A critical event, which, if not handled in an appropriate manner, may dramatically impact an organization’s profitability, reputation, or ability to operate. Or, an occurrence and/or perception that threatens the operations, staff, shareholder value, stakeholders, brand, reputation, trust and/or strategic/business goals of an organization.

 Source: BCI/DRJ

Merriam-Webster Online Dictionary
crisis (noun)
a) the turning point for better or worse in an acute disease or fever
b) a paroxysmal attack of pain, distress, or disordered function
c) an emotionally significant event or radical change of status in a person's life - a midlife crisis
the decisive moment (as in a literary plot)
a) an unstable or crucial time or state of affairs in which a decisive change is impending , especially one with the distinct possibility of a highly undesirable outcome - a financial crisis
b) a situation that has reached a critical phase - the environmental crisis juncture
Merriam-Webster Online Thesaurus
crisis (noun)
a time or state of affairs requiring prompt or decisive action
boiling point, breaking point, clutch, conjuncture, crisis, crossroad(s), crunch, crunch time, Dunkirk, exigency, extremity, flash point, head, juncture, tinderbox, zero hour
contingency, possibility; climax, turning point; happening, landmark, milestone; condition, pass, situation, strait; deadlock, impasse, stalemate; corner, fix, hole, hot water, jam, last ditch, pinch, predicament, scrape, spot; eleventh hour, last minute
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