What is a Risk Matrix?

Risk Matrix Definition

A risk matrix is a tool that is normally used to assess the level of risk and assist the decision-making process. It takes into consideration the category of probability, or likelihood, against the category of consequence severity. During the risk management process, organizations should set objectives, define and assess risks, analyze risks, set risk tolerance levels, and determine ways to mitigate risks.

FAQs

What is a risk matrix chart?

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Why do a risk matrix?

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What are the 3 levels of risk?

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