What does "risk communication" involve in the context of Open FAIR?

In the context of Open FAIR, "risk communication" specifically refers to the process of sharing information about risk assessment and management with stakeholders in an effective manner. This involves clearly articulating the nature of risks, the potential impacts, and the strategies for managing those risks. Effective communication ensures that stakeholders, including decision-makers, are adequately informed about the risks the organization faces and the measures being taken to mitigate those risks.

This interaction is crucial because it fosters a mutual understanding of risk among all parties involved. It helps stakeholders recognize their roles in risk management and contributes to an overall culture of risk awareness within the organization. In contrast to updating stakeholders on policy changes or conducting training on risk management, which may not focus directly on the specifics of risk assessment, effective risk communication emphasizes conveying the details and implications of risks and management strategies. Advertising to potential investors does not pertain to the risk communication framework as defined in Open FAIR, since it typically involves marketing rather than risk-related information exchange.