"Compare the BP fiasco to the classic example of how well Johnson & Johnson handled its Tylenol nightmare years ago.  Part of Johnson & Johnson's success in dealing with the crisis was the result of a well-thought-out contingency plan, superb execution, and taking immediate responsibility.  The public’s approval of the company's action was expressed through its increased market share.  This is a far cry from the negative impact on the BP brand, as well as the entire oil industry," .

Patterson recommends that companies adopt the following seven-step emergency plan for dealing with potential risks:
1.    Commit to contingency planning
2.    Establish a risk tolerance framework
3.    Identify potential risks that your company may be up against
4.    Highlight worst-case catastrophic and critical risks
5.    Identify the top 5 to 10 risks that are not included in your financial statements
6.    Develop a coherent action plan that is approved by your executive team
7.    Establish a proactive media policy

"After all, the goal is to control your company's financial destiny with adequate procedures and timely information.  Capitalize on hidden high return opportunities, while limiting exposure to risk.  Otherwise, the cost of what you don’t know can be your company.  This blowout may not cost BP employees, executives, suppliers and shareholders their company.  It has definitely demolished the value of the stock that individual investors hold."

"Companies with far less shareholders' equity than BP should be concerned.  Much smaller companies that are part of the oil industry, or sell to the oil industry, will be decimated. While BP will get bailed out and survive this catastrophe, no one will come to the rescue of a smaller company that doesn’t have a BP global status."