Crisis Management (Week 8)

Crisis Management (Week 8) - Business & Professional...

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Business & Professional Ethics Chapter 6 – Part II (Week 8) Crisis Management Risk Management & Ethics Risks
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Learning Objectives To understand the fundamentals of: Crisis management Risk Management Ethics Risk Management
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Crisis Management A Crisis is an unusual event that has a significant probability of affecting the organization’s reputation & its ability to meet its strategic objectives. Tylenol (J & J) - competitive advantage – selling trust, not pills Arthur Andersen - survival Martha Stewart - loss of reputational capital/brand value Maple Leaf Foods – restoration of brand confidence, trust Proper management is essential to manage risks and opportunities Ethical decision making is essential to maintain reputation
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Crisis Case Toyota Case .Citic Pacific Case . . .
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Ethics Should be part of Crisis Management Crises are more significant than daily decisions – reputation impact Opportunities may be lost: lack of sensitivity to stakeholder interests reduction in stakeholder anxiety…ethical expectations helps identify important issues & best alternative
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Build Ethics into Crisis Management Elements Prevention and warning: Code, Training, Examples Analytical approach: Apply a stakeholder-analysis framework Ethics expert/consultant on the crisis management team Checklist or specific time to consider: Ethics issues, alternatives, opportunities Decision itself: apply a template including ethics Communications on ethical intent to: Employees outsiders: customers, media, etc.
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Phases of a Crisis Time Cost To Organization Crisis Control Begins Post- Crisis State Reached Continuing Reputational Impact Unanticipated Crisis Anticipated Crisis Phases Pre-crisis Uncontrolled Controlled Reputation Restoration
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Considerations for Managing a Crisis Earliest possible identification and assessment of crisis Check warning indicators as part of an ongoing risk management system Analyse crises using the stakeholder impact analysis process Consider how the crisis or its impact can be influenced – timing, cost, mitigation? Develop a plan of action with
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Crisis Management (Week 8) - Business & Professional...

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