The Evolving Role of the
GC in Risk and Crisis
Advice from an expert on corporate crisis management
With social media as an accelerant, a smoldering corporate crisis or failure can almost instantly flare into the firestorm of a viral headline event. In this recent interview in NACD Directorship magazine, Robert E. Bostrom outlines five key steps to help companies prevent negative headline events and respond when a crisis can't be avoided. He strongly recommends that companies take the following measures:
- Establish an enterprise-wide risk committee.
- Proactively evaluate and prioritize a broad portfolio of risks.
- Empower the GC as the representative on risk to the board.
- Use risk management as a business tool for evaluating strategies, plans, and investments.
- Strategize and plan for managing negative events.
Bostrom provides some strong insights into on the role of the GC in both preventing and managing crises. He also offers his thoughts on how boards and management must align in order to prevent (or survive) headline events.
Bostrom is an expert in corporate crisis management. He’s the former vice president, general counsel, and corporate secretary for Freddie Mac and currently holds those same titles for Abercrombie & Fitch. This article can help your board understand the role of the GC in preventing and managing corporate crises.
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