While much research has been produced on how water use and pollution can exacerbate conflict, this report focuses more broadly on the ways conflict and high-risk situations can affect water systems and resources directly, as well as the planning, construction, operation, and management of water systems. The authors separate the impacts into four categories: natural resources, physical infrastructure, human capital, and socio-political and financial systems. The report, produced in collaboration with the United Nations Global Compact, also explores how water risks affect the business sector and how businesses have responded, exploring case studies in several countries.