By analysing the internal and external environment in which your business operates you can establish a set of criteria against which risks can be identified, prioritised and evaluated. This context will be different for every business depending on their industry, environment and goals.

• Consider risks and priorities posed by the organisation’s external environment such as regulations, cultural factors, political climate, external stakeholders and key business drivers

• Understand the internal business environment by considering internal stakeholders, company structure, priorities, people, systems, processes and business objectives
  
  
• The criteria may be operational, technical, financial, legal, social, environmental, humanitarian or others that reflect your business environment