ABSTRACT
For success, an organization must determine the external and internal factors that may affect the ability to achieve its objectives. In a world where change is the norm—a world of volatility, uncertainty, complexity, and ambiguity (VUCA)—analysis of this context is essential. PEST, SWOT, and stakeholder analysis provide this understanding so that senior managers can interpret and share their vision, mission, and business objectives with stakeholders and interested parties. Risk is defined as an impact on an organization’s objectives. Risks may be assessed in terms of their initial or inherent, and residual, probability or likelihood, and their consequence, severity, or impact to determine the priorities—the Big Rocks and Black Swans—for structured control within any management program. Uniquely, The Audit Adventure™ addresses the expectation for risk-based HSEQ (health and safety, environment, and quality) audits to be conducted in the organization’s context.
