Table of contentsFactors causing the crisisThe causes of internal factorsThe cause of external factorsCrisis management planCrisis managementOperational crisisLegitimization of the crisisChallengesConclusionMany studies have been carried out on various facets of the management plan crisis by focusing on the dynamics of the business environment which is constantly confronted with numerous problems, both internal and external. Therefore, a simple mistake could lead to a catastrophic crisis that could cripple or destroy business performance. Naturally, crises are unexpected and can be defined as an unforeseen event leading to a loss of profits and a company's reputation among its customers or the general public. Therefore, organizations should be able to identify the different methods and causes of crisis and how they could impact the progress of the business (Aven & Cox, 2016).Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay However, the essay identifies crises that pose a direct threat to the progress of businesses in financial sectors. In today's business world, financial organizations continue to face cybercrime attacks, which in most cases results in crises that sometimes result in countless huge losses for businesses. Whatever the nature of the crisis; Whether small or large, any man-made or natural crisis could have far greater impacts on the business. Therefore, the essay addresses both external and internal factors that lead to crisis in an organization. And further, develops a crisis management plan which explains the few challenges that a management team of an organization faces while implementing the crisis management plan. Factors causing the crisis A financial institution such as commercial banks plays a crucial role in the financial stability and economic development of a country or commercial organizations; it is therefore important to differentiate between internal and external crisis which can have an impact on the functioning of a financial institution. In most cases, organizations cannot control the external crisis that may affect the organization, but they must try to anticipate and adapt to these crises to be able to prevent the organization from being vulnerable. However, managers and business owners are not directly affected. influencing the internal crisis that may affect their business and how they manage it or adapt to these crises has a major impact on the success of their business. The financial institution must strive to minimize internal and external factors that may cause a crisis in the organization. Financial institutions such as banks, credit unions and other financial markets are constantly under attack from external factors such as theft and cyberhacking that originate in the digital domain (Bergström, Uhr & Frykmer, 2016). Over the decades, the improvement of the digital landscape has increased the escalation of cyberattacks in most businesses. As such, management strives to protect its valuable information, reputation, brand and customers by preventing any internal or external factors that may cause a crisis in the organization. Therefore, focusing on internal and external factors can distract management's attention from the organization's core tasks. organization. This could result in a loss of productivity, which could result ina loss of profit margin. Therefore, management should develop a strategic crisis management plan which should aim to be well prepared for any crisis, ensuring a radical response mechanism, including maintaining proper reporting and communication during the crisis period and crisis exit rules (Bergström, Uhr & Frykmer, 2016). The existing factors that can cause a crisis in a financial institution can be classified into two: internal and external factors. Causes of Internal Factors Internal factors that take place within the organization, internal stakeholders involved and lack of other resources. These factors arise when a person's morals, values, or beliefs are challenged or compromised. The internal factor can cause a lot of stress to the affected workers and impact their performance level. Internal factors include lists of elements within the organization that can cause a potential crisis. Unlike external factors, internal factors can be controlled by management. Managing internal factors that can cause an organizational crisis is the key to business success since management can actually manage these factors. Management plays a very vital role in the internal factor that can lead to a crisis. These internal factors may include: Leadership factors; leadership refers to the individual in an organization who makes all major decisions regarding the operation of the business, including financing, sales, budgeting, human resources, and marketing (Booth, 2015). A company's leadership styles can greatly affect the organization's performance, either negatively or positively. Bad leadership can result in a lack of a strong visionary who is unable to properly manage employees; this leads to an internal crisis that can greatly affect the success of the company. Personnel factors, employees constitute an important part of the internal environment of the company. Ensuring your employees have the right skills to do the job is essential to the success of your organization. Even if everyone is capable and talented, internal social conflicts and poor communication can cripple a good company. Funding factors and the lack of money in any organization can determine whether the business will survive or cease operations. For example, when your cash resources are too limited, it affects all levels of your organization's functionality. Cultural factors, culture includes the values, attitudes and behaviors that employees experience. For example, if you create a culture in which every employee competes with each other, that's a recipe for internal gain, but if you emphasize collaboration and teamwork, it serves the desired result. Communication factors are an information strategy that is part of an organization's administrative procedures that may include poor or inaccurate record keeping. This can also include outdated or faulty computer systems. These factors affect the organization's ability to achieve its goals and objectives. These factors pose a threat that can change the way potential customers perceive the organization. Crime of internal cyber-hacking; some employees may leak internal data, which could lead to a potential crisis that could threaten the future of the organization. It is quite difficult for management to believe that employees would sabotage the organization's data. The cause of the factorsexternal External factors occur outside the organization, which influence the smooth functioning and success of the business. Unlike internal factors, management has no control over external factors; but they must try to anticipate and adapt to these crises if they arise. A good example of an external factor includes: In the case of cybercrime or hacking, hackers could gain access to the organizational system unnoticed and extract or sabotage critical information and data. The main objective is to obtain identifying information about the organization, customers and employees through the system with full access to the company's financial affairs (Bundy & Pfarrer, 2015). This attempt could result in a devastating risk that would result in a major crisis that would affect business performance. Market risk factors are also a major factor that can lead to a potential crisis. Such a crisis involves losses in the organization's trading portfolio due to variation in stock prices, interest rates, foreign exchange rates, credit spreads and commodity prices whose entire value cannot be controlled by management but is set by the public market. . Dahles and Susilowati(2015) suggest that management should try to anticipate a plan and adapt to the crisis to be able to keep the organization on track if the crisis arises. a door is open and can no longer be closed. At first, vanity traits will mostly be given alone. 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