A Theoretical Examination of the Overlaps and Distinctions Between Risk Management and Crisis Management

With the recently developing technology, the diversity and increase in demand, on the one hand, and the limited nature of resources used for supply, on the other hand, result in significant risks at the strategic level. Therefore, organizations have to carry on their activities in an environment where they are exposed to higher levels of risks compared to the past. This environment, full of uncertainty and risks, paves the way for unexpected and undesirable events, and in such an environment, suddenly arising crisis with negative consequences are also very likely to happen. In such cases, being aware of possible crises in advance, mitigating the negative effects of the crises, or managing them in a way that can offer opportunities may bring important advantages to the organizations. The most efficient factor in managing the crisis is to anticipate the crisis with a proactive approach and to take appropriate decisions in a timely manner. The aim of this study is to evaluate the similarities and differences between risk and crisis and risk management and crisis management and to evaluate whether organizations that cannot manage their risks will have to manage their crises. As a result of the examination conducted to that end, it has been seen that not every risk turns into a crisis or that not every crisis is caused by a risk. For this reason, in the event of a crisis, it is important to have a plan or system to manage the crisis, whether the risks are managed or not.