Step-wise process elements
Establishing the context
Before any risk management activity takes place and especially before risk assessment occurs, the external, internal and risk management contexts should be established.
A key aim of the ‘establish the context’ step in the risk management process is to identify the organization’s objectives, and those external and internal factors that could be a source of uncertainty, so that risks can be identified more readily.
Establishing the context also provides the information that allows the other steps of the risk management process to occur.