Effective crisis management plans, as any experienced Asset Management (AM) leader can tell you, place an emphasis on timely, decisive, well-informed action. While some threats envisaged in these plans are more-easily anticipated, assessed and mitigated, the current COVID-19 health crisis is uniquely challenging in terms of its speed, scope and impact.
That said, amid the turmoil, I believe strongly that by demonstrating a composed, agile and humane approach – and faithfully following proven best practices for crisis management – AM leaders can feel confident in their ability to limit disruption, safeguard employees and continue managing client assets in the troubled days ahead.
Keep in mind that some clients – and perhaps many of your employees – will not have experienced the Global Financial Crisis and its huge impact on markets and portfolios. The AM industry weathered that storm and emerged stronger and more resilient. Bringing that experience to bear on this situation could indeed prove helpful in maintaining a confident and optimistic outlook in your communications over the coming days and weeks.