Risk communication

from Wikipedia, the free encyclopedia

In risk management, risk communication is the communication of the risk results in a transparent and comprehensible manner - for the decision-making about the acceptability of the risk by the operator, the authority with the involvement of experts and for the persons affected by the risk in the plant and in the plant environment.

Definitions

The term "stakeholders" (also: Stakeholder ) includes all categories of persons (internal and external) that are affected by the entrepreneurial activity directly or indirectly present or in the future. The term “risk communication” cannot be clearly defined due to its complexity. Various definitions are common in theory and practice:

  • "Risk communication includes anticipating possible risks, reacting sensitively to fear of risk and taking measures to be followed in the event of damage."
  • “Risk communication includes every targeted exchange of information about [...] risks between individuals and between interested groups. The information mainly relates to:
  1. the level of risk,
  2. the significance and importance of the risk and
  3. Decisions, actions and political measures aimed at limiting and regulating the risks [...]. "
  • "Risk communication serves the discussion of risks, the factual and fair discussion of the differences in risk assessment as well as finding solutions to conflicts about risks."
  • “The interactive exchange of information and opinions on dangers, risks, risk-relevant factors and risk perception between risk managers, users, experts, risk officers and other stakeholders. On the one hand, individual solutions result from the communication process and, on the other hand, the overall risk situation can be brought together in a bottom-up process. Risk communication is an essential part of a risk management system. The communication channels should ensure that the decision-makers are informed promptly in order to guarantee transparency about the type and extent of the risks at all times. "

Goal of risk communication

The aim of risk communication is to build up a position of trust and to contribute to the reputation with relevant stakeholders.

Another goal is to reduce the information asymmetry that arises from the principal-agent relationship between the company (agent) and stakeholders (principal) through truthful and decision-relevant information about company risks. A detailed and transparent risk communication should meet the high transparency expectations and demands of stakeholders.

Classification and function in risk management

Risk communication is an essential part of risk management. According to ISO 31000, risk management consists of the risk management process and the risk management system, which is based on the principle of a PDCA cycle (Plan-Do-Check-Act).

On the one hand, risk communication assumes a process-accompanying function within the risk management process and, on the other hand, forms the basis for the exchange between the risk management system and the risk management process. Within the risk management process, risk communication determines the manner in which information about the identified risks is recorded and exchanged within the company. Continuous risk communication ensures that the risk management measures are carried out in accordance with the risk strategy.

Risk communication in risk management thus fulfills the important functions of documentation, traceability, verifiability and the security function of risk management.

Ways of risk communication

The communication principle “internal before external” is recommended for companies in connection with target group-oriented communication. A company's employees are the main stakeholder group of a company in transition. Employees should be the first to receive information before it is made public. Reasons for this recommendation are not only appreciation of the workforce but also business reasons. Strikes and announcements about the strike can have an impact on external stakeholders. B. Confuse lenders.

Ways of risk communication

Within a company, risk communication takes place both from the business areas for risk management (bottom-up) and from management to the business areas (top-down). Typical topics that are communicated by the business units on risk management are the identification and assessment of risks, information about risk awareness and, if necessary, ad hoc announcements. Information from risk management to the business areas includes topics related to the objectives and strategies in risk management. Competencies and responsibilities can be assigned and defined. The processes are also monitored and controlled from top to bottom.

For transparent and effective risk communication it is necessary that risks are also discussed within the business areas in order to determine the interrelationships and effects of risks.

Basic problem of risk communication

The fundamental problem of understanding asymmetry and thus the differentiated perception of risk affects all stakeholder groups. While experts understand risks as a cause-and-effect principle, laypeople tend to view risks in the victim-perpetrator context and assess risks based on their subjective perception and everyday experience. This results in the field of risk communication. This must reduce the difference between the risk problem defined by experts and the risk view of the layperson. This is done by choosing a risk communication tool that is geared towards the target group. A suitable instrument can promote understanding and perception of the information by the recipient so that optimal decisions can be made.

Phases of risk communication

Phases of risk communication

Risk communication can be divided into different phases. If these crises and disruptions are concerned, it takes place once, whereas risk communication takes place continuously in companies in order to contribute to clarification and prevention.

Potential and latent crisis phase - prevention, detection and avoidance

Preventive risk communication as part of conflict management is closely related to the term issue management. This takes effect when a topic is brought up to the company externally and has the potential to negatively influence the company. Its function is to recognize changes in the environment and possible risks at an early stage and to develop reaction strategies to prevent crises. Successful preventive risk communication requires knowledge of the media and actors to be addressed, as well as detailed planning of the information flow. If the early warning system detects an emerging crisis, there is an internal crisis phase. The corporate environment is not informed about existing risks, only the internal stakeholders. In this case, corporate risk communication with the aim of avoiding crises and conflicts can take on a preventive function.

