Feedback is essential for identifying and managing potential risks in any project or process. But how do you collect feedback from many stakeholders who may have different perspectives, interests, and expectations? In this article, you will learn some practical techniques to gather and analyze feedback on potential risks from various sources.
Before you ask for feedback, you need to define the scope and objectives of your risk identification process. What are the boundaries, assumptions, and criteria of your project or process? What are the expected outcomes, benefits, and risks? How will you measure and report the results? By clarifying these aspects, you can communicate your purpose and expectations to your stakeholders and avoid confusion or ambiguity.
In my experience, Financial Numbers never tell us the whole pictures. Inspite of looking things individually, we should need to look things as a whole including facility risk as well as obligor risk. If we look in the past , all the financial crises which happed , only due to wrong assumptions along with treating the each risk individually. Customer intent/ behaviour/integrity toward financial behaviour is much more importance than customer capability to pay.
The next step is to identify who are the stakeholders and what are their roles and responsibilities in relation to the project or process. Stakeholders are anyone who can affect or be affected by the project or process, such as customers, suppliers, employees, managers, regulators, or competitors. You need to understand their interests, needs, expectations, and influence, and how they can contribute to or hinder the risk identification process. You can use tools such as stakeholder analysis matrix, power-interest grid, or RACI chart to categorize and prioritize your stakeholders.
In my experience working in security and risk management, correctly identifying stakeholders and understanding their roles is fundamental. In complex environments such as Sub-Saharan Africa, stakeholders go beyond the traditional categories. They can include local communities, informal leaders, or even non-state actors. It’s crucial to understand their influence, interests, and expectations as they can significantly impact the risk landscape. I’ve found tools like stakeholder analysis matrix and power-interest grid extremely valuable in these situations. They help not only to identify but also to understand the dynamics between stakeholders, leading to a more comprehensive risk management strategy.
Depending on the number, diversity, and availability of your stakeholders, you need to choose the appropriate methods and tools to collect feedback on potential risks. For example, interviews can be conducted face-to-face, by phone, or online; surveys can be distributed by email, web, or paper; workshops can use techniques such as brainstorming, SWOT analysis, fishbone diagram, or risk register; observation can be done by watching, listening, or recording stakeholders in their natural or simulated environments; and feedback loops can use tools such as feedback forms, suggestion boxes, online forums, or social media platforms. All of these methods and tools enable stakeholders to provide their opinions, insights, and concerns about potential risks.
Selecting the right methods and tools to gather stakeholder feedback is vital in risk management. Interviews, surveys, workshops, and observations can provide rich insights. Feedback loops, such as suggestion boxes or online forums, ensure continuous input. The goal is to stimulate open dialogue, not just gather data. A versatile approach captures the full range of potential risks, making risk management more effective. Adaptability is key, as a one-size-fits-all method may overlook crucial insights.
Once you have collected the feedback, you need to analyze and synthesize it to identify the most relevant, valid, and reliable information on potential risks. To do this, you can use data analysis to measure the frequency, severity, probability, or impact of potential risks. Content analysis can help to interpret, categorize, or summarize the feedback content and understand the meaning, context, or patterns of potential risks. Additionally, gap analysis can be used to identify discrepancies, inconsistencies, or conflicts between the feedback and the scope and objectives of the project or process. This can help assess the alignment, relevance, or validity of potential risks.
The final step is to communicate and validate the feedback with your stakeholders and other relevant parties. You need to present and explain the results of your risk identification process, and solicit feedback on the accuracy, completeness, and usefulness of the information. You can use tools such as reports, presentations, dashboards, or charts to communicate the feedback. You can also use methods such as feedback sessions, reviews, or audits to validate the feedback. By communicating and validating the feedback, you can ensure that your risk identification process is transparent, credible, and collaborative.