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PwC: Crisis handling could become normal

Feb 22
 
Tags: PwC
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PwC: Crisis handling could become normal

Management consultants could see crisis handling become an increasingly prominent part of their work with businesses over the coming years, research by PricewaterhouseCoopers (PwC) has suggested.

The firm released a report showing that companies are being hit by crises "more often than might be expected" and many chief executive officers (CEOs) expect the situation to get worse in the future.

Around two-thirds (65 percent) of CEOs taking part in a survey had experienced at least one crisis in the last three years and more than half had been through two or more. Nearly one in six (15 percent) had suffered five or more crises in that time.

Global economic uncertainty was cited as the biggest threat to business performance, while a heavier regulatory burden, exchange rate volatility and geopolitical instability are also common concerns for executives.

Other findings showed that the vast majority of CEOs (91 percent) take charge themselves when their business is hit by a crisis.

Two-thirds (65 percent) were most concerned about their ability to gather information quickly and accurately during times of adversity, while 57 percent felt vulnerable because of an out-of-date business continuity plan.

Melanie Butler, UK partner and global crisis centre leader at PwC, said it's not uncommon for major business challenges to be neither isolated nor fleeting.

"Some crises are anticipated, some unlikely and some are simply impossible to foresee," she continued.

"Our findings suggest that crisis management is very much on the CEO agenda because they are already dealing with crises - and believe they will continue to deal with them on a regular basis. It's clear that for the foreseeable future the only certainty is uncertainty, with continued geopolitical turmoil, sluggish global growth and fluctuating currencies."

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