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Managing reputational risk: how to plan and adapt for public reaction

In today’s volatile environment, businesses are under constant pressure to adapt to the rapidly changing marketplace. Change happens, but how do you manage a switch that will likely anger your customers?

Hurricane Sandy
Plan and adapt.

 

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Why someone else’s data breach affects you

Cyber crime is one of the biggest threats facing companies today.  Its ramifications, such as stolen data and identity theft, are enormous and will only continue to grow. It’s impossible to plan for everything, but a proper business continuity program will help your company stay strong in the event of an unexpected attack. 

data breach
Data breach

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10 lessons in crisis management

When bad things happen, companies can’t afford to just react on the fly. Successful management of a crisis requires understanding how to handle an event, before it occurs. Staying competitive in the marketplace means taking a more proactive approach to crisis management. Here’s how.

A matter of hours or days is all it can take for a crisis to destroy a company’s reputation.

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Ukraine crisis poses business interruption risk

For any organization with involvement in Russian territory, recently imposed sanctions due to the unpopular Crimean conflict introduces new potential complications affecting operations, supply chain, personnel and communications. What are the implications for risk managers?

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Challenges and opportunities of omnichannel retailing

The retail sector faces risk challenges ranging from cyber security threats to active shooter incidents. These threats, coupled with advances in new technologies, social media and public perceptions of risk have required the retail sector to reevaluate the resiliency of their business.

Written by Lootok’s Sweta Chakraborty and Iris Chung.

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How can you make your crisis management team a more effective working unit?

There are three key steps that must be taken to ensure the cohesiveness of your team. First, you must factor in the human element. Remember that a crisis management team (CMT) is an ad-hoc working group – its members typically don’t interact on a daily basis, only in an escalated incident.

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Seven insights from superstorm Sandy: a financial sector retrospective

$18 billion dollars. That’s the number estimated in damages caused by Hurricane Sandy just in the state of New York alone. With the unexpected turns that transpired amidst the super storm, all businesses were reminded of the importance of business resiliency.

Given the vast amount of information presented to-date, it is still very important that the financial sector revisit the surprises from Sandy to ensure that critical financial services are better protected. A team of experienced BCM advisors gathered the recommendations in the accompanying table from industry thought leaders in leading global financial services companies to learn from their perspectives.

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