This Good Practice Note (GPN) outlines an approach for systematically analyzing country risks to identify the highest risk areas, and translating them into potential E&S risks at the subnational and project level and/or at the sector-level. The results of the analysis can be used to develop programmatic measures and actions to address the potential risks of a given business activity. At the center of this approach is the Contextual Risk Framework (CRF), comprised of nine thematic dimensions covering a broad range of cross cutting issues: 1. Security and Conflict; 2. Political Risk, Governance, and Civil Liberties; 3. Labor and Workforce; 4. Health and Population; 5. Biodiversity, Ecosystem Services, and Climate Change; 6. Land and Access to Natural Resources; 7. Social Cohesion; 8. Gender; and 9. Reprisals. Each dimension has a set of indicators, numbering 33 in total. The audience for this GPN is practitioners working in the area of private sector development, which may include development finance institutions, financial institutions, E&S consultants, and private sector companies (“project sponsors”). The GPN also acknowledges other stakeholders, such as civil society groups that play an important role in influencing sustainable business practices and also have significant on-the ground knowledge in many of the contextual risk areas that should be considered in high-risk projects. For this reason, Section 2 of the GPN refers in general terms to project practitioners (“practitioners”) for follow-up in projects, whether that is as investors, companies, third-party consultants, or other stakeholders working on sustainable private sector development.