If the expected and communicated risks do not materialize, the company still runs the risk of damaging its image. Thus, preventive risk communication itself is a risk factor, so that e.g. B. Product risks and political decisions are concealed. If the forecast risks materialize and no appropriate measures are taken, there is a risk of even greater reputational damage. If risk problems that arise in the latent crisis phase are perceived by external stakeholders, risk communication is fundamental in order to steer the risk issue and to mitigate the crisis.

Acute crisis phase - crisis management

If the company's internal crisis avoidance fails, there is an acute crisis phase. A crisis can also occur unexpectedly, without any prior evidence. Before the acute crisis situation occurs, the stakeholder groups to be addressed should be clearly defined in order to enable smooth, needs-specific crisis communication. This helps the company to anticipate future behavior of the actors in advance, to write tailor-made messages and thus to act instead of just reacting.

Depending on the type of crisis, the stakeholders are weighted differently according to importance and urgency. Those stakeholder groups who are directly or indirectly affected by the crisis and are influenced by it receive the highest priority, e. B. Local residents and neighbors in the event of accidents that cause environmental damage. Crisis manuals and dark sites are often prepared in order to be able to guarantee a quick response. Due to the current urgency in acute crisis situations, mass communication is increasingly being used. With the help of an open information policy, the stakeholders are to be informed about initiated crisis management measures, already identified causes of the crisis and already foreseeable effects of the crisis.

The communication medium should be selected in consideration of the stakeholder group and the type of crisis (alarm in the event of environmental damage, intranet for works council information). The results of the empirical study by Frank Roselieb show that the communication frequency is most pronounced in the acute crisis phase with 69.2 percent, whereas the latent crisis phase is hardly accompanied communicatively and takes place passively (8.3 percent of communication).

The corporate communication policy should be consistent in itself. This includes uniform communication sovereignty and the integration of corporate communications into the crisis team. The crisis team helps to clarify the risk situation and acts transparently in order to maintain the trust of internal and external stakeholders.

Post-crisis phase - post-crisis follow-up

If the company can follow the normal course of business again after the acute crisis has been overcome, the post-crisis phase occurs. The elimination of the destructive effect of the crisis on the stakeholders is of essential importance. Necessary measures must be taken to restore and stabilize the trust of internal and external stakeholders.

The previous crisis can be used as an “opportunity for change” by critically analyzing the crisis and drawing conclusions. The evaluation of the previous communicative crisis management should also be considered. An optimized future procedure can be derived from this. Corporate communication should be in dialogue with the stakeholders, e.g. B. to be able to develop concepts for future crisis avoidance in cooperation. The results are documented in the introduction of codes of conduct (corporate and management principles).

In this phase, individual communication dominates over mass communication and represents 68.8 percent of all communication processes. In addition to interpersonal communication, companies use magazines and press releases, circulars and personal letters to communicate with and inform stakeholders.

Internal risk communication

The communication of risks to internal stakeholders is very important in risk management. The focus is in particular on communication with shareholders and employees, which is intended to promote the transparency of corporate risks. This supports the proactive handling of risks and strengthens the identification of possible hazards. In order to enable efficient risk management, responsibilities must be defined and the operational risks must be taken into account holistically in the report, such as B. research and development-related risks as well as production and sales risks to financial and strategic risks.

Shareholder

Risk communication with shareholders depends on the type of shareholder, the type of company and the size of the company. While communication in family businesses is mostly verbal and direct, and joint decision-making is pursued, the communication process becomes more complex when ownership and management do not affect the same group of people. In a potential or latent crisis, the flow of information to shareholders is mostly limited to risk reporting. The internal risk report provides control-relevant information that enables shareholders to identify and limit risks and develop countermeasures.

In the acute crisis phase, shareholders in corporations are informed about future changes and consequences in the course of the general and general meetings, direct discussions and letters. However, a distinction must be made between small shareholders and institutional shareholders. Small shareholders have a significant influence on the company's reputation, which is why the extensive exchange of information should not be avoided. The processing of the crisis, as well as the investigation of the causes and effects, takes place mainly by means of the annual report, during the general and general assembly and through the media. Majority shareholders and institutional investors are already aware of industry-specific risks. Company-specific risks are found out through direct, personal discussions with top management. Further sources of information are the annual report and investor presentations.

