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Step 3: Assess priorities

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Prioritise the issues for your business based on the risks and opportunities you have identified.

Steps 1 and 2 will have given you a clear understanding of the risks and opportunities facing your business. Step 3 identifies which issues require immediate action.

We recommend using a risk matrix framework or a materiality ranking tool to manage this. If your organisation already has a framework in place we advise using this. If you don't have an existing framework, this template will help get you started.


  Action Points

  • Understand what is material and relevant
    Assess what is material and relevant for your business. Know what you control and what you can only influence.
  • Seek input and knowledge from others
    Engage people from different departments within your organisation and those with different responsibilities. Key staff from your procurement, marketing and communication, compliance, strategy, and property and facilities teams can help assess the key risks and potential opportunities.
  • Have regular meetings
    Meet regularly with key internal and external stakeholders to discuss their views on your current and future risks and opportunities.
  • Look outside your organisation
    Research external sources of information, such as from trade associations and media reports.
  • Create a risk and opportunity matrix
    Creating a risk and opportunity matrix will help you to prioritise actions (see template).

  Consider

  • Who do you need to talk to?
    Think about who the key internal and external stakeholders are for your organisation.
  • Who are the associated suppliers and/or stakeholders?
  • How secure is your supply?
    Assess how secure your supply is of any critical products or services you procure. Do you have alternative supply options?
  • Can you control risks and opportunities?
    The level of control your business has over risks and opportunities often has a strong correlation with the actions you have prioritised. If you do not have control can you influence or collaborate with others or could you switch suppliers?
  • What brings the greatest risk or benefit?
    Which of the risks or opportunities you have identified have the potential to provide the greatest risk mitigation or benefit to your organisation?