Crisis management for the financial services industry

Charlotte Luer () and Samuel Wang ()
Additional contact information
Charlotte Luer: LJH Financial Marketing Strategies, Postal: Florida, http://www.ljh.com/
Samuel Wang: Capco, Postal: New York, http://www.capco.com/

Journal of Financial Transformation, 2004, vol. 10, 18-10

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.

Keywords: Crisis management; financial institutions (search for similar items in EconPapers)
JEL-codes: G21 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1340

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