What is a risk matrix?

A risk matrix rates each risk by likelihood and consequence on a grid, commonly 5×5, to give it a rating such as low, medium, high or critical.

The value of a matrix depends on clear definitions for each likelihood and consequence level, set before risks are scored, so different people rate the same risk the same way.

Related terms

Risk register

Lists a project's identified risks with their cause, likelihood, consequence, owner and the actions to treat them.

Residual risk

The level of risk that remains after controls and treatments are in place.

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