Death and taxes may be life’s two guarantees, but credit unionexecutives may want to tack on one more guarantee - a crisis.

|

With constant threats of breaches, cyberattacks, external andinternal fraud schemes, natural disasters lawsuits, and whateverelse that may go wrong, it’s a guarantee that sooner or later yourcredit union is going to face a crisis.

|

How you manage the communications of that crisis can make orbreak your valuable reputation, according to credit unionexecutives and experts.

|

Trying to communicate a crisis on the fly is akin to floating aboat with holes; it will sink.

|

“I’ve had people who will call me and say, ‘Anthony, I saw youtalk six months ago. We’re in a crisis and we need your help,”Anthony Huey, president of Reputation Management LLC in Sarasota,Fla., said. “The first question I ask is, you did what I said,right? You developed a crisis communications plan? The ones thatsay no, I’m honest and say, I can walk you through the steps andgive you some other guidance, but a lot of what needed to be doneshould have been done already by now.”

|

Having a crisis communications plan enabled StacieWyss-Schoenborn, president/CEO of the $248 million CentralWillamette Community Credit Union in Albany, Ore., effectivelymanage a crisis when criminals attached a skimming device on anATM, siphoning funds from member accounts.

|

A plan, Wyss-Schoenborn noted, allows executives to keep up withthe rapid pace of an unfolding crisis and, more importantly, tostay in front of the story so that it doesn’t lead to bad press,ugly rumors, hearsay and angry, confused or anxious members.

|

“Philosophically, my best practice is that I want to communicatethe credit union’s story because it’s your story to tell,” shesaid. “When you get in front of that story you control that story.I could have said, no, I have no comment and who knows where thestory would have gone?”

|

In the Aug. 31 edition of the CUTimes, read more insightsand ideas on managing a crisis and how to develop simplecommunications plan that can benefit your credit union.

|

|

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.