A Stakeholder Approach to Risk Management

In crisis management, risk management has been conceived mainly as a proactive pre-crisis management effort where it is deployed for crisis prevention and preparedness efforts. This chapter argues that risk management extends into the entire crisis management continuum, as crises ignite new types of risks with their associated stakeholders. Organizations should continually identify, manage and communicate risks to key stakeholders during the different phases of crisis management. A stakeholder orientation demands that organizations seek and involve risk stakeholders in the risk management process. The level of involvement will depend on both the identified risks and how stakeholders are expected to be affected by the proposed solutions and decision-making processes.