Crisis Preparedness as the next competitive advantage: Learning from 4,500 crises

PwC’s Global Crisis Survey 2019

www.pwc.com/globalcrisissurvey 2 | PwC Global Crisis Survey 2019

We talked with 2,000 2,084 companies about their worst respondents crises — so you don’t have to

We are pleased to present PwC’s first-ever Global Crisis Across 43 Survey, the most comprehensive repository of corporate crisis countries data ever assembled. We heard from 2,084 senior executives in organisations of all sizes, in 25 industries, and across 43 countries — 1,430 of which had experienced at least one crisis in the past 5 years, for a total of 4,515 crises analysed overall. In 25 What we found out is game-changing. industries

By delving deep into the real-world stronger from their worst crisis – experiences of organisations like yours, and compared them to those who we uncovered some surprising findings, did not fare as well. What did these many of which turn the basic notion of organisations do differently? What of respondents crisis management – in fact, how we crucial preparedness steps did they 64% even think of crisis – on its head. take that led to their positive outcomes? from C-Suite Can crisis actually be a positive Instead of “admiring the problem,” experience… even one that can yield we’ve used this data as a springboard competitive advantage? to reverse-engineer a successful crisis response. We looked at the companies Yes, it can. And you don’t have to go that self-identified as having emerged through a crisis to learn how. 36%of respondents Head of departments 3 | PwC Global Crisis Survey 2019

Crisis Preparedness as the next competitive advantage: Learning from 4,500 crises

Living with crisis The chain reaction of crisis What is crisis? And what does it mean to operate in this new The shock waves from a crisis normal? can travel far and wide — and then back again. So how do you contain the damage?

Can crisis be good The future of crisis for you? What can the past experiences of Some companies emerge your peers tell us about the future stronger — and even experience of crisis? We talked to 1,400 of revenue growth — after a crisis, them — so you don’t have to. while others stumble along. What’s the secret sauce? 4 | PwC Global Crisis Survey 2019

Five takeaways from the most comprehensive repository of corporate crisis data ever assembled What is crisis? And what does it mean to operate in this new normal?

For purposes of this survey, we defined crisis as a situation that:

• Is triggered by significant internal and/or external factors or escalation of smaller incident(s)

• Has an enterprise-wide, multi-functional impact

• Creates disruption in normal business operations

• Has the potential for reputational harm/damage 5 | PwC Global Crisis Survey 2019

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It’s not if. It’s when: No one is immune. Figure 1: Crises experienced in the past 5 years

Nearly 7 in 10 (69%) leaders have experienced at least one corporate crisis in the last 5 years — with the average number of crises experienced being 3. 24%

What’s more, the risk scales up: of respondents who do not expect 38% companies with more than 5,000 to experience a crisis in the future employees are more likely to have might feel “inoculated” by their recent experienced more than 5 crises – an experience – or they could be engaging 69% average of one per year. in wishful thinking. (Or both.) of participants have experienced The sheer number of crises reported Crises don’t discriminate. Like a crisis within the last 5 years is striking in light of our definition of companies themselves, they come in all the phenomenon: a major disruption shapes, forms, and sizes – and no one, to multiple functions of the enterprise and no region, is immune. What’s more, 29%

– and one with the potential to the very definition of a crisis will vary by 7% significantly harm your reputation. industry. For example, consider a wind 3% storm: for a financial services company, Clearly, crisis is here to stay. Nearly all it’s a meaningless event; for a utility, it respondents (95%) – including those could trigger a catastrophe. who did not report a crisis – expect Of those who have experienced >5 crises in the last 5 years to be hit by one in the future. The 5% Mean: 9 Median: 8 Range: 6–29

n More than 5 n 2–5 n One n None n Don’t know Source: PwC Global Crisis Survey of 2084 respondents 6 | PwC Global Crisis Survey 2019

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The diversity of crises keeps companies Figure 2: Crisis triggers/types experienced guessing Financial/Liquidity 23%

Technology failure 23%

In order to capture the granularity needed for a study of this Ops failure 20% size, we listed 19 possible crisis triggers. We then sorted Competitive/Marketplace disruption 19% these into 7 broad categories — operational, technological, Legal/Regulatory 16% humanitarian, financial, legal, human capital, and reputational Cyber-crime 16%

