Identify and prioritize risks

Start with what the business needs to achieve and the people, money, information, and resources it depends on. Consider what could interrupt those essentials, such as losing a major customer, a supplier failure, a cash shortage, or a breakdown in important systems.

Include changes in the market and risks to safety, legal obligations, or reputation. Talk with employees and relevant partners to uncover weaknesses you may overlook.

Assess likelihood, potential damage, and how one failure could affect other areas. Give serious attention to events that could threaten people or the business’s survival, even when they appear unlikely.