"Crisis Management is not necessarily the same thing as risk management". What is Crisis Management and how is it different from risk management. Explain in detail guidelines/recommendations for establishing a good crisi

Crisis management is the identification of threats to an organization and its stakeholders, and the methods used by the Organization to deal with these threats. An organization may face various types of crisis like natural crisis, technological crisis, confrontation crisis, etc. Crisis management involves dealing with crises in a manner that minimizes damage and allows the affected organization to recover quickly. Dealing properly with a crisis can be especially important for a company's public relations. Businesses that effectively put a continuity plan in place in case of unforeseen contingencies can mitigate the effects of any negative event that occurs. The process of having a continuity plan in place in the event of a crisis is known as crisis management. Crisis management is different from risk management. Unlike risk management, which involves planning for events that might occur in future, crisis management involves reacting to negative events during and after they have occurred. For example, an oil company may have a plan in place to deal with the possibility of an oil spill, but if such a disaster actually occurs, the magnitude of the spill, the backlash of public opinion, and the cost of clean-up can vary greatly and may exceed expectations. As Crisis may come in several forms and it is recommended in all cases that a company be prepared ahead of time with a crisis management plan. The following guidelines are recommended for establishing good crisis management plans: Employ a professional crisis manager who can help in planning crisis management processes. Initiate frequent training and refresher courses on handling crises. Drills and fake operations must frequently take place to keep refreshing stakeholders on emergency responses to crises. Form a crisis team to work under the leadership of a crisis manager. Planning responses and crisis management processes for various potential crises is highly recommended. It takes several approaches and processes to address different crises. Initiate systems that can effectively monitor or detect foreseeable crises signals early enough in order to tackle the situation before it gets out of hand. Provide a list of key persons in case of a crisis and their contacts. The contact information must be displayed where anyone can see and easily access them. Identify the ground person to be notified immediately when a crisis occurs. Apart from a crisis manager, there must be a coordinating person among employees who possess first-hand news on a looming crisis. It should be the same person who can be trusted by his colleagues with vital information on any suspected crisis. Identify a central point where the employees can assemble and the exit points to use in case of a crisis. Emergency exit doors with ease of opening them must be labelled well and an emergency central place identified and properly labelled as well. Regular testing of the crisis management process and emergency equipment and updating them frequently or as needed.