The next step includes performing a scenario analysis or the Monte-Carlo simulation to assess the effect of uncertainty on the company's strategic objectives. Risk modelling may be performed in a dedicated risk model or within the existing financial or budget model. There is a variety of different software options that can be used for risk modelling. All examples in this guide were performed using the software package, which extends the basic functionality of MS Excel or MS Project to perform powerful, visual, yet simple risk modelling.

When modelling risks it is critical to consider the correlations between different assumptions. One of the useful tools for an in-depth risk analysis and identification of interdependencies is a bow-tie diagram. Bow-tie diagrams can be done manually or using the risk software all well. Such analysis helps to determine the causes and consequences of each risk, improves the modelling of them as well as identifying the correlations between different management assumptions and events.

The outcome of risk analysis helps to determine the risk-adjusted probability of achieving strategic objectives and the key risks that may negatively or positively affect the achievement of these strategic objectives. The result is ultimately the strategy@risk.