The University of SydneyPage 24AS/NZS ISO 31000-2018 –Risk Management ProcessEstablish context to define the basic parameters for risk management and its processesExternal Context:–business, social, regulatory, cultural, competitive, financial and political environment–organisation’s strengths, weaknesses, opportunities and threats–external stakeholders–key business drivers–ensures that objectives of external stakeholders are considered–ensures that external threats and opportunities are taken into accountEstablish Contextl Internal contextl External contextl Risk management contextl Develop risk criterial Define structure