A new approach to managing risk using multimeda technology - incorporating stakeholder perceptions of risk into corporate risk management strategies

In the increasingly emotional and regulated business environment, effective risk management has become a basic necessity for every organization, as has the ability to communicate effectively with external stakeholders about risk. Effectively communicating with the stakeholders is difficult enough for any business but the challenge of communicating the risks associated with the planning, design, construction and operation a multimillion dollar project are immense. The potential costs of poor communication with stakeholders during this process are enormous but the potential benefits of effective consultation are even greater. The aim of this paper is to discuss how multimedia technology can be used to engage stakeholders in the effective management of risk in projects and in business. It is argued that multimedia is a highly effective, engaging and innovative way to capture and harness stakeholders’ collective knowledge and can overcome the problems with current approaches to risk management which seem deliberately designed to exclude them from the process.