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Stakeholder Analysis - HOW STAKEHOLDERS FIT INTO RISK BASED THINKING - YouTube
Channel: Best Practice
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Stakeholder analysis is a critical part
of any management system particularly
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with reference to any of the
international standards for quality,
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safety, environment. In this video we're
going to talk you quickly through the
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difference between a stakeholder and a
shareholder for example, we're going to
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talk to you about how stakeholders fit
into this process in risk-based thinking
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with regards to management system and
how you can do a stakeholder analysis
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for your organisation you don't need to
worry that we're talking ISO standards
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this is relevant for any business and
how you can understand your risks, risk
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based thinking and start to develop your
business plan. So stay tuned as we work
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through stakeholders, all
the different types of stakeholders
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including shareholders, we'll talk about
how that links into a SWOT analysis and
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a risk analysis and then a management plan,
stay tuned.
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Thanks for joining us here at
Best Practice TV we've had a bunch of
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questions bunch of comments and we've
also done some research on what videos
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people are craving in our YouTube
channel so particularly today we want to
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talk about stakeholders I want to do a
bit of a stakeholder assessment I want
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to take you through the process just
generically quickly now and how that
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links to your business plan in terms of
this process or your operational plan
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that might be developed in accordance
with your quality system your safety
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system the environmental management
system but ultimately about the
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operational plan to deliver your
business objectives
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okay so stakeholders obviously critical
part of any organisation they could be
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staff they could be shareholders they
could be suppliers, contractors they
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could be manufacturers it could be
government agencies they could be your
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building manager your landlord, any of
those sorts of things you know they
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could be the families of your staff
they're all stakeholders and I'm going
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to get into detail in those in a minute,
but as we do that analysis and I'm going
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to do that here on the whiteboard I'll
get rid of this one go through that
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process they do once we start to look at
them need to drop into or be considered
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as part of our SWOT analysis that's a
whole other video lots of stuff on
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YouTube about SWOT analysis great tool
really simple something to think about
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but definitely something to use once we
start to understand our stakeholders we
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drop our SWOT analysis when we start
talking about developing management
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systems into our risk analysis and our
risk analysis might you know we might
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spit out some sort of register
particularly if you're watching this
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video because you're interested in
getting ISO certification from someone
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like us so we're an ISO 9001 registrar
or certification body and we got a
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whole bunch of people that run around
doing assessments Best Practice
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assessments so we've got our register
there that we would spit out I'm not
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going to go into that in this video
that's in another video you're going to
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go and have a look we'll put the link to
it in our in the description below this
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one and then obviously once we've got
that identified we have our plan which
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is all of the controls the who what when
where how that I talked lots about on
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these videos and that's our plan our
business plan if you're right like or
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our operational plan. Okay look at that
magic it's gone, okay let's talk about
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stakeholders now specifically we want to
start
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our organisation and that's us that's
your organisation that's us our
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organisation so we're looking at our
organisation and we're starting to say
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well who are the people the parties
they've got an interest, now it's a
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strategic interest it's a financial
interest you know their suppliers,
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contracts, bank contractors, banks all
that sort of stuff we can start to just
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brainstorm them out, so we can say staff,
we can say suppliers, we can say your
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bank or your financial institution, and
say government, we can say shareholders
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now these are stakeholders and one of
the questions we're often asked is
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what's the difference between a
stakeholder and a shareholder?
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well the shareholder is a stakeholder
but these are all other stakeholders you
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know they've got an interest are in this
process with our staff, suppliers, bank,
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government agencies, what about customers,
what about your landlord, you know the
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person that you've rent the property
from for your for your company or your
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organisation,
what about end-users, they're just some
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really basic examples and you can go
into a lot of depth here. Key tip here,
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critical point, this is a critical point
that I want you to understand as you go
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through this process we must absolutely
must be specific. Specifically your
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organisation and specifically the name,
the name and phone number of the person
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that you're thinking about when you're
talking about a government agency. There
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might be four or five different
government agencies in each jurisdiction
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where you operate, it's important to be
thinking if you can if you can
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specifically, most specifically and
accurately as possible about that person
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so you can unpack what their
requirements are. When we talk about
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common agencies they've often have
got licensed requirements, they got laws,
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and when we start to talk about this, we
can start to identify the specific law,
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the specific license, the specific
conditions, requirements, that we must
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operate within, the same over here
you know 1000 staff and they're in four
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categories one, two, three,
four, they might all have different
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requirements it seems important to
categorise them accordingly,
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suppliers, different sorts of suppliers,
banks you know you might have a number
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of different financial institutions you
might use PayPal for example you might
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use your bank, 1 bank, bank A, bank B you
know you could talk about your end user
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space, you've got different sorts of end
users for your different products and
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you could divide these by product line.