— to facilitate a broader analysis. Natural disaster 16%

Leadership transition 15%

Over half of respondents (53%) say at What’s the reality for the largest Supply chain 14% least one of the crises they experienced companies? Organisations with 5,000 Product failure 14% was operational in nature, including or more employees are most likely to Leadership misconduct 12% operational breakdowns, competitive experience crises related specifically Ethical misconduct 11% disruption, supply chain issues, and to cybercrime (26%), natural disaster various forms of product failure — a (22%), leadership (17%) or ethical Viral social media 9% Net Crisis Type % statistic that makes sense, given misconduct (16%), including fraud, Geopolitical disruption 9% NET: Operational 53% the centrality of operations to any corruption, and corporate malfeasance. Product integrity 9% NET: Technological 33% company’s lifeblood. Tech-related crises Workplace violence 8% NET: Humanitarian 29% — triggered by technology failures and/ or incidents of cybercrime — were cited Shareholder activism 7% NET: Financial 28% by one third of all crisis responders, with Humanitarian 7% NET: Legal 24% humanitarian (29%) and financial (28%) Terrorism 5% NET: Human Capital 21% categories of crises close behind. Other 0% NET: Reputational 20%

Source: PwC Global Crisis Survey of 2084 respondents 7 | PwC Global Crisis Survey 2019

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The most disruptive crises aren’t necessarily Figure 3 the most newsworthy Most disruptive/serious crisis experienced Crisis concerns in the future 6.9% Cybercrime 38% Competitive/Marketplace 7.7% 37% Companies list liquidity issues, technological failure, and disruption 14% Financial/Liquidity 28% operational disruption as the top three most disruptive crises 8.5% Ops failure 20% they faced — hardly the front-page stories we see every day. 3.7% Ethical misconduct 20%

11% Technology failure 20% Their future concerns, however, do disruptions. Our data suggests that 6.6% Legal/Regulatory 19% skew toward larger, “in the news” crises smaller companies tend to see financial 7.2% Natural disaster 17% such as cybercrime (38%), marketplace crises as the trigger while larger 3.1% Leadership transition 15% disruption (37%), or ethical misconduct companies view it as the impact of (20%). another disruptive crisis trigger. 3.1% Geopolitical disruption 15% 4.9% Product failure 14% This apparent disconnect could be The types of crises experienced varied 4.9% Leadership misconduct 12% evidence of familiarity bias, where considerably by region. While we saw humans are predisposed to expect technological or operational disruption 3.7% Supply chain 12% what they hear about or already most frequently in Western Europe, 3.4% Viral social media 10% know, despite the evidence. If the Australia, India, and Japan, financial 1.5% Terrorism 9% most disruptive crises aren’t the most liquidity crises were most common newsworthy, the most newsworthy may across the rest of Asia, Brazil, and 2.2% Humanitarian 8% not be the most disruptive, either — a Central and Eastern Europe, while 2.4% Product integrity 7% potential blind spot when it comes natural disaster and cybercrime loomed 1.3% Shareholder activism 6% to crisis-readiness. We know from largest in the US. 2.3% Workplace violence 5% experience that financial liquidity crises Do not expect to are often triggered by other business experience a crisis 5%

Source: PwC Global Crisis Survey of 2084 respondents 8 | PwC Global Crisis Survey 2019

Figure 4: Top 3 most disruptive crises by territory

China HK 1. Financial/liquidity (18%) 2. Competitive/market place disruption (16%) 3. Product failure/product liability (12%)

Canada Japan 1. Technology disruption/failure (20%) 1. Operational disruption/failure (14%) 2. Operational disruption/failure (9%) 2. Financial/liquidity (12%) 3. Legal/regulatory (9%) 3. Product failure/product liability (11%)

US UK Middle East (Low base, 23) South Korea 1. Natural disaster/environmental (22%) 1. Technology disruption/failure (16%) 1. Geopolitical disruption (36%) 1. Financial/liquidity (27%) 2. Cybercrime (13%) 2. Financial/liquidity (12%) 2. Cybercrime, Natural disaster/environmental, and 2. Competitive/marketplace disruption (12%) 3. Legal/regulatory, Technology disruption/ 3. Operational disruption/failure and Competitive/ financial liquidity(14%) 3. Legal/regulatory (10%) failure (10%) marketplace disruption (9%)

