Risk matrix
From Wikipedia, the free encyclopedia
A risk matrix is a tool used in the risk assessment process. When creating a risk assessment the key factor in determining the severity of the risk involved is the risk matrix. The risk matrix is used with two topics; The Consequences and, The Likelihood.
The Consequences are usually identified as 'Low', 'Minor', 'Moderate', 'Major' and 'Critical'. The Likelihood is identified as 'Certain', 'Likely', 'Possible', 'Unlikely' and 'Rare'.
The Matrix is then drawn up as follows;
| LOW | MINOR | MODERATE | MAJOR | CRITICAL | |
|---|---|---|---|---|---|
| CERTAIN | HIGH | HIGH | EXTREME | EXTREME | EXTREME |
| LIKELY | MODERATE | HIGH | HIGH | EXTREME | EXTREME |
| POSSIBLE | LOW | MODERATE | HIGH | EXTREME | EXTREME |
| UNLIKELY | LOW | LOW | MODERATE | HIGH | EXTREME |
| RARE | LOW | LOW | MODERATE | HIGH | HIGH |
Depending on the company / organisation you can then assign criteria to each consequence i.e LOW consequence could be first aid treatment or loss and damages of $....... it is really up to you.
