Crisis management refers to the process by which an organization prepares for, responds to, and recovers from significant, unexpected events that could threaten its operations, reputation, or stakeholders. It involves identifying potential crises, developing strategies to mitigate their impact, and ensuring effective communication during and after the event. Key components of crisis management include risk assessment, crisis planning, communication strategies, and recovery efforts. The aim is to minimize damage and restore normal operations as quickly as possible. Effective crisis management helps organizations navigate challenges while maintaining trust and credibility with stakeholders, including employees, customers, and the public.
The utility landscape in Connecticut is facing a serious challenge. With regulators entwined in the turmoil, credit ratings from top agencies like S&P and Moody’s have plummeted, affecting numerous companies…