During which phase is risk communicated to other stakeholders?

Risk communication is critical in the operational risk management process and is primarily emphasized during the communication phase. This phase involves sharing information about identified risks with relevant stakeholders, ensuring that they are aware of potential challenges and can take appropriate actions.

Effective communication about risks helps foster a culture of transparency and collaboration, allowing stakeholders to understand their roles and responsibilities in managing and mitigating those risks. This phase ensures that everyone involved has access to the same information, enabling informed decision-making and enhancing the overall risk management strategy.

While risk assessment involves identifying and evaluating risks, and development and implementation focus on creating and executing risk management strategies, the actual communication of risks takes place in the communication phase. This is where the insights gained during assessment and the plans established during development are effectively conveyed to all relevant parties.