The focus of the content-related interest in the post-crisis phase is on the effects on the company's financial result and future company value. The company management should show the shareholders which measures will be taken in the future to win back, secure and increase the assets of the shareholders. The aim of the communication measures is to regain the trust of the shareholders, which is important for securing the company's capital supply.

Supervisory board

According to § § 95 to § 116 AktG, § § 9 and 36–41 GenG, every stock corporation (AG) and cooperative must have a supervisory board (other legal forms mandatory or voluntary from a certain company size).

According to 11 AktG a supervisory function over the management. In terms of the audit obligation incumbent on it, the board of directors is obliged according to Section 90 (1) AktG to make information necessary for monitoring accessible. The supervisory board is therefore dependent on information on the risk situation and risk management, including i. S. v. Section 90 (3) AktG requirement reports or, in accordance with Section 109 (1) AktG, verbal information from the management board. Relevant information can also come from within the company from risk management or internal auditing as well as from external supervisors such as the auditor. The authority of the supervisory board to invite information persons to sit-out board meetings means that employees from risk management and internal auditing can be consulted. The supervisory board also has the option of appointing an auditor. This examines the existence of an appropriate risk management system in listed stock corporations.

Employee

From the company's point of view, it is of central importance to inform the workforce in a controlled manner about existing and impending risks. In order to maintain the trust of the employees, it should be avoided, especially in a crisis situation, that the employee receives primary information via the media (outside-in) and that the credibility of the company management is affected. At the same time, this has a strong impact on the reaction of external stakeholders, as employees are publicly perceived as representatives of the company and their statements are given higher credibility than other company representatives, such as the board of directors and company spokesmen. Numerous media can be used for risk education: employee magazines, newsletters, the intranet, email or employee meetings as well as townhalls. The results of an empirical study by DAX30 companies on the risk management organization, risk culture and risk policy principles show that media instruments such as the intranet (70%) or circulars from the board of directors (60%) as well as direct communication instruments such as training and Workshops (80% for managers; 70% for employees) are used.

External risk communication

External risk communication provides regular information, e.g. B. Providers of capital on risk strategy, policy, objectives, measures and the effectiveness of their achievement in the risk report .

The opportunity and risk situation of the company is made known to stakeholders u. a. disclosed as part of financial reporting using external risk reporting. In Germany, the presentation of risks is mandatory in accordance with Sections 289 and 315 of the German Commercial Code (HGB) as part of the management report and group management report.

The public, however, expects additional information from the non-financial areas, such as B. Environment and occupational safety. This information can be included in the mandatory and voluntary risk reporting, but it can also be communicated via other channels.

External risk communication is of particular importance in exceptional situations. At z. For example, crises, product recalls or scandals, the sensitive control of information to the respective stakeholders plays a major role in order to avoid long-term damage to the company's reputation and the associated reductions in earnings.

Lenders

By providing capital, lenders expect a corresponding return, i. H. an increase in assets as well as the repayment of the amount provided. That is why investors attach importance to how the company's success is secured. This information includes the sustainability of the added value and the future viability of the business model. The interests of the lenders are represented by the company representing its own interests and thus ensuring the continued existence of the company.

Information on the continued existence of the company can be found in the management report as a mandatory financial reporting tool. In the management report , the German legislator provides, in accordance with Section 289 (1) of the German Commercial Code and Section 315 (1) of the German Commercial Code, “to assess and explain the expected development with its main opportunities and risks”. In particular, according to Section 289 (2) HGB and Section 315 (2) HGB, the risk management objectives and methods as well as price change, default and liquidity risks and the risks from fluctuations in payment flows must be presented. Capital market-oriented corporations also have to deal with essential features of the internal control and risk management system in accordance with Section 289 (5) HGB (and Section 315 (4) HGB) insofar as these relate to the (group) accounting process. Due to the regularity of this type of risk communication, such information serves as preventive measures and is a suitable instrument in the potential or latent crisis phase.

If lenders are declared as a stakeholder group with the highest priority in the acute crisis phase, it makes sense to write to them directly and provide them with all important facts. This prevents the (incomplete) flow of information through other channels and creates trust. If the crisis means that the borrowed capital cannot be repaid in the planned time or amount, appropriate solutions can be worked out together with the lenders.

Publicity

The public is understood to mean those stakeholders who are neither employees, nor suppliers, nor investors in the company. These, in turn, can be divided into experts and laypeople. Experts regard risks as cause-and-effect relationships that are based on probabilities, while laypeople perceive risks as victim-perpetrator relationships. As the opinion of laypeople determines the company's public image, their need for information must also be satisfied in the context of risk communication. This prevents possible acceptance problems and crises and thus safeguards the company's economic interests. One of the best-known examples of public non-acceptance is nuclear technology.

