Notes:

  • Crisis Preparedness: The Board must ensure the company has a robust Crisis Management Plan (CMP) and Business Continuity Plan (BCP).
  • Crisis Management Team:
    • A designated team (CEO, CRO, General Counsel, Head of Comms, etc.) with clear roles and responsibilities.
    • Succession: A clear plan for who takes over leadership if the CEO is incapacitated during a crisis.
  • Communication Protocols:
    • Internal: How to communicate with employees safely and accurately.
    • External: How to communicate with regulators, customers, media, and investors.
    • Social Media: Protocols for monitoring and responding to social media sentiment during a crisis.
  • Tabletop Exercises: The Board should participate in or review the results of crisis simulations to test the CMP and decision-making processes.
  • Post-Crisis Review: After a crisis, the Board must conduct a thorough review to identify lessons learned and update the CMP and risk framework.
  • Reputation Management: In a crisis, reputation is a key asset. The Board must ensure the company’s response is transparent, empathetic, and aligned with its values.
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