Reference no: EM133171988

In reference to the scenario provided below, who would be most beneficial to involve in the process of risk identification and why would you include them in gathering input to risk identification?

Scenario: Identifying risks

Having reviewed risk management processes and the legislative environment in which the organisation operates, you now prepare for the job of identifying the risks for the chain of shoe repair stores.

You quickly realise that risk management, like most forms of management, requires input and feedback from stakeholders who affect and are affected by the risks to the organisation. With their help, you will use various techniques to identify the scope of the risks that could affect the organisation and set the objectives for your risk management function.

In the process of identifying risks, you will assess the internal strengths and weaknesses of the organisation and the opportunities and threats from the external environment which can arise from the social, technological, economic and political spheres in which the organisation operates.