Explanation
Think of customers and principals, employees and works council, suppliers and subcontractors, owners, banks and insurers, regulators and local residents. Each group expects something different: safe working conditions, good quality, compliance with laws or less nuisance.
You map out who your interested parties are, what they need or expect and which of those requirements are binding for you, for example through a contract or law. Those obligations feed your risks, objectives and processes. Review the list regularly, because interested parties and their requirements change.
In standards such as ISO 9001, ISO 14001 and ISO 45001 this is also called 'relevant interested parties'. It differs from the context: the context is broader and also covers the market and technology, while interested parties are the people and organisations with their own expectations of you.
Example from practice
A construction company notes that local residents expect little nuisance from construction traffic, the client asks for safety evidence and the municipality supervises the permit conditions. Each expectation gets an owner in the organisation.
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