At first this looks complicated as risk assessment is a vast subject, but in reality, risks and opportunities can be addressed very simply.
The first part is to carry out a SWOT analysis of the organisation:
- Strengths- what does the organisation do really well or makes it stand out amongst its competitors?
- Weaknesses- what areas does the organisation identify as weak?
- Opportunities – where can the organisation look for new challenges or new areas of operation or sales?
- Threats- what does the organisation identify as threats to the business?
Then a PESTLE analysis:
- Political - what are the political factors that are likely to affect the organisation?
- Economic - what are the economic factors that will affect the organisation?
- Sociological - what cultural or social aspects likely to affect the organisation?
- Technological - what technological issues or advancements that may affect the organisation?
- Legal - what current and impending legislation or regulation that will affect the organisation?
- Environmental - what are the environmental issues that may affect the organisation?
Once these elements have been identified, a plan can be made to address the negative parts while emphasising the positive parts.