Risk Matrix

The Risk Matrix is a 2x2 matrix used to assess and manage risk. It is used to identify and prioritize risks, and to develop strategies to mitigate them.

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

Risk Matrix quadrant descriptions, including examples
Want to try this template?
Other Templates

What is the Risk Matrix?

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

  1. High Impact, High Likelihood: This quadrant includes risks with a high likelihood and high impact, such as a natural disaster or a major data breach.
  2. High Impact, Low Likelihood: This quadrant includes risks with a high impact but low likelihood, such as a pandemic or a terrorist attack.
  3. Low Impact, High Likelihood: This quadrant includes risks with a low impact but high likelihood, such as a minor data breach or a minor legal issue.
  4. Low Impact, Low Likelihood: This quadrant includes risks with a low likelihood and low impact, such as a minor operational issue or a minor customer complaint.

What is the purpose of the Risk Matrix?

The Risk Matrix is a 2x2 matrix used to assess and manage risk. It is used to identify and prioritize risks, and to develop strategies to mitigate them. The four quadrants of the matrix are used to classify risks according to their likelihood and impact. Risks with a high likelihood and high impact are considered the most serious and should be addressed first. Risks with a low likelihood and low impact are considered the least serious and can be addressed last.

The Risk Matrix can be used to identify and prioritize risks in any situation, from business decisions to personal safety. It can be used to identify and assess risks in a wide variety of contexts, such as financial, operational, legal, and environmental. It can also be used to develop strategies to mitigate risks, such as insurance, diversification, or risk avoidance.


Want to try this template?

What templates are related to Risk Matrix?

The following templates can also be categorized as business, risk management and are therefore related to Risk 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.

How can I use Risk Matrix in Priority Matrix?

You can get Risk Matrix in your Priority Matrix in just a moment:

  1. Click to sign in or create an account in the system
  2. Start adding your items to the matrix
  3. If you prefer it, download Priority Matrix and take your data with you

Learn more about Risk Matrix, and get free access to lots of other templates, at templates.app. Once you are comfortable with the document, you can easily export to Excel, if you prefer to work that way.

If you have any questions and you can't find the answer in our knowledge base, don't hesitate to contact us for help.