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Crisis Management in Swedish Banks: Adaptation and Pre-planning

Kenny, Adam LU and Radic, Ognjen LU (2024) MGTN59 20241
Department of Business Administration
Abstract
This study explores Swedish banks' crisis management approaches during the COVID-19 epidemic, emphasising adaption and pre-planning measures. The study aims to explore how banks handled the crisis, their current thoughts on crisis management, and the reforms taken after the pandemic. A theoretical framework is established based on previous crisis management literature that focuses on the separation and categorisation of pre-planned and adaptive approaches. A qualitative exploratory methodology was used, which included semi-structured interviews with senior bank employees or those with experience in crisis management. The results show that Swedish banks used both adaptive and pre-planned measures to deal with the issues posed by COVID-19.... (More)
This study explores Swedish banks' crisis management approaches during the COVID-19 epidemic, emphasising adaption and pre-planning measures. The study aims to explore how banks handled the crisis, their current thoughts on crisis management, and the reforms taken after the pandemic. A theoretical framework is established based on previous crisis management literature that focuses on the separation and categorisation of pre-planned and adaptive approaches. A qualitative exploratory methodology was used, which included semi-structured interviews with senior bank employees or those with experience in crisis management. The results show that Swedish banks used both adaptive and pre-planned measures to deal with the issues posed by COVID-19. The pre-planned approach included established structures, routine exercises, testing, and adherence to standards and regulations. In contrast, the adaptive approach allowed for flexibility, incorporating lessons learned and external advice, and included specific IT and HR adaptations. In the current setting, participants reported favouring pre-planned strategies. This was in contrast to the observed current changes in crisis management in banks, which were primarily adaptive. The findings implications for both the proposed framework’s validity and crisis management are then explored. (Less)
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author
Kenny, Adam LU and Radic, Ognjen LU
supervisor
organization
alternative title
A Qualitative Study on Crisis Management Approaches during COVID-19 and in the Present Day
course
MGTN59 20241
year
type
H1 - Master's Degree (One Year)
subject
keywords
Crisis Management, Adaption, Pre-planning, Swedish Banks, COVID-19, Banking Sector
language
English
id
9156430
date added to LUP
2024-06-24 12:46:13
date last changed
2024-06-24 12:46:13
@misc{9156430,
  abstract     = {{This study explores Swedish banks' crisis management approaches during the COVID-19 epidemic, emphasising adaption and pre-planning measures. The study aims to explore how banks handled the crisis, their current thoughts on crisis management, and the reforms taken after the pandemic. A theoretical framework is established based on previous crisis management literature that focuses on the separation and categorisation of pre-planned and adaptive approaches. A qualitative exploratory methodology was used, which included semi-structured interviews with senior bank employees or those with experience in crisis management. The results show that Swedish banks used both adaptive and pre-planned measures to deal with the issues posed by COVID-19. The pre-planned approach included established structures, routine exercises, testing, and adherence to standards and regulations. In contrast, the adaptive approach allowed for flexibility, incorporating lessons learned and external advice, and included specific IT and HR adaptations. In the current setting, participants reported favouring pre-planned strategies. This was in contrast to the observed current changes in crisis management in banks, which were primarily adaptive. The findings implications for both the proposed framework’s validity and crisis management are then explored.}},
  author       = {{Kenny, Adam and Radic, Ognjen}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Crisis Management in Swedish Banks: Adaptation and Pre-planning}},
  year         = {{2024}},
}