Briefly describe the external context of a risk analysis process.

The environment in which the entity operates and seeks to achieve its objectives including policy, operational, cultural, political, people, environmental, legal, regulatory, financial, technological and economic factors. The external context of a risk analysis can have an effect on the likelihood and consequence of risks and can change throughout the duration of a project, thereby why continually undertaking the risk analysis process is important. External context usually refers to factors out of the business/organisations control, such as political state of the country, exchange rates, labour force, etc.