In my 25 years of public policy experience I have seen many clients invest enormous time and effort in establishing complex and integrated risk management frameworks, but the concept of political risk and how it can impact on their business or corporate objectives -often fails to receive the same level of attention.
As a public affairs specialist, assisting companies and organisations in managing political risk is at the core of what I do.
Companies and organisations can have a myriad of stakeholders including but not limited to:
- Members of an industry body
While all these stakeholders are important; political and bureaucratic stakeholders need to be equally valued.
Throughout the years, I have observed many organisations who only seek to manage their political risk in crisis situations. Their lack of an ongoing political risk management strategy has meant they have faced the prospect of compromised outcomes in these instances.
Political risk, just like other risks such as financial, operating, reputation or brand risk should not be an afterthought, it needs to be actively and continually managed.
The one issue that all companies and organisations need to be aware of in the current Parliament is their potential level of political risk and what impact the current political environment may have on their business objectives.
If the concept of actively managing political risk is a new principle for you…then you need to watch my video below.