Topic: Crisis Preparedness

Pharmaceutical companies know the bottom-line effects of a wide range of corporate risks. The last two years of the COVID-19 pandemic and the race to develop vaccines upended all normalcy in risk management for pharma communicators. Health topics dominated online and offline conversations on a global basis and medical misinformation was rampant and uncontrolled. This digital chatter ushered in a new, disruptive normal as our Communications Leaders Risk Survey: Pharma Edition reveals. These pharma communications professionals are stepping up to the challenge, however, and seeking risk intelligence solutions to protect their global enterprises and proactively mine digital chatter to identify an issue before it escalates into a full-blown crisis.

When a brand crisis hits, time is not on your side. As our Corporate Leaders Risk Survey reveals, CEOs know all too well the high price of identifying and responding to a risk too late. They also recognize the role that digital chatter plays in accelerating risks. When the race is on to prevent a brand crisis, it’s better to be the hare than the tortoise.

CEOs are wrestling with a new form of risk outside their organization’s regular register. Agenda-driven actors and groups, intent on doing harm to brands via social media, are now commanding CEOs’ attention for the first time. How did these groups become top of mind with CEOs and what’s really at stake?

Brand catastrophes—those memorable, monumental events that incur tens of millions to billions of dollars in combined costs and losses—have drawn most of the attention of risk and resiliency experts in the global business community. Until recently.

Whether your brand is at risk is not a question of “if”, but “when”. The corporate risk landscape has become a free-for-all where actors originate or accelerate their agendas online through digital chatter to manipulate consumer activism, socio-political divisiveness, social justice action and protests, market disruption and volatility, environmental crises, and the fallout of the global pandemic.

When the World Economic Forum (WEF) came out with their Global Risks Report 2021 earlier this year, it highlighted the need for a greater focus on improving risk readiness as a way for organizations to build resilience. In their view, many organizations’ approaches to risk mitigation looked “increasingly outdated,” adding that “in a world of accelerating challenges, static annual documents need to make room for continuous horizon-scanning for early indicators of change and associated timelines for action.”

Like two sides of the same coin, digital chatter is a vehicle for certain groups to intentionally or unintentionally harm a brand, and also a vital source of intelligence for communications leaders to stay ahead of issues and mitigate crises.

Don’t like the weather? In some places they’ll tell you to wait five minutes and it’ll change. The risk landscape isn’t all that different. It changes constantly and the rising frequency of unknown risks makes it difficult to predict when a storm will hit.

The blueprint for a modern-day Super Bowl winner is a quick-thinking, opportunistic offense and a dominant, adaptable defense. Brands planning their own scenario for social media activities during the Big Game would be wise to embrace the same scheme this year to overcome unprecedented uncertainty.

In any other year, you may have just completed the annual social media audit or are preparing to have one done to assess the effectiveness of efforts on your social channels and identify opportunities for improvement. But if we’ve learned anything from the past year, it’s that we still have to plan for a future where the visibility ahead is limited by a dense fog of uncertainty.

For 400 American companies, the new year is starting off with a welcome accolade: they have been named to the Newsweek 2021 list of America’s Most Responsible Companies.

Sticks and stones may break my bones, but words will never hurt me. Or...will they?