Key questions

To establish the context, there are three major factors that need to be clarified. The key questions below will help you in this task.

Strategic context
- What are we here for (mission)?
- What are we trying to achieve (objectives)?
- When and how will we achieve our objectives (goals)?
Organisational context
- What are we good at (strengths)?
- What are we bad at (weaknesses) and therefore need to do better?
- What are the main opportunities available to us that we should grab while we can?
- What are the main threats to our existence?
- what is the corparate policy ( Risk management policy )?
- What are our core values?
- Whom do we serve (our customers)?
- Who has a vested interest in how we perform as an organisation (our stakeholders)?
- What are the key outcomes for our organisation, against which we could clearly determine whether we are performing well or not so well?
- What is the environment in which we operate (economic, community values and attitudes, sponsorship or government grant reliance or independent, narrow/specialised or broad based participation, culture of participants, parents and officials)?
- Is this environment stable or volatile?
- Within this environment, and taking into consideration our objectives, goals and desired outcomes, what set of criteria would determine whether a level of risk was tolerable (Corparate governance )?
Risk Management context where you clearly establish the scope of your risk management activities and the organisational level at which you should consider risks.