Corporate Crisis Management: A Contemporary Best Practices Template

Author

Vivek NarayanFollow

Date of Graduation

8-2024

Document Type

Thesis

Degree Name

Bachelor of Science in Business Administration

Degree Level

Undergraduate

Department

Finance

Advisor/Mentor

Worrell, Dan

Abstract

This paper seeks to re-envision the crisis management framework used by organizations in their day-to-day activities. In the modern world, with exponential technological advancements, the social media age, and the 24/7 news cycle, crises have worsened in severity. Despite this, most literature on the subject is more than a decade old.

Incorporating past literature, this thesis demonstrates that society is in an “era of crises,” then defines and discusses the types and origins of these crises. It compares the topics of issues and crisis management before commentating on corporate and academic literature and ultimately previous 3-stage models for crisis management.

Finally, it outlines a modern and modified framework for crisis management, drawing from other 3-stage models and the bevy of crises faced since the turn of the century. By dividing the crisis cycle into pre-crisis, crisis onset & duration, and post-crisis, it gives organizations a simple, yet effective guide to navigating these events before generating its own model that highlights each stage of the crisis, points to tangible steps that should be taken at those times and displays the inevitability of the crisis feedback loop that necessitates this continuous improvement.

Keywords

Crisis Management; Organizational Leadership; Finance; Management; Corporate Social Responsibility

Citation

Narayan, V. (2024). Corporate Crisis Management: A Contemporary Best Practices Template. Finance Undergraduate Honors Theses Retrieved from https://scholarworks.uark.edu/finnuht/134