What is a Risk matrix

Last updated: 2023-06-16
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In the diagram, the risks are divided depending on their likelihood and their effects, or the extent of damage, so that the worst case scenario can be determined at a glance.

The risk matrix (or risk map or diagram) is a graphic representation of risks divided into groups of priorities according to which we further work with single risks. The risk matrix enables the evaluation and assessment of risks according to two criteria (it's axes).

  • enables a clear assessment of risks
  • shows two axes for risk assessment
  • divides risks into groups according to priorities
Risk matrix

Risk matrix allows us to assess and evaluate risks according to two criteria that you specify. The most common are probability and impact. However, this plugin allows you to select and choose any two criteria you use for your risk assessment. 

The most common risk matrix settings

Most often, the axes of the risk matrix are risk probability (likelihood) and risk impact. These form the axes of the matrix. Individual fields in the matrix are then divided into groups. For probability and impact, the groups are the priorities according to which we prioritize and manage the risks. Most often we use three priorities.

  • High risks (with high impact and high probability) - these risks should be addressed as soon as possible.
  • Medium risks - these risks should be dealt with immediately after high risks have been resolved
  • Low risks (with low impact and low probability) - where we take no action

There may be more or fewer risk groups. In Aptien, you can set the axes and groups in the risk matrix as you have determined in your methodology.