More about Risk Matrices

Risk Matrices are used during risk assessments as part of the risk management process to determine the risk ranking by comparing the probability of an event taking places to the severity of the consequences if it does. Risk matrices start in size at a 3x3 risk matrix and work up from there. A risk matrix is generally used assess the amount of risk associated with a task, job, or change and help assist in decision making along with a risk assessment.

Risk is the lack of certainty about the outcome of making a specific choice. The level of downside risk can be calculated as the product of probability that an accident will occur multiplied by how severe the harm from that accident will be. The risk matrix is a tool that allows you to quantify the amount of risk with a fair amount of accuracy.

Standard risk matrices do exist and can be used, but organizations and individuals can and may need to create their own for better risk management in their company. For example: a 4x4 risk matrix may look something like this:

Severity-

• Low Risk- one minor injury
• Medium Risk- one severe injury or multiple minor injuries
• High Risk- one death or multiple severe injuries
• Extreme Risk- multiple deaths

Probability-

• Unlikely
• Possible
• Likely
• Certain

This risk matrix would then be used during the risk assessment process to calculate what level of risk would be taken on with certain events. The organization performing the risk assessment would need to then take into account that risk before proceeding and mitigate it where possible. For example: the activity may involve stubbing a toe as the event with a “Certain” probability, but a “Low Risk” severity. In order to mitigate the risk, they could then require that steel toe boots be required to perform that task.

Benefits and Drawbacks of a 3x3 Risk Matrix

3x3 risk matrices are generally the easiest to use because they are the simplest form of risk matrix associated with risk assessments. This means they are more likely to encourage a discussion before getting into a hazardous scenario. However, because they are so basic, they are open to errors. For this reason, 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.

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Benefits and Drawbacks of a 4x4 Risk Matrix

A 4x4 risk matrix is more complex than the 3x3 risk matrix format so offers a slightly more comprehensive overview of the overall risk of a situation. For projects that are slightly more complex this kind of risk matrix is typically the perfect fit. However, because of the “medium risk” area on the risk matrix, they can become a simple pencil whipping exercise when used regularly. This allows common safety hazards to be overlooked in order to get projects started.

Benefits and Drawbacks of a 5x5 Risk Matrix

5x5 Risk matrices allow risk assessments to produce the most clear and detailed results for risk management teams. Really, the only downside to this format is that it can be too granular for simple projects. In some cases, the 5x5 risk matrix can unnecessarily delay a project, however for complex projects this is the route to take.

How Can Risk Assessment Software Help?

Safety threats are real time, and paper and spreadsheets aren’t exactly conducive to an efficient work environment. Using risk assessment software allows you to keep assessments up to date and modify them in the field to meet your specific needs.

By using a web-based matrix, you ensure that your organization has access and analytics on it as well. You can easily customize the matrix to the scores and values that are relevant to your specific companies risks, and complete assessments in the field if needed.

For more information on risk assessment software or risk management reach out with the button below!