Lecture

Stakeholder Engagement: Risk Management and Decision Making

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In course

HUM-367: Risk governance

Le cours étudie les risques et bénéfices liés aux nouvelles technologies, en appliquant les principes de la gouvernance des risques. Il discute en particulier l'importance des approches interdisciplinaires, de la consultation des différents acteurs et de l ...

Description

This lecture explores stakeholder engagement in risk management, focusing on identifying, evaluating, and involving stakeholders in decision-making processes. It covers the definition of stakeholders, their legitimacy, and the importance of engaging them to assess perceptions, values, and interests. The lecture also discusses the challenges in stakeholder engagement, such as exclusion, paternalism, and time constraints, and provides strategies for involving stakeholders through surveys, focus groups, and interviews. An example of stakeholder engagement in the conclusion of the Montreal Protocol on CFCs illustrates the impact of international collaboration in addressing environmental risks.

Instructor

Marie-Valentine Renée Agnès Florin

Marie-Valentine Florin is the executive director of the International Risk Governance Center. She organises IRGC collaborative activities, focusing in particular on the role of IRGC as a multi-stakeholder platform and a convening place at the interface between science and public policy. She joined the International Risk Governance Council (IRGC Foundation) www.irgc.org in 2006.From 2000-2006, she worked for local authorities, helping them develop and implement strategies for sustainable development, and for philanthropic and humanitarian organisations. She spent the first part of her career (1984-1999) in an international socio-cultural research and marketing consulting firm. Marie-Valentine graduated from Science Po in Paris (public policy and management), and then earned post-graduate diplomas in marketing strategy, sustainable development and environmental diplomacy. Her current involvement in IRGC activities is mostly related to:- systemic risks and transitions, governance of risks related to emerging and converging technologies- digital policy, specific risks related to machine learning- precision medicine- synthetic biology- nanotechnology- climate engineering Member of Advisory Committee to the World Economic Forum Global Risk Report 2015-2021; Fellow of the Society of Risk Analysis (SRA).

Official source

Related concepts (26)

Montreal Protocol

The Montreal Protocol is an international treaty designed to protect the ozone layer by phasing out the production of numerous substances that are responsible for ozone depletion. It was agreed on 16 September 1987, and entered into force on 1 January 1989. Since then, it has undergone nine revisions, in 1990 (London), 1991 (Nairobi), 1992 (Copenhagen), 1993 (Bangkok), 1995 (Vienna), 1997 (Montreal), 1998 (Australia), 1999 (Beijing) and 2016 (Kigali) As a result of the international agreement, the ozone hole in Antarctica is slowly recovering.

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Financial risk management

Financial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .

Risk

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".

Operational risk management

Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events. Unlike other type of risks (market risk, credit risk, etc.) operational risk had rarely been considered strategically significant by senior management.

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