Key stakeholders risk management guide
Produced in partnership with Jonathan Stevens of ASB Law
Key stakeholders risk management guide

The following Risk & Compliance practice note produced in partnership with Jonathan Stevens of ASB Law provides comprehensive and up to date legal information covering:

  • Key stakeholders risk management guide
  • Why you need to identify the key stakeholders
  • Top five priorities
  • 1. Leadership of the company
  • Leadership of the company—mini action list
  • 2. Principal internal risk functions
  • Internal risk functions—mini action list
  • 3. Principal external risk functions
  • External risk functions—mini action list
  • 4. Investors
  • More...

Why you need to identify the key stakeholders

Who is responsible for risk in a company or organisation? The answer may seem trite, but it is, of course, everyone. Effective risk management is only possible where there is a culture of good risk awareness and management across the organisation.

However, a culture of good risk management is driven by effective risk management engagement by the key stakeholders in the business.

Identifying the key stakeholders and understanding the role and importance each has to play in the organisation is pivotal to ensuring good risk management.

Top five priorities

The table below identifies the five most important key stakeholders in most organisations or companies.

Priority areaWhy is this a priority?
1. The leadership of the companyIf the leadership does not believe in, follow and enforce the risk management of the company, the company is likely to be in serious risk of breach and ultimately failure.
In addition the leadership of the company could face the risk of personal liability for failure to discharge its duties of care, skill and trust.
2. The principal internal risk functionsThe principal internal risk functions are the central nervous system of the company. The leadership of the company will depend on the key internal risk functions.
A company that does not identify and / or engage its principal internal risk functions will
Related documents:

Popular documents