In this video, the speaker emphasizes the importance of risk management in achieving strategic objectives for First Nations. They discuss the different types of risks, identify common risks that organizations may encounter, and guide the audience through a four-phased approach to risk management. The approach involves identifying potential risks and their impact, evaluating risks based on likelihood and impact, creating a risk management plan, and monitoring and reporting on progress. The video also stresses the importance of involving the right people and ensuring that the risk management plan is a living document that is ingrained in the organization. Additionally, the speaker highlights the importance of evaluating potential risks systematically, creating a risk dashboard, assigning an owner to each risk, and setting a timeframe for action. Finally, the video encourages First Nation leaders to engage in brainstorming sessions to identify all the risks their community faces and emphasizes the importance of inclusivity and having a process for feedback from staff at the departmental level to support decision-making that achieves the organization's strategic objectives.