What’s next? The 5 principles of successful crisis management

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the 2nd episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before? Each week, we’ll focus on a different area that may need your focus in this period of recovery. This week, as preparedness is more relevant than ever, host Heather Horn sits down with Kristin Rivera, PwC’s Global Crisis Centre leader, to discuss the five actions that you, your team, and your business can take to emerge stronger from any crisis. Topics include:1:05 - Background. Crisis management is the process of responding to unplanned events in a thoughtful way. Kristin sets the stage for what to do when knocked off your strategy.4:55 - The survey. Kristin describes PwC’s Global Crisis Survey—compiling data from over 4,000 individual crises to show how companies can manage crises more effectively.      9:34 - Survey findings. Kristin explains the five actions that will help your business emerge stronger from any crisis. 11:04 - Allocating a budget. Putting resources behind building a crisis management program is the first step.15:48 - Testing your plan. Having a paper plan is not enough—practicing is important.18:22 - Fact-based approach. Establish what facts are known and recognize what you don’t know.24:50 - Root cause analysis. After the crisis, evaluate what you could have done better and operationalize your findings.27:44 - Act as a team. Focus on your company’s values and mission to align your response.Kristin Rivera serves as PwC’s Global Forensics Leader, overseeing a practice of over 3,500 professionals operating in more than 70 countries. In addition, Kristin also leads PwC's Global Crisis Centre, which helps companies and business leaders around the globe prepare for, respond to, and emerge stronger from crisis and other unexpected events.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].