Mexico Europe Africa Australia 1. Technology disruption/failure (16%) 1. Operational disruption/failure (10%) 1. Financial/liquidity (12%) 1. Technology disruption/failure (18%) 2. Financial/liquidity (14%) 2. Technology disruption/failure (10%) 2. Natural disaster/environmental (12%) 2. Cybercrime (11%) 3. Natural disaster/environmental (9%) 3. Leadership misconduct (8%) 3. Leadership misconduct and technology disruption/ 3. Financial/liquidity and leadership misconduct (10%) failure (9%)

Brazil CEE India SEAC 1. Financial/liquidity (35%) 1. Financial/liquidity (15%) 1. Technology disruption/failure (14%) 1. Financial/ liquidity (14%) 2. Operational disruption/failure (9%) 2. Competitive/marketplace disruption (10%) 2. Financial/liquidity (13%) 2. Competitive/marketplace disruption (12%) 3. Technology disruption/failure, Competitive/ 3. Technology disruption/failure and legal/ 3. Legal/regulatory (10%) 3. Technology disruption/failure (11%) marketplace disruption, Ethical misconduct, and regulatory (10%) Leadership transition (6%)

Source: PwC Global Crisis Survey of 2084 respondents 9 | PwC Global Crisis Survey 2019

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Who’s responsible for crisis management? Figure 5: Level of involvement in crisis management areas Everyone — and no one

When it comes to pinpointing who “owns” crisis, it’s complicated. Interestingly, everyone from board members and CEOs to Legal to Risk to IT claim responsibility for a variety of crisis roles — preparedness, response, recovery, ERM, communications. This tells us that most senior executives want to be involved in helping their companies prepare for and respond to crisis, which is a positive sign.

While our results tell us that companies That said, the “ownership map” clearly have not aggregated around a single highlights the overlapping of roles and Crisis preparedness Crisis response Stakeholder function that is best suited to “own” responsibilities, which should cause communication crisis, we also found that C-Suite some concern given the importance of respondents are significantly more likely efficient coordination, communication, to claim responsibility for these roles and decisions in crisis. This is C-suite Non C-suite C-suite Non C-suite C-suite Non C-suite than non-C-suite ones, underscoring highlighted by respondents ranking the how crisis management is escalating ability to make timely and deliberate 42% 25% 41% 24% 39% 20% as a necessary function for the corner decisions as one of the largest area of office in this new normal to drive vulnerability during their most disruptive Source: PwC Global Crisis Survey of 2084 respondents success. crisis event. 10 | PwC Global Crisis Survey 2019

Balancing the desire for help with the Meanwhile, fewer than 3 in 10 (29%) Nearly three quarters confusion that comes from having “too say they have no staff dedicated to of companies many cooks in the kitchen” is a critical crisis preparedness or response. This element of crisis planning and response. trend towards committed internal and In the end, it doesn’t matter who owns external resources demonstrate how crisis — as long as someone clearly crisis management is transitioning to be 74% does and the roles are clearly defined. a strategic program to protect corporate strategy sponsored at the highest levels sought outside help Another sign of how companies are of the organisation. either during or after their becoming more sophisticated and biggest crisis. attentive to crisis: nearly three quarters (74%) sought outside help either during or after their most serious crisis. 11 | PwC Global Crisis Survey 2019

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Companies that emerge stronger from crisis Figure 6: Crisis impact do specific things

What doesn’t kill you makes you stronger. Of the 1,400 who 19% had already faced a major crisis, 42% said they were “in a In a worse place better place” post-crisis — with some even reporting revenue growth as a direct result of their management of the crisis. 36% What’s their secret? Our report outlines the specific crisis preparedness In a similar position steps these companies took to come to pre-crisis out ahead of their peers. These are measures every organisation can take right now, to emerge stronger and healthier from the crisis that — let’s face it — is likely to hit when you least 42% expect it. In a better place

Source: PwC Global Crisis Survey of 2084 respondents 12 | PwC Global Crisis Survey 2019