Customers different sorts of customers
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remembering you've got customers and end
users and they can be different
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depending on your organisation, up here so
your product line one, product line two,
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product line three, different properties,
landlords, so important and then
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obviously shareholders and there could
be different types of shareholders they
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could be executive shareholders
non-executive shareholders you could
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have the board,
what about management, you know the
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management team, let's put them over here
actually let's move these guys the
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management team let's put them over here
any staff. So at a really, really high
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level, it's a good thorough brainstorming
session, I'd recommend a big whiteboard
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like this or a huge piece of paper and a
pen and sketch it out and then you can
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make it more specific. We do see lots of
our clients and lots of organisations we
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work with take all this and drop it down
into a spreadsheet and what we start to
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identify obviously is their name, you
know their contact, and then their
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requirements, anything that's a specific
thing that you guys need to do to keep
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them happy, to keep them all on an even
keel or meet their requirements so you
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can continue to operate, and
that's obviously the whole objective of
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an organisation by the true sense of an
organisation, it's the organisation and
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coordination of all of these different
stakeholder requirements to help you to
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go forward. So this information is
important to keep at hand, this type of
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diagram when you move into the next step,
and then remembering we had our flow
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chart that we talked about in the
beginning of the video, which was our
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this is our analysis up here,
stakeholders, then we go into our SWOT
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and we go into our risk analysis and
then we go into our plan,
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and that's how that all fits together. As
we're developing our SWOT any strengths
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weaknesses opportunities and threats,
suppliers SWOT staff, SWOT staff, SWOT
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management team, SWOT endusers
SWOT customer, SWOT landlords, SWOT
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stakeholders, sorry shareholders, SWOT
government agencies, SWOT bank, that's how
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it works. Then we know the risks, we can
start to look at the risks, what they
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look like, then we can start to work out
how we're going to address that and that
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starts to become your integrated risk
management plan, if you want to risk
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or your operational plan or your quality,
safety, environment system. They might
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have staff safety requirements, customers
quality requirements, government agency
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environment requirements, it's an
integrated risk approach that's how all
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that drops down into stakeholder
analysis, requirements, you know and this
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could be stakeholder it could be like a
stakeholder register, if you like don't
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make your life too complicated keep it
really simple it's about understanding
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where to go to find out what their
requirements are some of it could be
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anecdotal, so your management team might
have some anecdotal you know
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requirements of end users based on their
industry experience and that's okay,
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that's good,
government agencies might be very
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specific law and on this register you'd
put the link to the www website where
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the requirements exist. So that's been
very quick brainstorming exercise
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looking at stakeholders, stakeholder
analysis, shows you the difference
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between stakeholders and shareholders
because that's pretty common question
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here at Best Practice. Talks about all
the different stakeholders now there's a
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lot more stakeholders so if there are
important stakeholders in your
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organisation that we missed comment
below so just type a quick comment let
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us know in the comments below this video
other important stakeholders in your
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organisation just give us a generic
comment people like to comment and have
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conversations in the comments below this
video so go right ahead post a comment
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let us know
another important stakeholder that I can
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add to this table and I'll shoot another
video down the track for you talking
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about the difference between
stakeholders and how it fits into your
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management system. So thanks for joining
us here at Best Practice TV we
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got a great company LinkedIn page that's
worth jumping across on to LinkedIn and
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hitting us with a follow, you can also
look for me specifically on LinkedIn if
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you'd like to connect with me send me
connection requests we'll just click the
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follow button you'll get all the posts
and updates that we do on LinkedIn very
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unique while you're here watching these
videos it's worth opening another tab on
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your browser and clicking across to our
website and most specifically our
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Training Academy if you want more
in-depth analysis of how this relates to
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an ISO standard, we've got a couple of
great courses Quality Assurance ISO 9001
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essentials, we have an OH&S essentials
course, we've got an environment
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essentials course, lots happening on
Instagram where we have a little bit of
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fun, it's all give very gets corporate
and serious here at Best Practice so we
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have a bit of fun on Instagram,
lots of Vlog content that comes out
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every week on YouTube, you get to see the
behind the scenes all of bloopers from
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shooting this particular video will be
there somewhere in the YouTube channel
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so look out for us on the internet you
don't see me here on YouTube you'll
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definitely see me next time right over
on LinkedIn right here a Best Practice
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TV bye for now.
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