In the potential crisis phase of risk communication, companies must evaluate which risk topics could lead to a problem in which social groups. The time frame and the extent must also be taken into account. At this stage, the risk is not yet publicly communicated. In the latent crisis phase (at the end of the potential crisis phase) the risk topic appears in public and must be discussed. A critical event can then lead to an escalation of the risk topic and cause an acute crisis, with the problem attracting maximum public attention. The post-crisis phase is characterized by regulations, e.g. B. agreements or state regulations, and moves the risk issue from the public focus. Since the problem can be influenced less and less by the company as development progresses, communication is effective in the latent crisis phase.

In the latent crisis phase, risk communication with the public has two tasks: it must be based on the questions posed by the groups addressed, but it must also convey the information necessary to understand the risk. This process can be broken down into six steps:

  1. Identify communication risk problem
  2. Choose appropriate two-way communication (information, dialogue, participation)
  3. Secure trust
  4. Consider the public's risk perception
  5. Qualitative risk description to approximate the risk problem and view
  6. Select indicators and risk comparisons for quantitative risk characterization.

Suitable instruments in the latent crisis phase are e.g. B. Inspection of planning documents, expert presentations and surveys, information brochures and on-site visits. Risk communication takes the form of a dialogue, so that a one-sided transfer of information is prevented and public questions are taken into account.

If the risk topic is accompanied by a critical event in which people and the environment were harmed, the public reaction and thus the consequences for the company depend on how this incident is perceived. External factors that are beyond the company's control portray the company as the victim of the damage, while identifying the company as the cause of the damage has serious consequences and can lead to an acute crisis. When this happens, the company must engage in crisis communication. Crisis communication can be understood as risk communication under difficult conditions. The goals of crisis communication are to raise the alarm quickly, ensure quick reactions and establish objective and clear communication. During the acute crisis phase, it is also necessary to deal appropriately with journalists, as the way they are presented and reported in the mass media can shape the opinion of the public. In the post-crisis phase, the development of new crisis potentials must be minimized, and crisis management and communication must be improved on the basis of experience. Communicating with the public about appropriate measures can help regain confidence in this phase.

Suppliers

In the event of an acute crisis, it is expedient to inform suppliers and subcontractors directly and personally. If the supplier bears (partial) responsibility, a communicative exchange is absolutely necessary already in the latent crisis phase in order to avert or end the crisis. If the supplier is assigned sole guilt without evidential value, this can have negative effects on the company's reputation as well as the termination of the cooperation, as in the Ford Explorer scandal of 1997. If the supplier is not responsible for the crisis, the urgency and the scope of information depends on the extent to which the supplier is affected and the substitutability of the supplier. If the cooperation with the supplier is essential for the entrepreneurial business process, he should be informed comprehensively and as directly as possible in order to maintain the existing trust and convince them of a future successful cooperation.

literature

Books
  • Reinhard Altenbruger & Roman Mesicek: CSR and Stakeholder Management: Strategic Challenges and Opportunities for Stakeholder Relations. Springer Gabler, Wiesbaden 2016, ISBN 3-662-46559-0 .
  • Gerhild Deutinger: Communication in Change- Communicate successfully in change processes. Springer Gabler, Wiesbaden 2013, ISBN 978-3-642-37204-9 .
  • Kathrin Gassert: Corporate Risk Communication. Models and strategies using the example of genetically modified food, Deutscher Universitäts-Verlag, Wiesbaden 2003, ISBN 978-3-322-81089-2 .
  • Christian Glaser: Risk management in leasing basics, legal framework and practical implementation. Springer Gabler, Wiesbaden 2015. ISBN 978-3-658-05515-8 .
  • Jan Lies: PR management practice: strategies, instruments, application. Springer Gabler, Wiesbaden 2015, ISBN 978-3-658-06913-1 .
  • Franco P. Rota, Wolfgang Fuchs: Lexicon Public Relations - 500 terms on public relations, market and corporate communication. Dtv, Munich 2007, ISBN 3-423-50898-1 .
  • Peter M. Wiedemann, Rainer Carius, Carsten Henschel, Hans Kastenholz, Werner Nothdurft, Frank Ruff, Hans Joachim Uth: Risk communication for companies, VDI Association of German Engineers, Düsseldorf 2000, ISBN 3-931384-33-0 .
Essays
  • Andrea Kampmann: Internal risk communication. In: Controlling. Volume 28, No. 12, 2016, pp. 751-754.
  • Frank Roselieb: Early warning systems in corporate communication. In: Manuscripts from the institutes for business administration at the University of Kiel, Volume 512, 1999, pp. 1-24.

Individual evidence

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