Question

what is the risk management?

use SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)for the hr system in the companies

1. Definition of risk management?

2. use SWOT Analysis for hr system?

Answer 1

Answer :-

(1) Risk Management :-
Risk management is the practice in which, by estimating the potential risk in advance, analyzing it, assessing its effects and finding ways to reduce it.Therefore, when a company takes an investment decision, then many financial risks come before it, So identifying these risks, estimating the effects and thinking of mitigate them is called risk management.

(2) SWOT stands for

S - Strengths
W - Weaknesses
O - Opportunities
T - Threats

SWOT Analysis is used by Business Ventures for assessment of their strengths and weaknesses and opportunities before them and threats and risks. It is used by across industries to measure their internal factors like strengths and weaknesses and external factors like Opportunities and threats . Not only in Corporate world , Peoples can also use SWOT Analysis for assessment of ourselves. It is also uses for risk management . HR can use these dimensions for analyzing the office environment for carrying out the business goals.

How it is used ?

1) Creating the SWOT matrix Diagrams
SWOT matrix comes in various types and shapes but in all of them you simply follow list of Strength , weakness , opportunity and threat.

2 ) Put Down Data on SWOT Diagrams
First you should add data about internal factors like strengths and weaknesses which are easy to identify . Then hard pard which are External factors like Opportunities and Threats . Everything you listed on the SWOT diagram should in short bullet points .

3 ) Choose Actionable strategy

From SWOT analysis you can choose from these strategies :

(a) Strengths- Opportunities :- By Using your internal strengths you can take advantage of opportunities.

(b) Strengths-Threats :- By Using your strengths you can minimize threats.

(c) Weaknesses-Opportunities :- you can Improve weaknesses by taking advantage of opportunities.

(d) Weaknesses-Threats :- You can work to eliminate weaknesses for avoiding threats.

So by these assessment HR department can scan the inner and outer environment and find the opportunities by including new techniques and means to meet unfulfilled goals of the business. So SWOT is very useful in HR System .