SWOT Analysis for Risk Assessment Essay Sample for Singaporean Students
Every business is full of risks and on the off chance that you don’t put resources into risk management, it doesn’t make a difference what business you’re into, it’s a hazardous business. No matter on which level you are, either project manager or any other professional, you will need to research, detect and resolve the risks. Presently organizations are grappling with risks in all areas of activities including cybersecurity, credit, investment, underwriting, liquidity, asset and liability and many more. In order to overcome all of the risks, every organization or business need to carry out a proper SWOT analysis for risk assessment.
The hazard appraisal for business holds similar importance like the health issues for an individual. Thus, every venture/ organization need to identify the risks involved and make sure to implement suitable strategies to minimize them by availing the uses of SWOT analysis.
What is SWOT Analysis?
SWOT Analysis- this abbreviated name stands for Strengths, Weaknesses, Opportunities, Threats. This is a great strategy used by most of the business professionals to identify the risks/ threats which can hinder the performance of the business process and lower the outcomes.
A portion of the regular procedures utilized for risk evaluation incorporate brainstorming, historical data, Root Cause analysis, workshops, Monte Carlo analysis, cause-effect diagrams, checklists, decision trees, Delphi technique, affinity diagrams, nominal group technique etc.
However, the SWOT Analysis is the most used approach for developing strategies as well as risk identification. The SWOT analysis is also known as the SWOT matrix. This technique is enforced by many project managers and organizations in their risk management practices.
Every business has its strengths as well as some weaknesses which in turn avail some opportunities for the project as well as some threats too respectively. Hence, the identification and analysis of these all is crucial for any organization. SWOT Analysis functions on the analysation process of these 4 main aspects of any business by identifying appropriate factors influencing the business.
Role of SWOT Analysis in Risk Assessment for an Organization
Risk identification and management are crucial as well as one of the most intricate fields which are executed by employing various strategies by the professionals. There is nobody approach. Rather, venture supervisors need to devise techniques as indicated by the circumstance. Therefore, most of the professionals and organizations carry out a hazard assessment to prepare their risk management plan to implement the most suitable technique i.e. SWOT analysis template.
The SWOT analysis plays a vital role in the risk analysis for an organization by carrying out different measures which are-
By analysing these 4 trades, one can easily identify the risks and opportunities to enhance the organization’s performance.
The SWOT analysis can be useful to reduce various risks which can create barriers for the business to achieve its objectives.
Some of the common risks that every business/ organization confront are: –
- Economic risk
- Security and fraud risk
- Operational risk
- Financial risk
- Compliance risk
- Reputation risk
- Competition (comfort) risk
Features of the SWOT analysis technique: –
- SWOT Analysis recognizes any open doors for the task that emerge from hierarchical qualities, and any dangers emerging from authoritative shortcomings.
- The procedure is especially helpful for recognizing inside produced dangers emerging from inside the association. It is concerned more with the association than the project itself.
- The SWOT analysis technique is generally utilized for strategic decision-making purpose. It is ordinarily used to introduce venture data to the board. The SWOT investigation is at times used to urge the executives to change some ecological variables from the strengths and weakness segments that will straightforwardly impact the venture.
How can SWOT Analysis be implemented for Risk Assessment?
As discussed above, the SWOT analysis process work upon the 4 main measures – strength, weakness, opportunity, and threats. Generally, the opportunities are associated with the strengths and the negative risks are related to the weakness.
There are a few steps to smoothly and swiftly identify the risks involved in the business/ project and assist in risk management.
These 3 steps of swot analysis are: –
Step 1: – Identifying the SWOT Factors
- Strengths: – The characteristics of the project/ business which gives profits overs others.
- Weakness: – The business/ project traits which provide pitfalls.
- Opportunities: – Identify the openings/ chances for the business leading something positive to happen. Identify the opportunities that you can have due to the strengths- these will be positive risks.
- Threats: – The elements in the environment which can cause encumbrance for the business. Identify the threats you can have due to the weaknesses- these will be negative risks.
Step 2: – Analyse the SWOT Elements
Analyse the strengths, weakness, opportunities, and threats which are found in the 1st step.
- Consolidate the comparative ones and dispose of the pointless ideas gathered in the progression previously.
- Organize all variables in the rank request.
Step 3: – Evaluate the risks based on SWOT factors
After performing the analysis of SWOT factors, mark them in the risk register.
- Positive risks: All the opportunities identified from strengths.
- Negative risks: All the threats identified from weaknesses.
It is crucial to bear in mind that for every newly identified risk, there should be newly defined strategies where the strengths and opportunities can be utilized to minimize the weaknesses as well as threats.
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SWOT analysis is one of the risk management tools which helps to identify the risks involved in any project/ business in order to improve the efficiency of the organization while mitigating the risks which can harm the business process.