The chain reaction of crisis The shock waves from a crisis can travel far and wide — and then back again. So how do you contain the damage? 13 | PwC Global Crisis Survey 2019

range of impacts and secondary crises what is actually happening and slow Crises hit without discrimination — experienced for each category of initial your response — exactly when you are penetrating every layer of the organisation, crisis. For the first time, you can see most in need of accurate facts with the likelihood of specific impacts and which to take appropriate action. and affecting both internal and external ancillary crises that could arise from any initial crisis you might face. The cumulative “chain reaction” of crisis stakeholders in unique ways. can wreak havoc over time. But it also Marketplace disruption is the most- will reveal the stress fractures and gaps mentioned ancillary crisis across — be they cross-functional or cultural Our data confirms the layered nature effects — is an essential part of crisis all types of initial crisis. But it is — within the organisation that made it of crisis impacts. It crossed over from preparedness. That’s why we examined significantly more common for those more vulnerable in the first place. These business relationships (74%), reputation whether secondary crises (or crisis who had experienced a severe financial are your starting points for strengthened (61%), and workforce morale (59%), accelerators) followed or spun up in the crisis (35%), suggesting that a liquidity defences, improved preparedness, and to legal issues (57%) and beyond. wake of the initial crisis experienced by problem can seriously hamper an better future outcomes. Companies cited, among other effects, our respondents. organisation’s competitive position over Visit www.pwc.com/ economic loss (57%), environmental many years. globalcrisissurvey to view the full consequences (20%), and long- Here’s what crisis-experienced leaders Reputational crises seem especially results. tail fallouts such as new laws and told us: Regardless of the nature of that treacherous, with one in four (24%) regulations (25%) and political change initial crisis, nearly half (47%) suffered companies reporting at least one (18%), as a result of their worst crisis. an ancillary crisis that was operational in nature. The largest piece of that subsequent reputational crisis, and But crises often travel in packs. And operational turmoil? Competitive/ one in five (20%) seeing it cascade a crisis is never more dangerous than marketplace disruption (20%). into another, connected to fraud when it spins off one or several ancillary Additionally, more than a quarter had or ethical misconduct (20%), or crises — each of which can create its to deal with reputational issues; 22% leadership transition (14%). own feedback loop of consequences, faced legal complications. No matter how, when, or where it hits, both internal and external. In keeping with our goal of creating an a crisis will constitute an organisational Understanding the 3D dynamics of how actionable crisis survey, we dove more stress test, capable of disrupting your a crisis might impact your organisation deeply into the data we collected on company’s operations, both internal and — and taking steps to forestall or 4,500 real-world crises. We created this external. And as it does, it will almost at least minimise its secondary powerful interactive tool to map the full invariably distort your perception of 14 | PwC Global Crisis Survey 2019

Can crisis be good for you? Some companies emerge stronger — and even experience revenue growth — after a crisis, while others stumble along. What’s the secret sauce? 15 | PwC Global Crisis Survey 2019

Some companies emerge stronger — and even experience revenue Figure 7: Areas of vulnerability and growth — after a crisis, while others falter. What’s the secret sauce? confidence

As crisis specialists, we know that the potential damage of a crisis — and whether or not you emerge stronger from it — is not so much governed by the nature of the crisis as it is by how well you handle it once it arrives. And there are three bedrock elements to successful crisis management: preparedness, a fact-based approach, and effectiveness of (all!) stakeholder communications.

In crisis, getting facts quickly and acknowledge that they did not This makes sense, considering that basing your response on them, are communicate effectively in their most internal teams are naturally more familiar key to successful outcomes. In a serious crisis. This presents a significant to business leaders. But it doesn’t make world of split-second virality, incorrect, opportunity for companies to learn from sense when you consider the well- insufficient, or misleading information the mistakes of their peers by investing documented risks of an incomplete or (or even correct information spread at more in fact finding in the early days of inaccurate public response to a crisis, the wrong time or in the wrong way) can a crisis. or the fact that your greatest risk increase your exposure and amplify the can arise from any stakeholders — Ability to gather appropriate information quickly crisis. We also uncovered a disequilibrium customers, regulators, shareholders, between internal and external the media — kept in the dark. 41% There’s plenty of work to do on this information flows: while executives front. While 87% of respondents agree are generally confident in their internal 29% on the importance of establishing facts communication dynamics they feel accurately, nearly 4 in 10 report that most vulnerable in communicating with Ability to make timely and deliberate decisions they didn’t actually have the facts they external stakeholders, with nearly 4 in needed to mount an effective response. 10 (38%) ranking this as one of their top 40% And one-quarter of organisations three areas of vulnerability. 30%

n Most vulnerable n Most confident Source: PwC Global Crisis Survey of 2084 respondents 16 | PwC Global Crisis Survey 2019

When can crisis be good for you?

