avoiding silos.
Although speed is critical in crisis situations, getting it right is paramount. Dan acknowledges that the approval process can be a roadblock but encourages leaders to work alongside other departments to make the decision making process more efficient when speed matters.