Five steps to assess and mitigate the risks of water scarcity: understand the business's water footprint is at the core of actions

Ernst and Young suggest the following:

- Develop a corporate water policy
- Understand the current state of water risk at the watershed level
- Understand the business's water footprint, both locally and across the value chain: This is the best way to take a holistic view of water use and discharge impacting the company's products or operations. A value-chain approach is key to understanding the geographies and commodities that account for a large percentage of a business's total water use; it can help companies develop a focused strategy to mitigate risks.
- Engage internally at the facility or corporate level and externally with local stakeholders to evaluate the risks and impacts
- Report externally and seek independent assurance

Source:
http://www.ey.com/Publication/vwLUAssets/Water_resources_at_the_corporate_level/$FILE/Water%20risk%20management.pdf