Risk matrix

“What you’re representing on the matrix is less information than you started with.”

– Drew Rae on the “Safety of Work Podcast, Episode 8: Do Risk Matrices Help Us Make Better Decisions?.

A risk matrix is a commonly-used tool in risk assessments. They typically place the likelihood (or probability) on one axis and severity on another.

By placing risks along these axes, a distinction can be made between acceptable and non-acceptable risks.

(Image source: “Risk Matrices - CGE Barrier Based Risk Management Knowledge Base”)

Although used often, Risk assessments are subjective and arbitrary.

References

• “Risk Matrices - CGE Barrier Based Risk Management Knowledge Base” Accessed January 30, 2021