Definition:
A Risk Matrix is a visual tool that assesses risk by evaluating the severity and likelihood of potential events. This often uses colors to communicate risk levels.
Do not confuse with a Risk Graph.
Key Points:
- Can be qualitative, semi-quantitative, or calibrated.
- Calibrated risk matrix is very common tool and is a type of risk matrix.
- Forms basis for many corporate risk assessment methodologies.
Example:
A 5×5 risk matrix color-codes events into green (acceptable) and red (intolerable) zones.
See also: risk graph, calibrated risk matrix, PLL
Cited Source:
- CCPS Guidelines for Risk-Based Process Safety.