Stakeholder risk management in project management: an approach for identifying, analyzing, and mitigating stakeholder-driven risks in consulting projects

Abstract

This study investigates stakeholders as sources of risk within the consulting industry to develop an approach for risk management, thereby addressing the challenge of identifying, analyzing and mitigating stakeholder risks. Mixed-methods research was conducted, including a quantitative survey of consulting project managers followed by qualitative expert interviews. Findings reveal that stakeholder risk management is undertaken on a highly individualized basis, lacking a formalized structure. In response, a structured approach to stakeholder risk management was developed, incorporating underlying themes and stakeholder risk domains. Additionally, those findings were synthesized into two templates designed to support consulting project managers in managing stakeholder-related risks.