Crises are becoming more frequent and their impact more significant and widespread, yet fewer chief executives feel prepared to respond to such threats.
According to PwC’s most recent annual global CEO survey, two-thirds of over 1,400 global CEOs believe that their businesses face more threats today than three years ago and over half of the respondents said they were concerned about their readiness to respond to a crisis.
Melanie Butler, UK partner and global crisis centre leader, PwC, said, “It’s not surprising that with the dynamic changes in society, from the speed of technological development and advanced regulatory changes, to changes in worldwide macroeconomics and the advance of urbanisation, that two-thirds of global CEOs believe that their business faces more threats today than three years ago and over half are concerned about their readiness to respond to a crisis.
“Uncertainty and risk are very real threats, and in this fast-moving social media world we have moved into, there is less and less time for organisations to respond to crises. So there is a real recognition of the need to have robust plans in place as the effect of a crisis on a business can be long-lasting, and to tackle and overcome crisis, you need expertise at every step.”
PwC has identified seven core types of crisis - financial, legal, technological/intellectual, operational, human capital, global and reputational.
PwC’s virtual crisis centre has been designed to help organisations handle the crises they face, whether it’s a natural disaster, a cyber-attack or an infectious disease such as the Zika or Ebola virus, a financial collapse or a product recall, regulatory violations or brand and reputational attacks.
The centre provides a coordinated end-to-end set of global solutions that help organisations before, during, and after crises strike.
Crisis professionals from across PwC’s worldwide network of member firms in 157 countries will access and mobilise the best skills, experience and knowledge to help organisations handle these crises.
The specialists will help businesses prepare for crisis by giving them the strategies, capabilities and tools to avoid crises, mitigate risk and manage impact.
They will also enable businesses to react to a crisis quickly and effectively by helping them organise, analyse, and resolve crises as efficiently as possible, while taking the critical steps to preserve valuable data and information.
PwC added that the team of crisis professionals will help clients emerge from the crisis stronger than they were before by getting back to business, learning from the experience, and capitalising on the “new normal”.
“Our team is ready to hit the ground running, helping organisations avoid and prepare for crisis, respond quickly and confidently when a crisis occurs, and emerge stronger from the experience,” Butler said.
“We also support corporates and NGOs, as well as governments, acting as convenors between different groups and organisations, helping co-ordinate and join up efforts to deal with crises.”