When it comes to protecting your credit union's reputation fromcrisis-driven adversity, I've found it pays to expect theunexpected.

The financial meltdown has been a painful reminder to thefinancial services industry that a good reputation, which takesyears to cultivate, can quickly sour. While credit unions stillwear the white hats, they have nonetheless been affected by thefinancial crisis. Sadly, the mistakes of a few too often reflect onthe many.

From security breaches to financial performance, internal andexternal issues can damage your credit union's hard-earnedreputation. And they can arise with little or no warning. It paysto be prepared with a crisis communications plan and keeping it upto date.

Just like the SWOT analysis and financial forecasting, aneffective crisis communications plan is essential to managing-andrapidly recovering from-threats to business relationships. So, whatare the steps to get started?

Choose the right assistance. Developing an effective crisiscommunications plan takes time and expertise-something bestachieved with outside help. This is one situation where selectingan external public relations counsel skilled in managingcommunications crises can be critical.

Identify the crisis communications team. In addition to the CEO,the core team comprises external PR counsel, internalcommunications officer, chief operating officer, human resourcesofficer and legal counsel. Depending on the issue, other teammembers may be included.

Perform an issues-management assessment. Set aside time for themanagement team and legal counsel to meet with your PR counsel andreview your business plan. Look at your latest regulatory exam,performance data, personnel issues; competitive factors andeconomic, technology and political trends to gain critical insightsabout your credit union and its operating environment.

Think about what is on the horizon that might affect your creditunion, how likely an event is to occur and what impact could ithave on your reputation. Internally this might include layoffs,exam findings or product and service failures. External eventscould include new competitive pressures, economic changes orthreats from the broader financial industry or policymakers.

Obviously, not all crisis situations are created equal. Yetarmed with answers honed by the issues management process, yourcrisis communications team can cut its overall challenge down tosize by prioritizing issues. Focus on issues representing thehighest inherent negative impacts and probability ofoccurrence.

Create the crisis communications plan. Now, it's time to put pento paper. Your PR consultant can help draft an effective plan forinforming stakeholders when and if bad news occurs. This includesconsidering your credit union's position on each identified issue.What core messages might mitigate potential damage? Whatcommunications channels can be tapped to proactively tell yourstory?

Your plan must address several policy issues. What's the chainof command for communicating about a crisis? When should you gopublic? Who is the official spokesperson? At the earliestopportunity, strive for consistent message control by proactivelytelling your side of the story before any breaking news occurs.

If you wait to confront sensitive issues until after reportersbegin calling, you're apt to face a costly and uphill battle whilethe credit union's image takes a beating. If you lose control ofthe story or only offer a no comment response, the odds ofmaintaining accurate and fair media coverage declinedramatically.

Besides creating and annually updating your crisiscommunications plan, build credibility with the media with anongoing media-relations program. Research the reporters who coveryour local marketplace and the topics that interest them. Offercomment or appealing story ideas on financial news trends.

Just as importantly, always be honest. Reporters' trust isessential to getting your side of the story told while assuringaccuracy in the coverage. Unless you achieve and maintain themedia's confidence, they may have to rely on unofficial commentaryfrom unnamed sources.

Although you may be most concerned about local reporters, don'tignore the trade press. Consumer-focused reporters frequentlymonitor trade journals within their fields of interest. Negativearticles published in trade press can trigger damaging localcoverage as well.

When drafting your crisis communications plan, consider you'reon trial in the court of public opinion. Develop your central themeand supportive messages as if you're going before the judge.

A picture-perfect crisis communications plans doesn't exist, butnot having an up-to-date plan can be costly. It's far easier-andless expensive-to adapt your general crisis communications planthan to start from scratch after the firestorm hits.

Margaret J. Blankers is
president of MJB Public Relations Group. She can be reached at913-385-2230 or [email protected]