ABSTRACT
While earlier efforts to manage stakeholders will have focused primarily on keeping the regulator happy and influencing Solvency II developments via industry lobby groups, a broad range of organizational stakeholders will be impacted by the new regime. To manage these stakeholders most effectively, formal stakeholder management activities are recommended:
• Identification – name stakeholders; • Profiling – gain insights based on stakeholders’ strategic objectives and key
attributes, for example, level of power to influence organization or initiative, and the nature of their interests or stake in the same, in order to predict their behaviour and develop appropriate strategies for managing them;
• Prioritization – based on profiles, rank stakeholders according to how integral they are to the organization (or initiative) achieving its objectives so as to determine how stakeholders should be involved in consultation processes, and how resources should be allocated to match their different profiles.
