Stakeholder engagement in managing systemic risk management

This paper employs the interpretative lens provided by stakeholder theory to garner novel insights for research and managerial practices within the framework of high‐reliable organizations (HROs). It proposes an interpretative matrix for analyzing and explaining how stakeholders’ behaviors and interactions can transition from a “strategic” to a “responsibility” approach in the context of risk management. The paper adopts a qualitative methodology based on a case study of the Italian Civil Protection—an HRO—during the COVID‐19 pandemic. Through the analysis of institutional sources and reports, we apply two theoretical frameworks to examine how the organization's engagement strategy changed in response to an unexpected event. This case serves to illuminate the main implications and practical applications of shared conceptual reflections. The principal implications are traced in terms of theory, practice, and policy, focusing on the joint examination of organizational reliability and stakeholder engagement theory, the potential utility of the proposed case study, and the feasible policy actions. The main limitations of this study lie in the purely qualitative methodology employed, the nature of the organization analyzed, and the territorial scope of the study. Future works will address an empirical investigation of the theoretical relations uncovered herein, as well as the expansion of the spectrum of analysis (e.g., private organizations) and a cross‐country widening of the level of analysis.