SVB Crisis Communications Resource

The following #crisiscommunications resource was developed by Melissa Musiker and Nick Maschari who lead Mission North 's corporate reputation practice.

We are now more than seventy two hours out from the run on Silicon Valley Bank and forty eight hours after the FDIC took it over, with rumors of a sale circulating. The media narrative is shifting towards coverage of impacted companies.

It is not best practice to provide commentary to the media or speculate on a rapidly evolving crisis like this one unless you bring unique and specific expertise that will move the narrative forward by providing clarity and/or guidance to audiences. This includes social media. In this type of situation, internal communications and careful guidance to internal stakeholders should be every client’s first priority. 

With this in mind we are sharing a set of general guidelines for all of our clients. The guidance comes in two forms: (1) companies minimally or not impacted at all and (2) meaningfully impacted companies. This guidance is specifically designed for our privately held clients. Publicly traded clients may have different legal needs or requirements.  

Minimally or Not Impacted Companies

1. Assess the facts. Be clear and consistent with those facts in all communications internal and external.
2. Internal communication should be your first priority. Now is the time to reassure your internal stakeholders and minimize potential for internal speculation.
3. If this comes up in the course of an interview on another topic or if you feel that a public statement will meet the information needs of external stakeholders, share facts in a way that is unambiguous, direct and truthful. We recommend general “thoughts and prayers” type support and/or call on regulators to protect the bank’s customers. However, it is never best practice to communicate around another company’s crisis or speculate on impact unless you are an expert. 
4. Develop a holding statement to be used as needed for companies with publicly available information regarding potential exposure.

Companies with Meaningful Exposure

1. Assess the facts. Identify what is known and unknown. Identify the best channels to communicate with key stakeholders and audiences. 
2. Identify your spokesperson/people and make it clear that they are the only voices speaking on behalf of the company internally or externally. 
3. Internal communication should be your first priority. Communicate early and often with empathetic step by step information and appropriate assurances if you are anticipating issues with payroll, challenges paying bills or meeting business milestones/deadlines. Share facts in a way that is unambiguous, direct and truthful. Let internal stakeholders know when they can expect more information and from whom. Let them know where to go if they have specific questions. 
4. Leaks of information may happen. Assume they can happen to you. This is typical during a crisis or material event and is more likely if internal stakeholders do not feel sufficiently confident in their leadership. But leaks can also come from anyone within your ecosystem who has access to or knowledge of your situation. They often happen unintentionally or without malicious intent. 
5. To minimize risk of unintentional leaks and unwanted media exposure, encourage your employees to refrain from engagement, commentary or speculation on social media. Make sure all employees know what to do if they receive outreach from the media. 
6. We do not recommend engaging in media outreach around the collapse of SVB. There is little to be gained by commenting or speculating with the media on impact - unless you want to become the poster child or face of this side of the story. 
7. If SVB comes up in the course of an interview on another topic or if you feel that a public statement will meet the information needs of critical external stakeholders, share facts in a way that is unambiguous, direct and truthful. Do not share any information that has not been shared internally or is in any way inconsistent with your internal communications. Assume the reporter is aware of your internal communications.