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Knowledge Center Items Helping Businesses Stay Crisis-Resilient

Helping Businesses Stay Crisis-Resilient

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A crisis can significantly impact the financial standing, reputation and critical assets of any organization, including small to mid-size businesses. Crises include everything from civic commotion (rioting), assault, blackmail, terrorism, emergency repatriation, sabotage, extortion, product tampering, and kidnap and ransom, among others. With these threats comes a greater ‘duty of care,’ which companies must meet to ensure the safety of their employees and the public while on their premises in order to meet regulatory and legal obligations.

With today’s increasingly risk-rich environment, businesses need to rethink the way they look at a crisis, including being prepared when a crisis emerges. Even if they devote significant resources to risk management, the predictable can often give way to the unpredictable and a risk, or a combination of risks, can turn into a crisis. Response time in crisis is also critical. When a crisis occurs, organizations are at their most vulnerable, and require a partner to help them stay focused on the most significant issues while developing a strategy to address all their issues. Recovering after a crisis is another important part of the resilience factor so that a business is able to effectively manage data, log decisions, manage finances, handle insurance claims, and meet legal requirements on the road back to normal.

This is where a crisis resilience solution comes into play, which combines response coverage with risk management services to mitigate the fallout and disruption to a business in the wake of a crisis. A business with this type of solution will have coverage in place to pay for the reasonable and necessary fees and expenses incurred for the security services of a crisis consultant in response to a crisis. In addition, a strong crisis resilience solution provides services such as 24/7 response consultations, online training and risk management for multiple threats, on-going access to crisis response experts, emergency funds, trauma counseling after an event, and much more. These are all designed to minimize the potential for financial loss and business disruption, preserve a company’s reputation and brand equity, protect organizational assets and constituents, enhance business continuity and resiliency, and mitigate exposure to liability and risk.

Let’s take a look at a couple of examples of how a crisis resilience solution works during a crisis. A riot on the street prevents a storeowner from entering his business to secure a large delivery. With a crisis resilience solution in place, response consultants will work with local authorities to arrange for security and help the client access the store to secure the premises and the delivery. The client will also receive advice on business continuity and assistance in mitigating the financial impact from this crisis. In another example, let’s say a product tampering threat was made to a manufacturer who supplied vitamins to a major company. This could cause severe damage to the reputation and brand of both companies. A consultant specialist will be dispatched to liaison with the supplier’s client to help navigate the crisis and reinforce business relationships.

RPS offers a Crisis Resilience Solution to clients with an indemnified response solution for a wide range of security-related crisis events along with a variety of included services to help policyholders anticipate, prevent, respond to and recover from a crisis. What’s more, we offer a simple, fast online application through our RPS eCommerce platform for instant coverage.

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