So many things can, and often do, go awry in today’s complex business world. Some beyond our control - natural disasters...a drunk disgruntled ex employee with a mobile phone, an Instagram account and a reliable wifi connection...a hacker with a Ray White axe to grind and data to liberate.
Then there are those issues which can and should be managed and avoided. Operational matters are within your control and can be managed largely by consistent procedures, good training and ongoing education.
In any crisis situation, it is too late to ponder how you might deal with it once it hits. Enter the Boy Scouts - BE PREPARED.
Recently, offices in the network have experienced floods, earthquakes, data breaches, cyber attacks, endured employee fraud and been subjected to regulator investigations - each instance its own crisis - sudden, out of the ordinary situation, that interrupts business and is potentially very damaging.
These have been responded to with varying degrees of success and impacted businesses in financial and non financial ways. On review, after the issue was dealt with, all involved indicated that they could have been, in some way, managed better and the impacts lessened.
Being Prepared involves:
- Understanding the risks your business might face
- Implementing processes to lessen or eliminate those risks
- Educating your staff on what to do if disaster strikes
- Maintaining insurance
- Documenting and sharing your crisis management plan
A good response might be an opportunity - as Stephen John Nell has been known to espouse, "never waste a crisis".
Alexandra Coleman - General Counsel, White Family Office
