CRISIS MANAGEMENT VERSUS RISK MANAGEMENT - A PRACTICAL APPROACH

Hezi Aviram Shayb ()
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Hezi Aviram Shayb: PhD Program on Restructuring companies under crisis in UTM University, Chisinau

Internal Auditing and Risk Management, 2017, vol. 46, issue 2, 28-35

Abstract: When it occurs, a crisis can have a devastating effect on a company, can even put to risk its own existence. Without proper preparation and precise focus, a company won’t be able to deal effectively with the effects of a crisis and recover to its previous state. Based on the principle “Better prevent than treat†, the best way to cope with crises is to avoid them. Business practice showed that crises can really be prevented and avoided. With the right prevention actions and a proper organizational structure, any company can identify and manage in due time any possible risks that can generate a crisis. The biggest challenge for the management is to correctly assess the exposure to risk of the company and identify the key points to focus on in order to avoid any possible crisis. My own experience showed me that there is a pattern which appears every time a company faces a crisis. Based on this finding, I decided to create a practical tool that would make a bridge between the risk management and crisis management practices with the purpose of simplifying the job of the managers in assessing risks and, thus, preventing crises.

Keywords: Risk management; crisis management; risk assessing; crisis prevention (search for similar items in EconPapers)
JEL-codes: M21 O21 (search for similar items in EconPapers)
Date: 2017
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