A number of tools can be used to collect risk related information and data ready for analysis. List eight.
SWOT analysis is a process that identifies an organization's strengths, weaknesses, opportunities and threats. Specifically, SWOT is a basic, analytical framework that assesses what an entity (usually a business, though it can be used for a place, industry or product) can and cannot do, for factors both internal (the strengths and weaknesses) as well as external (the potential opportunities and threats). Using environmental data to evaluate the position of a company, a SWOT analysis determines what assists the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results: where the organization is today, and where it may be positioned in the future.
Since the SWOT analysis is unique to each business, I can only give some general ideas.
List every factors under each topic and analyze them. Take the highest ranking strengths, weaknesses, opportunities and develop a plan of action.
Brainstorming is a way to generate ideas within a group setting. It is usually used in the beginning stages of a project, where the possibilities for the project are not clearly understood or defined. It provides a quick means for tapping the creativity of a limited number of people for a large number of ideas. The brainstorming environment fosters an uninhibited, non-judgmental explosion of ideas, concepts, policies, decisions, and strategies. Commonly, there are 9 steps to perform brainstorming as below:
Plotting business risks on a risk matrix is recommended. What are the benefits of doing this? (80–100 words)
Risk that are rated and prioritized in terms of importance, severity and likelihood can be presented in a matrix. In general, creating the matrix helps to order the priority of issues that cannot be ignored, whilst grading risks help to focus on the critical areas and to mitigate them before they become a crisis.
List four questions that might be asked when assessing and prioritising risks.
How does categorizing risk help? List four benefits of categorizing risk.
Categorizing can assist with identifying, assessing, tabulating and monitoring potential risk impacts and risk reduction process.
Categorizing risk help:
List six factors that might contribute to financial risk.
Financial business risk could be addressed under heading of:
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