A robust enterprise risk management framework is the proverbial ounce of prevention towards crisis management:
Organisations must work on defining and evaluating a robust framework for corporate governance, risk management practices and internal controls. These three components build the foundation for a robust crisis management programme. Through regular reviews, companies can identify new and emerging risks and assess existing risks and also the adequacy of risk management efforts.
Two broad sources can cause a crisis. First, the risks which are on the risk map. Every organisation faces inherent risks specific to the industry to which it belongs.
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