Using multimedia to effectively engage stakeholders in risk management

ISSN： 1753-8378

Source： International Journal of Managing Projects in Business, Vol.3, Iss.2, 2010-01, pp. : 307-327

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Abstract

Purpose ‐ The aim of this paper is to discuss how multimedia technology can be used to effectively engage stakeholders in the management of risk in projects and in business. Design/methodology/approach ‐ Drawing on research in stakeholder management and multimedia this paper presents a case study of how multimedia technology was used to help a government health department develop a risk management strategy to respond to climate change risk to its infrastructure. Findings ‐ Multimedia is a highly effective, engaging, and innovative way to capture and harness stakeholders' collective knowledge in managing risks and opportunities. Research limitations/implications ‐ This research has revealed the practical advantages of using multimedia to engage stakeholders in the risk management process. Future research needs to explore the pedagogical advantages of multimedia in helping organisations develop a risk management culture. Practical implications ‐ In the increasingly emotional and regulated business environment, effective risk management has become a basic necessity for every organisation, as has the ability to communicate effectively with external stakeholders about risk. The potential costs of poor communication with stakeholders during this process are enormous but the potential benefits of effective consultation are even greater. Originality/value ‐ This paper will be of value to managers involved in managing risk and opportunity. It demonstrates a new consultative approach to managing risk and opportunity which uses cutting-edge multimedia technology which complies with current international guidelines, laws and regulations.