Risk Stakeholders

Posted by SkillMaker in Dec, 2013

What are risk stakeholders?

Risk stakeholders are the people who are (or perceive themselves to be) affected by a decision, treatment, strategy or process. A stakeholder can be an individual, an organisation or a grouping within an organisation, such as the management, who may change at any time during the process. Some risk stakeholders may remain constant, which others may come and go.

What are risk stakeholders like?

Risk stakeholders are like the character in a story that may be affected by a story line. They may have something to say as part of the storyline, they may play a special part in shaping the storyline or they may be background characters, who the storyline may affect directly without them having the chance to express an opinion. Anyone who may be affected by an occurrence is a risk stakeholder, whether they are directly involved or not.

 

What is the purpose of engaging with risk stakeholders?

It is important that risk stakeholders are engaged with, so that they can be made aware of potential outcomes, and if necessary, they may want to express their opinion on a risk, action or outcome. Engaging with a wide variety of risk stakeholders can also allow different voices to be heard; different people can offer different perspectives and expertise on an issue.

What are the roles and responsibility of risk stakeholders?

Risk stakeholders make change throughout the process. They have a variety of roles:

Understanding – Risk Stakeholders should strive to understand the risks which are being discussed.
Informing – Risk Stakeholders may be required to provide specialist information to an organisation.
Identifying – Risk stakeholders may help to identify risk.
Providing – Some stakeholders may be expected to provide the necessary resources for the chosen action plan.
Training – If an action plan requires education of staff or customers, someone must carry out the training.
Communicating – Information may need to be widely spread as part of the risk management process.

What’s involved with engaging with risk stakeholders?

Risk stakeholders are usually engaged with as part of an early consultation process. This process may help with context setting and risk identification. Stakeholders may be re-consulted as part of the evaluation process, and once again as part of the monitoring process.

Where does engaging with risk stakeholders fit into the risk management process?

There are lots of different people who can be considered to be risk stakeholders. Different stakeholders may be consulted at different parts of the risk management process. Some risk stakeholders may be re-consulted at every stage of the process. Engaging with risk stakeholders as part of the monitoring process is an excellent way to see whether the risk action plan is having a positive effect.

How do risk stakeholders impact on managing organisational risk?

Stakeholders can be influential in helping to shape strategies which really work. They can also play an important part in analysing the effectiveness of risk management strategies. Some risk management processes require that major stakeholders sign off on a risk action plan, to show that they have agreed to the strategies which have been put into place.

What terms are used with risk stakeholders?

Risk – Something which may or may not occur that could impact on the general running of an organisation.
Opinion – The personal thoughts of a stakeholder or stakeholder group.
Expertise – Specialist knowledge that a stakeholder has on a topic.
Responsibilities – Tasks or actions which a stakeholder is expected to carry out as part of the risk management process.
Issues – Further problems which may be raised by stakeholders

Where can I find more information about a chairperson for a meeting?

http://outsourcemagazine.co.uk/roles-and-responsibilities-of-key-stakeholders/
http://sielearning.tafensw.edu.au/MBA/9791L/9791/9791L/Risk%20Stakeholders_wi.htm

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