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Political risk is the probability that a particular political action will produce changes in economic outcomes. A risk picture that is restricted to the financial component is deficient. A risk-aware culture incorporates, in strategic planning, the insights gained through identification and analysis of risk assessment and risk appetite. Political risk is the probability that a particular political action will produce changes in economic outcomes. A risk picture that is restricted to the financial component is deficient. A risk-aware culture incorporates, in strategic planning, the insights gained through identification and analysis of risk assessment and risk appetite.No strategy or risk management process is comprehensive if it does not include the possibility of "abnormal" times. External risks are largely uncontrollable for an organisation. Environmental scanning is thus critical to detect any changes on the horizon and to notice early warning signs that can pose a strategic ri...

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