What is a Risk Matrix?

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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?

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

Why do a risk matrix?

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

What are the 3 levels of risk?

The three levels of risk are: low, medium, and high.

*Source: https://ehealthresearch.no

Strategies for Managing Compliance

Learn how to perform proper risk assessment and management evaluation and other necessary steps to ensure your organization manufactures compliant medical device products.

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