A Risk Assessment Matrix is a tool used to identify, assess and manage risks. It is a diagram that visually displays the relationship between risks and responses. This can be helpful in understanding how different risks may interact with each other, and what possible responses are available.
What is a Risk Assessment Matrix?
A diagram that visually displays the relationship between risks and responses What is its purpose? To identify, assess & manage risks
Risks can be identified by their likelihood and impact. The matrix will help identify what risks need to be addressed, and how best to address them. It can also help prioritize risks based on their severity.
A Risk Matrix is a valuable tool for any organization, as it helps ensure that all potential risks are considered and managed appropriately. By using this matrix, you can rest assured that your business is taking the necessary steps to protect itself from potential harm.
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