Risk Assessment Matrix

The Risk Assessment Matrix is a tool used to identify and assess the risks associated with a particular project or activity. It is a 2x2 matrix that divides risks into four categories: low risk, high risk, acceptable risk, and unacceptable risk.

At a very high level, the Risk Assessment Matrix is used in the context of business, risk management.

Risk Assessment Matrix quadrant descriptions, including examples
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What is the Risk Assessment Matrix?

A visual explanation is shown in the image above. The Risk Assessment Matrix can be described as a matrix with the following quadrants:

  1. Low Risk: Low risk is a risk that is unlikely to occur and has a minimal impact if it does occur. For example, a project with a low risk of failure.
  2. High Risk: High risk is a risk that is likely to occur and has a significant impact if it does occur. For example, a project with a high risk of failure.
  3. Acceptable Risk: Acceptable risk is a risk that is likely to occur but has a manageable impact if it does occur. For example, a project with a moderate risk of failure.
  4. Unacceptable Risk: Unacceptable risk is a risk that is likely to occur and has a significant impact if it does occur. For example, a project with a high risk of failure.

What is the purpose of the Risk Assessment Matrix?

The Risk Assessment Matrix is a tool used to identify and assess the risks associated with a particular project or activity. It is a 2x2 matrix that divides risks into four categories: low risk, high risk, acceptable risk, and unacceptable risk. The matrix is used to determine the likelihood of a risk occurring and the potential impact of the risk. This helps to prioritize risks and develop strategies to mitigate them.

The Risk Assessment Matrix is a useful tool for project managers and other decision makers. It can be used to identify potential risks, assess their likelihood and impact, and develop strategies to mitigate them. This helps to ensure that projects are completed on time and within budget, and that risks are managed effectively.


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What templates are related to Risk Assessment Matrix?

The following templates can also be categorized as business, risk management and are therefore related to Risk Assessment Matrix: Effort Impact Matrix, Gap Analysis Matrix, Growth Share Matrix, Kraljic Matrix, Outsourcing Matrix, Quadrant Analysis, Risk Analysis Matrix, Risk Value Matrix. You can browse them using the menu above.

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