Our data shows that companies that emerge stronger and create competitive advantage in the wake of crisis do these 5 things:

Allocate budget to crisis 1 keep their crisis plan up to date and strongly recognise the importance of management — before it hits. implement the lessons learned are four establishing facts accurately during the More than 4 in 10 (41%) of those that times more likely to come out on top. crisis. They are more likely to say that in came out in a better place post-crisis Being prepared doesn’t mean you can the midst of the crisis, they did gather allocated budget to crisis management anticipate every eventuality: while being facts accurately and quickly — and they before the crisis hit — and a nearly mindful of the specific kinds of triggers used those facts effectively to inform identical share (39%) actually saw that could pose risks in your industry, their response strategy. their revenue grow as a result. This make sure your crisis response plan is underscores the reward for investing not tied to just one or two scenarios. As you focus on your fact-finding and proactively in having a clear crisis Make it holistic and flexible. Test it and communications strategy, however, it’s By failing to response program and governance revise it. Then test it again.This is the critical to avoid over-rotating to one structure. difference between being confident in or two primary stakeholder groups. prepare, you are the decisions you are making during a Cast a wide net on the perspectives of Have a plan — and test it. every important stakeholder, internal 2 crisis and making knee jerk reactions in preparing to fail. When a crisis hits, there is no the heat of the moment. and external. Carefully consider, substitute for muscle memory. By a in advance, their wide diversity of Benjamin Franklin margin of nearly 2-1 (54% vs 30%), 3 Adopt a fact-based approach needs and interests, as well as the organisations that had a crisis response — and don’t neglect key appropriate mechanisms for two-way plan in place fared better post-crisis stakeholders. Three-quarters of communication for each stakeholder than those who didn’t. And those that those in a better place post-crisis — and ensure all your bases will be 17 | PwC Global Crisis Survey 2019

covered when the time comes to 5 Act as a team, and hold to your Taken together, these findings should communicate in an emergency. An values. No surprise here: there’s give all organisations both pause and Crisis presents often hidden upside of comprehensive a strong correlation between great hope. The marquee finding is not about stakeholder engagement and teamwork and great outcomes. A huge how many companies have endured not only as a transparency is that it can actually lead majority of companies who self-identify major crises in the last half-decade. It to external stakeholders rallying to as “in a better place” (93%, including is, in fact, that crisis presents not only threat, but also advocate for you during a crisis. 66% who agreed strongly) confirm that as a threat, but also an opportunity. An they acted as a team in response to the incident managed well allows you to an opportunity Perform a root-cause analysis — crisis, with similar majorities agreeing develop your immune system, enabling and follow up. Those who ended up they’d acted with integrity. Conversely, you to take on riskier opportunities, with in a better place performed a 4 a lack of internal harmony can make the confidence that future threats will be root cause analysis of their crisis managing crisis more difficult. Of those spotted and addressed quickly. That’s handling, and 8 out of 10 acted on who ended up in a worse place from the key to sustainable competitive the results — one-third (33%) made a the crisis, only 39% said they acted as advantage. few changes, a quarter (24%) defined a team. Use crisis experiences — real several projects to be completed, or simulated — as an opportunity to and another quarter (24%) are taking galvanise your team and strengthen Those whose organisations are in a better place are substantial action. That substantial your internal culture. significantly more likely to strongly agree to establishing action takes the form of: facts accurately Crisis is a magnifier. The experience of 1. Identifying and following through going through one can bring out the on key remediation initiatives to best (or worst) in both your company prevent or reduce the impact of the and your people. Surviving a crisis 73% vs same type of crisis; together can bond individuals to each 2. “Looking around the corner” by other and to the organisation far more scanning the longer term horizon for deeply than many value statements 54% key risks and opportunities related could. And on the flip side, a poorly to the crisis. Most were also likely to planned and executed response can incorporate changes into their crisis send a company or team into a tailspin response plans and documentation from which they may never recover. from lessons learned. 18 | PwC Global Crisis Survey 2019

