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Your glossary for risk and compliance

Helpful definitions of all of the terms you need to know to better manage risk and compliance.

Risk
ISO 31000

Communication and consultation

Communication and consultation is a dialogue between an organization and its stakeholders. This dialogue is both continual and iterative. It is a two-way process that involves both sharing and receiving information about the management of risk. However, this is not joint decision making. Once communication and consultation is finished, decisions are made and directions are set by the organization, not by stakeholders. Discussions could be about risks, their nature, form, likelihood, and significance, as well as whether or not risks are acceptable or should be treated, and what treatment options should be considered.
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