Short answer: Political risk originates inside a single country: a government changing a tax, a regulation or a contract. Geopolitical risk originates between countries: sanctions, tariffs, conflicts, trade corridors and alliances. Macro risk is the economic outcome of both: interest rates, exchange rates, inflation and growth. The common mistake is to manage only the third, because it is the only one that shows up in the financial reports.
The longer view
The three are linked in a chain. A geopolitical decision (say, an American tariff on Chinese goods) becomes a political decision in other countries (subsidies for domestic industry), and finally a macro number (inflation in input prices). Whoever reads only the macro number sees the risk last, when it is already priced in. Whoever reads the geopolitical layer sees it a quarter or a year earlier.
Israel has an added feature: political and geopolitical risk are more tightly intertwined here than anywhere else. An Israeli election changes relations with the Gulf, with Washington and with Europe, and therefore the cost of capital for every Israeli company.
This is a reading through the seven layers of The Blue Pumpkin, the method of Dr. Bella Barda-Bareket.
What to do tomorrow morning
Add a row for each type to the organization's risk map, and write next to every macro risk which geopolitical risk could trigger it.