Crisis Management: Framework and Principles with Applications to CoVid-19

9 Pages Posted: 27 Mar 2020

See all articles by Peter Nathanial

Peter Nathanial

INSEAD

Ludo Van der Heyden

INSEAD - Technology and Operations Management

Date Written: March 23, 2020

Abstract

This article tries to sum up lessons all facing any crisis should be aware of. We use the CoVid-19 crisis to illustrate these lessons and put them in a context that concerns us all today.

What is particularly painful in the crisis – a fact that motivated the writing of this article - is to see that these principles are regularly ignored. Crisis is not a time for learning or reinventing what should already be known. Crisis management is a time for experienced hands, endowed with healthy doses of both science [or “facts” instead of “science” to make it more generic sounding] and intuition. and that not learning from the past or the present can be very costly.

These lessons are organized in a general framework for crisis management that consists of 5 phases to be implemented in a virtuous cycle. Other points made by the framework is that framing and reframing the crisis is key, that the way one gets into a crisis is typically not the way one gets out, and that the how in crisis management is as important as the what.

Keywords: Crisis Management, Financial Crises, CoViD-19

Suggested Citation

Nathanial, Peter and van der Heyden, Ludo, Crisis Management: Framework and Principles with Applications to CoVid-19 (March 23, 2020). INSEAD Working Paper No. 2020/17/FIN/TOM, Available at SSRN: https://ssrn.com/abstract=3560259 or http://dx.doi.org/10.2139/ssrn.3560259

Peter Nathanial

INSEAD ( email )

Boulevard de Constance
77305 Fontainebleau Cedex
France

Ludo Van der Heyden (Contact Author)

INSEAD - Technology and Operations Management ( email )

Boulevard de Constance
77 305 Fontainebleau Cedex
France
+33 0 1 60 72 42 89 (Phone)
+33 0 1 60 74 61 60 (Fax)

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