Bob Sternfels, global managing partner at McKinsey. Jose Sarmento Matos/Bloomberg via Getty Images

The Nvidia scandal holds key reminders for business leaders about how to prepare for a crisis.

Boards should imagine and discuss as many scenarios as possible, said McKinsey chief Bob Sternfels.

When crisis does strike, thinking about long-term outcomes during the chaos is key, he said.

As they watched Nvidia's chaotic week unfold, many board members and executives may have found themselves wondering: "What if our CEO has an affair that gets us embroiled in a reputation-shaking scandal?"

Bob Sternfels, global managing partner at McKinsey, has some…

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