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Monday, 12 November 2018

Risks and Opportunities

All the new management standards which address the Annex SL format (10 identically numbered sections   1- 10) require risks and opportunities to be determined.

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.

Simple really.

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