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Crisis management for the financial services industry

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Abstract

Clearly, the events of 2003 have taught the financial services industry not to take the crisis preparedness and reputation management process for granted or underestimate its importance. The best crisis management is really crisis prevention, which necessitates a clear understanding of worst case scenarios that could result from corporate actions. Once these scenarios have been outlined, there is no substitute for having a strong plan in place that serves as a pillar for the broader business strategy and is continuously monitored and communicated to all constituencies. That said, with crisis comes opportunity. It is not too late to prepare and that has never been more apparent than now for the financial services industry.

Suggested Citation

  • Luer, Charlotte & Wang, Samuel, 2004. "Crisis management for the financial services industry," Journal of Financial Transformation, Capco Institute, vol. 10, pages 18-10.
    • Handle: RePEc:ris:jofitr:1340
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    Keywords

    Crisis management; financial institutions;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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