The new reality of crisis — and crisis management What can the past experiences of your peers tell us about the future of crisis? We talked to 1,400 of them — so you don’t have to. 19 | PwC Global Crisis Survey 2019

That future — the future of crisis and • Assume everybody is always What do crisis experiences from the of crisis management — has already watching. With the hair-trigger recent past tell us about the future of crisis? arrived. We launched this study to attention of outside stakeholders — help you stay one step ahead of it, and the belief that whistleblowing We talked to 1,400 of your peers who’ve by learning vicariously through the is an ethical obligation — you will experiences, positive and negative, of be expected to handle any crisis been through it — so you don’t have to. others. This gives you the opportunity instantly, effectively, and properly. to change not only your state of preparedness, but also your mindset. • You need a crisis leader. The future From our analysis of this data — and our in-the-trenches of crisis management requires a experience helping companies prepare for, respond to, Here are a few takeaways as you begin broad, tested response plan, ready and learn from crises of all shapes and sizes — it’s clear your journey to future-crisis-fitness: to deploy from Day One. This cannot that the future of crisis calls for a fresh approach to crisis happen without one central person • Crises will be more complex — given the clear mandate and authority management. and harder than ever to contain. to develop a crisis management Virtually all respondents expect program that governs every aspect to face an operational crisis in the of preparedness, response, and Today, there’s hardly any room for error, In the future, external stakeholders future. But whereas in the past communication. and the cost of reacting too slowly, or will demand hyper-transparency. They they might have expected to be ineffectively, grows by the minute. In will expect a much swifter reaction to able to control and contain it, • Cultural expectations are the wake of repeated, highly publicised crisis triggers. And they won’t hesitate today’s crises leach out and easily converging. Different cultures have corporate crises — accelerated by to punish companies and brands whom affect stakeholders across — and historically had different ways of ubiquitous smartphones and the they perceive to be slow-footed or beyond — the organisation. A responding to a crisis. Today norms always-on frenzy of media/social media ineffective in their response. major cyber crisis today will not be and expectations are converging, — the public have become “crisis extinguished by the IT/IS team alone. and you should be aware of them, no connoisseurs.” We’ve entered the era Ultimately, perfect handling of a crisis A reputational crisis triggered by a matter what regions you operate in. of radical openness, of whistleblowing will be expected from Day One — rogue employee, caught on a dozen on steroids, where aberrations must be even though crises are messier and smartphones, may not get rectified exposed and rectified instantly, even potentially more destructive than ever by their firing. when all the facts are not yet in. before. ● 20 | PwC Global Crisis Survey 2019

• Crisis preparedness is more • It is possible to be a crisis optimist. than an opportunity: it will be a When faced with the prospect competitive advantage. We believe (statistically, the likelihood) of a crisis, there is long-term value in being it’s easy to go numb and get caught crisis fit and see a future where unprepared. Or swing the other way managers and investors look to a and over-focus on the crises you read “crisis preparedness index” as a key about... at the risk of preparedness performance indicator. for the actual things that could hit you. Instead, you can choose to • Crisis is, and always will be, a see crisis as an element of strategic human event. It is tempting to risk intelligence: an opportunity for tuck crisis management under the maturity and economic growth. rubric of ERM. But what sets it apart from all other business functions is So what’s the future of crisis? There’s the intense effect it has on human every reason to believe that crisis will beings — positive or negative. continue to play an outside role in Only human beings can manage a business outcomes. That’s why crisis crisis effectively, and human beings preparedness should also play a more (your people, your customers, your strategic role in your overall business business partners, and more) are the priorities. most affected by it. The needs and expectations of all your stakeholders, internal and external, are constantly evolving, and so should your communications strategy. 21 | PwC Global Crisis Survey 2019

Contacts

Kristin Rivera Dave Stainback

Global Forensics Leader, US Crisis Leader, Principal, PwC United States PwC United States +1 (415) 302-3428 Tel: +1 678-984-3699 [email protected] [email protected] www.pwc.com/globalcrisissurvey

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