The company are using HIRARC for analysing the risk. HIRARC consists of hazard identification, risk assessment and risk control. The HIRARC is identified using RISK MATRIX which consists of severity and likelihood. 

PESTEL is a tool used for starting a new business and entering the foreign market. in order to conduct HIRARC, the PESTEL analysis is implemented in the HIRARC. PESTEL includes politic, economic, social, technology, environment and legal aspects.