Stage 4.2 Validate risk register with stakeholders
Who's Involved
- Assignment Management Team with workshop participants (a sub-set of the key experts who attended the first workshop, between 15 to 20 people)
Timing and time required
- At start of ‘Climate risk management and cost-benefit analysis’ workshop
- 1 hour
Key questions
- Is there agreement among stakeholders on the prioritization of key climate-related risks and opportunities undertaken at Stage 3.4?
- If not, which risk ratings need to be changed and what is the justification for this?
Tools
- Sections for report describing assessment of climate change risks to energy sector performance (supply and demand)
- Risk register and risk table from Stage 3.4
Guidance
- It is important to discuss the prioritization of risks undertaken at Stage 3.4 with energy sector stakeholders, to ensure that agreement is reached on the key risks.
- At the start of the risk management workshop, present the Risk Register from Stage 3.4 and discuss the relative rankings of the risks, until stakeholders are in agreement on them.
- Given the uncertainties around some aspects of climate change impacts on the energy sector, particularly in relation to extreme events, it will not be possible to assess every risk objectively. There may be an inclination among some stakeholders to prioritize extreme-event related risks, so the facilitator of the discussion may need to remind participants about the two dimensions of risk (‘probability of hazard’ and ‘magnitude of consequence’) and check that incremental effects from changes in average climatic conditions are given due weight.
Outputs
- Agreed final risk register and risk table.