Role of social media in handling a crisis situation: A case study of Commonwealth Bank of Australia (CBA)

This research study explores how the Commonwealth Bank of Australia-CBA managed to respond to a recent online crisis caused by money laundering allegations levelled by AUSTRAC-Australian Transaction Reports and Analysis Centre. Employing the case study approach, this study has examined how CBA managed the crisis on social media. Findings suggested that media releases focused on five elements in crisis communication response i.e. acknowledgement and resolution of issue, reassurance of compliance and coordination, software error – cause of breaches, assurance of conveying information, and investment made in financial crime laws compliance. On the other hand, CBA’s responses on social media follow knowledge transfer and assimilation elements, but lack in knowledge acquisition