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.
A risk matrix, also known as a business risk assessment matrix, is a graph that plots the likelihood of particular hazards occurring against the impact on your firm—how likely is it that this identified risk will materialize, and how badly will it impact your firm if it does?
*Source: https://conceptboard.com
The risk assessment matrix enables you to identify specific types of risk, their probability and severity, and maintain a real-time view of the evolving risk environment.
*Source: https://www.auditboard.com
The three levels of risk are: low, medium, and high.
*Source: https://ehealthresearch.no
Learn how to perform proper risk assessment and management evaluation and other necessary steps to ensure your organization manufactures compliant medical device products.