How do you involve and engage your stakeholders in the risk identification and assessment process?

1 Identify your stakeholders

Your stakeholders are anyone who has an interest or influence in your business continuity plan, such as your employees, customers, suppliers, partners, regulators, shareholders, and community. You need to identify who they are, what their roles and responsibilities are, and how they can contribute to the risk identification and assessment process. You can use tools such as stakeholder analysis, stakeholder mapping, or RACI matrix to help you with this task.

2 Communicate your objectives and expectations

Once you have identified your stakeholders, you need to communicate your objectives and expectations for the risk identification and assessment process. You need to explain why it is important, what the benefits and outcomes are, and what the scope and timeline are. You also need to clarify the roles and responsibilities of each stakeholder, and how they will be involved and engaged throughout the process. You can use tools such as project charter, communication plan, or stakeholder engagement plan to help you with this task.

3 Solicit input and feedback

One of the main ways to involve and engage your stakeholders in the risk identification and assessment process is to solicit their input and feedback. You need to ask them to share their knowledge, experience, opinions, and concerns about the potential risks and impacts to your organization. You can use tools such as surveys, interviews, focus groups, brainstorming sessions, or risk registers to help you with this task. You also need to acknowledge and address any issues or conflicts that may arise among your stakeholders, and seek consensus or compromise when possible.

4 Analyze and prioritize the risks

After you have collected the input and feedback from your stakeholders, you need to analyze and prioritize the risks. You need to evaluate the likelihood and impact of each risk, and assign a rating or score to them. You also need to identify the risk owners, the risk responses, and the risk indicators for each risk. You can use tools such as risk matrix, risk heat map, risk response plan, or risk dashboard to help you with this task. You also need to validate and verify the results with your stakeholders, and make any adjustments or refinements as needed.

5 Report and communicate the results

The final step to involve and engage your stakeholders in the risk identification and assessment process is to report and communicate the results. You need to present and explain the key findings, conclusions, and recommendations from the process, and how they will inform and support your business continuity plan. You also need to solicit feedback and approval from your stakeholders, and address any questions or concerns they may have. You can use tools such as reports, presentations, meetings, or newsletters to help you with this task.

6 Review and update the process

The risk identification and assessment process is not a one-time activity. It is a continuous and iterative process that needs to be reviewed and updated regularly. You need to monitor and measure the performance and effectiveness of your risk management activities, and identify any changes or new risks that may affect your organization. You also need to involve and engage your stakeholders in the review and update process, and communicate any changes or updates to them. You can use tools such as audits, reviews, surveys, or feedback sessions to help you with this task.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?