When conducting a risk analysis for a SaaS-based human resources portal, it is crucial to consider factors that directly affect the security and potential threats to the system. 'Threats' must be evaluated to understand the possible dangers that could compromise the system, and 'vulnerabilities' need to be assessed to identify weaknesses that could be exploited by these threats. These two aspects are fundamental in understanding and mitigating risks associated with the adoption of a SaaS-based solution.