Assess the risk associated with a job or task
Risk Matrices are used during risk assessments as part of the risk management process. A risk evaluation matrix is an easy way to determine how worksite hazards rank by comparing the probability of an event taking place with the severity of the consequences if it does. Standard risk matrices typically begin with a modest 3×3 configuration and progressively expand in dimensions. These matrices are invaluable instruments employed to methodically evaluate and gauge the degree of risk associated with a particular undertaking, occupational task, or organizational change. They serve as an essential aid in the decision-making process, complementing the comprehensive risk assessment.
Risk is compounded by the uncertainty about what might happen when we make a choice. To figure out how bad things could get, we carefully calculate how likely something bad might occur and how bad it could be. The risk matrix, a crucial tool in risk management, helps decision-makers precisely measure and understand the level of risk.
In essence, simple risk matrices are valuable tools for systematically assessing, prioritizing, and managing risks, making them accessible to a wide range of professionals and decision-makers.
Pros and cons of a 3×3 risk matrix
3×3 risk matrices are generally the easiest to use because there are limited options for each procedure. This means they are more likely to encourage a discussion before getting into a hazardous scenario. However, because the 3×3 design is so basic, it can be very difficult to determine the actual amount of risk associated with a hazard. It is usually better for a safety or risk management team to use a more complex risk matrix for more complex hazards or projects.
Many organizations rely on the easy-to-navigate EHS Hero Risk Assessment tool to perform accurate risk analysis associated with business activities.
When to use a 4×4 risk matrix
A 4×4 risk matrix is more complex than the 3×3 risk matrix format so offers more options for the overall risk of a situation. For projects that are slightly more complex, this kind of risk matrix is typically the perfect fit. A matrix like this would be used during the risk assessment process to calculate the level of risk that would be taken with certain events. The organization performing the risk assessment would then weigh that risk before proceeding and mitigate it where possible. For example: lifting boxes in a warehouse is an activity that may involve stubbing a toe as an event with a “Certain” probability, but a “Low Risk” severity. In order to mitigate the risk, the company could require that steel toe boots be required to perform that task.
One of the main drawbacks is that the medium risk area is somewhat ambiguous. Risks falling into this category typically have moderate likelihood and moderate impact. This ambiguity can make it challenging to prioritize and allocate resources effectively, as risks here may not be as clear-cut as those in the high or low-risk areas. This can result in teams focusing more on high-priority risks or low-priority risks with extreme consequences, leaving moderate risks undermanaged.
Benefits and drawbacks of a 5×5 risk matrix
5×5 risk matrices allow risk assessments to produce the clearest and most detailed results for risk management teams. When risks vary significantly in terms of likelihood and impact, a 5×5 matrix allows for a more nuanced assessment, helping you distinguish between different levels of risk. In complex projects or situations with a multitude of risks, a 5×5 matrix can provide a more granular view of risks. It shines when you need a detailed assessment to prioritize and manage numerous risks effectively. For long-term projects or strategic planning, a 5×5 matrix can be beneficial. It allows you to consider risks that may not have an immediate impact but could be significant over time.
The downside to this format is that it can be too granular for simple projects. When time is of the essence and you need to make quick decisions, a simpler risk assessment tool or method might be more appropriate to avoid delays.
How can risk assessment software help?
Safety threats are real-time, and paper and spreadsheets aren’t conducive to an efficient work environment. Using a web-based matrix will ensure your organization has access and analytics to make informed decisions. Easily configure the matrix to the scores and values that are relevant to your specific business risks, and complete assessments in the field as needed. Learn more about EHS Hero’s Risk Assessment solution.
