No risk analysis of Guernsey PLC would be complete without some reference to the island’s reliance on a single industry for the bulk of its income and employment.

Reducing that dependency has been a goal for successive States and the Institute of Directors conference last year also demonstrated a demand for some form of diversification.

It is why the IoD has started a monthly series of talks on how to achieve that and it was no coincidence that the minister and chief officer of Commerce and Employment were asked to give the opening address.

While the department’s main aim is to try to create the right environment in which business can flourish, it can do that only if it knows what conditions it is supposed to nurture.

It is not government’s job to try to spot the Next Big Thing but, with input from the business community, it can get a steer on growth trends and opportunities and what legislative and regulatory regime will be conducive for growth.

That said, it has a difficult task. Labour and land shortages mean the island has specific requirements for businesses that make minimal impact but add maximum value and pay well. And, clearly, there is much competition to accommodate such operations.

Nevertheless, C&E’s work and the IoD initiative are timely. While Guernsey’s economy has been remarkably resilient, it is not immune from shocks and as the head of Sportingbet.com told the IoD conference, you would have to give odds against the long term future of the finance sector.

That’s not to be alarmist but all Guernsey’s previously profitable enterprises – privateering, spring flowers, quarrying, tomato production – have proved cyclical and the external view of the Crown Dependencies is, at best, unsupportive.

What the Commerce and Employment presentation did is to acknowledge that background and set out some of the initiatives it is embarked upon to help attract new business.

While that is reassuring, it was also clear that the department is trying to get a lot done with minimal resources.

If that work can be seen as a form of insurance against future problems, then it is doubtful the island is paying sufficient premiums to be really secure.