Consultation with internal and external stakeholders is the first step in implementing risk management. Internal stakeholders include Board members, staff, students, and volunteers. External stakeholders include clients, funding bodies, consultants/contractors, partners and community.
Stakeholders are consulted to provide varied perspectives on potential risks and risk management. Consultation may occur through formal means such as hosting forums/workshops, surveys/questionnaires, feedback forms, delegating responsibility for risk management development strategies to those that may be directly affected, or seeking comment on draft policies/papers. Informal consultation may occur through general discussion or observation when interacting with stakeholders.